Partnership Gone Sour – Lawsuit Filed to Dissolve Ram Distribution & Traders
Partners Ram Kishan. President/CEO and Kulvar Singh, Chief Operating Officer of Ram Distribution & Traders, a major supplier of merchandise and smoke related paraphernalia to the local smoke shops filed a lawsuit against the third partner and Chief Financial Officer Rohit Kumar to force the dissolution of the business.
In a complaint filed with a District Court, the duo Kishan and Singh are seeking help from the court to dissolve Ram Distribution and Traders. Partners Ram, Kulvar and Rohit entered into a corporate agreement with equal (1/3rd) stake in the company. The owners Kishan and Singh (plaintiffs) have stressed that the partners have reached an impasse with respect to disagreements and disputes between them and no longer effectively operate the business.
Ram Kishan and Kulvar Singh seek a judicial dissolution and are alleging that Rohit Kumar has misappropriated funds, stolen funds, not accounted for funds, stole inventory and has refused to deposit all cash, checks, etc. in corporate bank account.
In a filing, they also accuse that Rohit has converted, embezzled and stolen inventory and money along with making false representation. Partners Kishan and Singh are asking court to appoint them to wind down Ram Distribution and Traders.