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PARTNERSHIP DEED

OF

DELTA ENGINEERING AGENCIES

This Deed of Partnership executed at Chennai on this 11TH July 2019 between:

Mr. SHABIR BHAI EBRAHIM BHAI SABUWALA S/o. LATE EBRAHIM BHAI
SABUWALA, aged about 60 Years, carrying on business at No 28/53,
Venkatamaistry Street, Mannady, Chennai – 600001 hereinafter Referred to as
the “First Partner”.

AND

Mr. AZIZ BHAI MUSTAFA BHAI NAVAWASWALA S/o. Mr. MUSTAFA BHAI
FAKHRUDDIN BHAI NAVAWASWALA , aged about 23 years, carrying on business
at No 28/53, Venkatamaistry Street, Mannady, Chennai – 600001 hereinafter
referred to as the “Second Partner”.
(2)

WHEREAS, the parties hereto have agreed to commence business in partnership


and it is expedient to have written instrument of partnership. Now this partnership
deed WITNESSES AS FOLLOWS:

All activities of the partnership will be in accordance with the will of the guardian
of Shariat SYEDNA MUFADDAL SAIFUDDIN TUS

NOW THIS DEED OF PARTNERSHIP WITNESSETH AS FOLLOWS:

1. The Name of the Partnership Firm shall be “M/s DELTA ENGINEERING


AGENCIES”.

2. The Partnership business has commenced from the 11th JULY 2009 at,
No 28/53, Venkata Maistry Street, Mannady, Chennai – 600001 or at
such other place or places as decided by the partners from time to time.

3. The business of the Partnership shall be mutually agreed by the partners


and they have agreed to form themselves into a partnership to carry on
the business of Whole sale & Retail dealer in Hardware, Tools, Pipes and
Pipes fittings, Gasket Safety items, Welding items, Lifting tools and
tackles, insulation, Varnish and Paints, Electronic and Electrical items,
iron and steel valve and cock, Instrumentation, Hoses, Pneumatic and
Hydraulic items and all type of Industrial Needs to carry on such other
business, trade and commerce as the partners may mutually agree upon
from time to time.

4. The Capital of the Partners shall be the Credit/Debit Balances as per


Books of Accounts of the Firm. Further Capital may be introduced as and
when required by mutual consent of all the Partners.

5. None of the partners will partake in any act forbidden by Shariat,


especially that involving any form of interest.

6. Both the partners will be working partners in the concern and they will
be entitled to minimum salary which can be varied as mutually agreed
between the partners, subject to the provisions of the Income Tax Act
1961. Every year remuneration of the partners will be decided by the
partners and after reviewing the business of the firm.
(3)

7. The Partners shall share the profit or losses of the partnership firm
EQUALLY after providing for all the expenditure allowable under the
income tax act.

8. The capital of the partnership can be given as Qardan Hasana, if


approved by the partners.

9. Both the partners are required to authorize the bank transactions of the
firm.

10. A partner can retire from the firm after giving 30 days notice, such
notice shall be in writing and shall be served on the other partner in
person or by registered post. On such retirement the party so retiring
shall be entitled only to the amount standing to his/ her credit after
adjusting any amount due from him. The amount so arrived at would be
disbursed in the manner as mutually agreed by the continuing partner
and retiring partner.

11. The Partnership shall be on AT WILL. Death shall not put an end to the
Partnership firm and on the death of a partner the remaining partner
can continue and carry on the business. Any amount standing to the
credit of the deceased partner shall be settled to his/ her legal heirs
within a period of three months.

12. The Partners shall be just and faithful to each other in all partnership
transactions and at all times keep true and correct accounts concerning
all such transactions.

13. The books of account and other documents, as may be agreed upon,
shall be kept and maintained properly and shall not be removed from
the business premises , except for the purposes of business, with the
mutual consent of the partners. If the partners so decide, the books of
accounts may be kept at such other place or places as the partners may
agree upon. All the partners shall have access to the books of account at
all reasonable times and shall be at liberty to inspect and take copies of
as they may consider necessary.

14. The accounts of the firm shall be annually closed on the 31 st day of
March every year and general statements shall be prepared after the
end of the year and shall be signed by both the partners hereto and
when so signed shall be final and binding on the partners.
(4)

15. The Goodwill and other rights of the partnership business shall belong to
the partners equally

16. The partners can draw any reasonable sums from the firm towards his
share of profits.

17. The firm may borrow funds for the purpose of running the business
under the terms and conditions to be agreed between them, without
any interest, and any document in connection thereof shall be executed
by both the partners mutually.
18. It is distinctively understood and agreed that none of the partners shall
have the right to transfer his respective share of the partnership to
other person or persons.
19. In other respects the parties hereto shall be governed by the provisions
of the Indian Partnership Act 1932, and any statutory modification
thereof.
20. Any of the above terms and clauses may be altered, varied, amended or
added to by common written consent of the partners as and when
deemed necessary.

21. In the case of any dispute arising between us, the partners, we will
approach the office of His Holiness Syedna Mufaddal Saifuddin TUS to
resolve the same, and act according to the directives issued from that
office. We will not take the matter to court.
22. If any partner deviates from normal business practice, the other partner
have right to expel him and settle his / her accounts standing in his / her
credit as on the date of expulsion.
(5)

In this way, with our mutual consent, with a sound mind and body, we
begin our partnership. Its terms and conditions will be on the basis of al-
Quran al-Kareem, the sunnah of Rasulallah SAW, the Fiqh (jurisprudence)
of Ahle Bait AS, and the directives and teachings of His Holiness Syedna
Mufaddal Saifuddin TUS. We hold Allah TA and his Dai, His Holiness
Syedna Mufaddal Saifuddin TUS witnesses to this agreement.

IN WITNESS WHEREOF THE PARTIES HAVE HEREINTO SET THEIR HANDS


AND SIGNED THIS DEED ON JULY 11, 2019 FIRST ABOVE WRITTEN IN THE
PRESENCE OF WITNESSES MENTIONED AGAINST.

WITNESSES : FIRST PARTNER

1.

SECOND PARTNER
2.