According to Section 29 of the Indian Partnership Act, 1932,
1) A transfer by a partner of his interest in the firm, either absolute or by mortgage, or by the creation by him of a charge on such interest, does not entitle the transferee, during the continuance of the firm, to interfere in the conduct of business, or to require accounts, or to inspect the books of the firm, but entitles the transferee only to receive the share of profits of the transferring partner, and the transferee shall accept the account of profits agreed to by the partners.
2) If the firm is dissolved or if the transferring partner ceases to be a partner, the transferee is entitled as against the remaining partners to receive the share of the assets of the firm to which the transferring partner is entitled, and, for the purpose of ascertaining that share, to an account as from the date of the dissolution.
In the light of facts of the question and provision of law:
i) Yes, Mr. Naresh can validly transfer his interest in the firm by way of sale.
ii) On the retirement of the transferring partner (Mr. Naresh), the transferee (Mr. Akash) will be entitled, against the remaining partners:
a) to receive the share of the assets of the firm to which the transferring partner was entitled, and
b) for the purpose of ascertaining the share, he is entitled to an account as from the date of the dissolution.
So, in this case on Mr. Naresh’s retirement, Mr. Akash would be entitled to receive the value of Mr. Naresh’s share to the extent of ` 6 crore in the firm’s assets.