RELEASE BY A COPARCENER

 

This deed of release is made on ______________________by and between:

 

1 S/o______________ occupation_____________ residing at_____________ hereinafter referred to as the releasor (which expression shall mean and include the heirs, executors, administrators, successors and assigns) of the first part, and

 

2 S/o_______________ occupation ___________residing at ______ hereinafter referred to as the releasee No. 1 (which expression shall mean and include the heirs, executors, administrators, successors and assigns) of the second part, and

 

3 S/o______________ occupation ____________residing at_______hereinafter referred to as the releasee No. 2 (which expression shall mean and include the heirs, executors, administrators, successors and assigns) of the third part, and

 

Whereas the releas or and releasee No.1 and releasee No .2 all are sons

of S/o_________________ R/o _____________since deceased

And whereas the said deceased was carrying on business in the name and style of__________________ dealing in _______________and after his death his sons have been carrying on the same till date;

 

And whereas releasor does not want to associate himself with the aforesaid business of the business of the family and has plans to establish a new industrial unit independently and therefore he has proposed to release his entire interest in the said business of the family upon payment of a consideration of Rs ______________by the release no. 1 and Rs________________ by releasee no. 2 in this favour.

 

 

 

 

NOW THIS DEED WITNESSES AS UNDER:

 

l. That in consideration of the payment of Rs______________ by releasee No. 1 and Rs________________ by releasee No. 2, receipt whereof is hereby acknowledged by the releasor, the releasor hereby releases and relinquishes all his interest, right and share in any business, property, sights, trade names, cause of actionable claims here before belonging to the Joint Hindu Family aforesaid and hereby discharge the other co-parceners from all obligations to partition the co-parcenery property with me or my assigns or representatives.

 

2. That the releasee No. 1 and releasee No. 2 shall have no interest or claim or right to or in the said industrial unit which shall be established hereafter by the releasor.

 

IN WITNESS WHEREOF THE PARTIES HERETO HAVE SIGNED THIS DEED ON THE DATE AFOREMENTIONED AT................

 

Signed, sealed and delivered by................the releasor, in presence of :

1.

2.

 

Signed, sealed and delivered by................

 

the releasee No. 1 and the releasee No. 2, in presence of: