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Consumer protection: Sleeping partners are liable for payment

The partners argued since the firm's assets were enough to repay, they should not be held liable

Jehangir B Gai 

Chanakya Finance Corporation, a registered partnership firm having eight partners, had accepted deposits from several investors. The firm duped hundreds of depositors by failing to repay the deposits along with the promised interest. A group of investors (complainants) filed individual cases before the District Forum to try to recover their lost monies. After following the prescribed procedure, the Forum held the firm as well as all its partners jointly and severally liable to repay the invested amounts along with 12 per cent interest from the respective dates of maturity. Neither ...

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First Published: Wed, May 10 2017. 23:16 IST
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