Proprietorship transfer limitations

Others 247 views 2 replies

Alok Jha

Business

29 Points Posted on 22 September 2018

My Proprietorship Firm was transferred to my name last year by my Father through a Transfer deed.

we have a participated in tender of a PSU where Prequalifiation Requirement is to submit an Previosu Purchase order, executed and completed by My company in last five years and Balance sheet of Previosu three years

I accordingly have partcipated in tender and have submitted Balance Sheet of 2016-17 and previosu years and Order in tender. ( tender was due in June 2018)

Now the PSU says that the Balance sheet and Orders can not be considered firm experience as on today as Proprietor have changed.

I have contested this issue and they say they are taking legal advice in this regard.

please help me in underdstanding this scenario whether is this True that a Firm all experience and Accounts becomes void once Firm Propritorship changes legally or the new Proprietor is not entitled to use any Previous Achievement of Firm.

Please Help

Alok

Replies (2)

Kala Kiran

464 Points Posted on 23 September 2018

Dear sir.... Pls note i have below view from my end when we consider the legality of Transfer of propeitorship
1. U pls check the Transfer deed carefully is there any point included towards prohibition of using the experiance of Firm. If this cluase is not included.... U wil be an safer side.

2. Since u r saying tat propeitorship is runs by u r own father.... Inadvertedly u become the legal heir of u r father.... N u have Authority to take up or look after his propeitorship...

If u need further clarification pls mail me d Transfer deed of propeitorship to kalakiran1984 @ gmail.com. We wil look it into n advise u further.