BUSINESS SALE AGREEMENT
This Agreement is made at Chandigarh on 2 April 2026.
BETWEEN
Ramesh Chander Verma, of House No. 211, Sector 15-A, Chandigarh 160015, PAN AKJPI4432R, GSTIN 03AKJPI4432R1Z9 (the "Seller");
AND
Navneet Kaur Gill, of House No. 6, Phase 3-B1, S.A.S. Nagar (Mohali) 160059, PAN AKJPI4432R (the "Buyer").
RECITAL: The Seller carries on the business of A retail pharmacy and general store under the name Verma Medical and General Store at Shop No. 14, Sector 22-D Market, Chandigarh 160022 (the "Business"), and wishes to sell it as a going concern to the Buyer, who wishes to buy and carry it on.
- 1. WHAT IS SOLD
1.1 The Seller sells and the Buyer buys the Business as a going concern, with effect from the handover date, together with the following: The trade name and goodwill; shop fittings and counters; two refrigerators and one air-conditioner; the computer and billing software; the telephone numbers 0172-1234567 and 98765 43210; the customer list; the stock in trade at the handover; and the right to operate from the shop on the terms in clause 5.
1.2 The following are not sold and remain the Seller's: The seller's personal vehicle and the cash in the till and bank accounts.
1.3 The Seller shall hand over everything sold free from any charge, pledge, lien, hire-purchase or other claim of any person, and with good title.
- 2. PRICE AND PAYMENT
2.1 The price is ₹25,00,000 (Rupees Twenty Five Lakh only). The Buyer has paid ₹5,00,000 (Rupees Five Lakh only) as an advance on signing, receipt of which the Seller acknowledges, and shall pay the balance on the handover date, 1 April 2026, against the handover of the Business, in the manner the Parties agree in writing (by bank transfer or demand draft; not in cash above the limit the law allows).
2.2 Stock: The price includes the stock as it stands on the handover date, and no separate payment is made for it.
2.3 If the Buyer fails, without good reason, to complete on the handover date, the Seller may cancel by written notice after giving the Buyer seven days to complete, and keep a fair sum from the advance to cover its actual loss, returning the rest. If the Seller fails to complete, the Buyer may cancel and recover the advance with its proved loss. Time is of the essence of the handover date unless the Parties extend it in writing.
2.4 The price is stated without tax. Whether any tax is payable on the sale of the Business or its parts, and who bears it, is settled by the law then in force; the Parties shall give each other the invoices, details and help needed, and any tax that is the Seller's under the law is the Seller's to bear.
- 3. DEBTS AND LIABILITIES
3.1 All debts, taxes, dues, penalties, rents, wages and other liabilities of the Business that relate to the time before the handover date remain the Seller's, whether or not they are yet known or claimed, and the Seller shall pay them and indemnify the Buyer against any claim for them. Liabilities for the time after the handover date are the Buyer's. The Buyer takes over no debt unless this Agreement names it.