Nirmal Bhanwarlal Jain & Ors. v. State of NCT of Delhi & Anr.

1. Three different complaints were filed by complainant GHCL Employees Stock Option Trust. These were registered as Complaint Nos. 40882/2016, 42868/2016 and 42830/2016 and when all such complaints were taken up by the concerned Magisterial Court, keeping in mind the nature of allegations and pre-summoning evidence led by the complainant, all the seven accused persons, who are found to be common in all the abovesaid complaints, were directed to be summoned for commission of offences under Sections 406/420/468/471 read with Section 120-B IPC.

2. Feeling aggrieved by the aforesaid summoning order, the accused have filed the present petitions.

3. Next date of hearing in all these matters is 16.07.2026.

4. In the interregnum, parties have reached amicable settlement and it is in the aforesaid backdrop that separate applications have been filed in all the matters with the prayer that the Settlement Agreement dated 10.04.2026 be taken on record and in terms of such settlement, all the present petitions may be disposed of.

5. Learned counsel for both the parties are present. CRL.M.C. 9407/2023 & five other connected matters 5

6. The Settlement Deed contains comprehensive settlement between the parties. In terms of such settlement, 21 cases have been agreed to be withdrawn/disposed of.

7. It is apprised that in relation to dispute in question, an Award was also passed by learned Arbitral Tribunal which was challenged by both the sides and the petitions filed under Section 34 of Arbitration and Conciliation Act, 1996 have also been disposed of in light of the aforesaid settlement on 10.04.2026.

8. As far as present six cases are concerned, these are mentioned at Serial No. 8 to 13 of the Schedule A of the aforesaid Settlement Deed. All the three complaints in questions are also mentioned at Serial Nos. 5, 6 & 7 of the Schedule A of Settlement Deed dated 10.04.2026.

9. Learned counsel for respondent No. 2/complainant submits that there is one more complaint between the same parties and in view of the aforesaid settlement, they have already moved an application before the concerned Magisterial Court to permit complainant to withdraw the aforesaid complaint and such application is likely to be taken up by the concerned Magisterial Court today itself.

10. Mr. Ranjan Tiwari, Authorized Representative of complainant-Trust is present. He has been duly authorized by the complainant-Trust to enter into settlement and Settlement Deed dated 10.04.2026 also bears his signatures as Authorized Representative of the complainant-Trust. He reiterates the terms of settlement and prays that present petitions be disposed of in terms thereof. He also states that all the three complaints be also quashed. He states that settlement is voluntary and without any pressure or threat.

11. Learned counsel for both the sides submit that as per instructions, both CRL.M.C. 9407/2023 & five other connected matters 6 the sides undertake to abide by the terms of settlement.

12. One of the accused was formerly known as IIFL Securities Limited, but now known as IIFL Capital Services Limited. There is also an application seeking amendment in Memo of Parties in all the cases and learned counsel for respondent/complainant submits that he would have no objection if the aforesaid application is allowed.

13. Ms. Mamta Singh, Authorized Representative of accused company is present. She is signatory to the aforesaid settlement and submits that all concerned accused persons would abide the terms of settlement and would do the needful in terms of abovesaid Settlement Deed.

14. Copies of orders, whereby petitions under Section 34 of Arbitration and Conciliation Act, 1996 and cases mentioned at Serial Nos. 14 to 21, have been disposed of, based on said settlement, have been shown during the course of the arguments and same are taken on record.

15. In view of the above, learned counsel for complainant submits that he would not like to continue with his aforesaid three complaints and would have no objection if the complaints, in terms of aforesaid settlement, are quashed.