Investment partner - Tender

Experience of an Investment Partner

Every partner does not necessarily attend to the day to day business of the firm or even participate in its management or in the work performed by the firm. Even a partner of a firm who possesses the requisite qualification stipulated in the notice inviting tenders may not have participated in any of the affairs of the firm. He may not even intend participating in any of the affairs of the firm. He may only be an investment partner. Such a partner would not bring to bear his experience in the performance of the work for which the tenders are required. In such a case the fact that he possesses the qualifications stipulated in the notice inviting tenders would be entirely meaningless. The party inviting tenders would, therefore, be entitled to insist upon the firm itself having executed such contracts of the stipulated kind and value.

FCI v. Daniel Masih Satprit Singh Bedi (2017 SCC OnLine P&H 417)