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2022 (9) TMI 1520 - HC - Indian LawsReduction of the equity shareholding of the Respondent no. 2 - Embezzling, siphoning-off and mis-appropriation of loan amount - non-payment of salaries - falsification of accounts - HELD THAT - The parties are present in Court agree to abide by the terms and conditions set forth in the affidavit as also the Settlement dated 06.07.2022, reduced in writing between the parties, though not filed before this Court, because of confidentiality. There is no impediment in quashing of the FIR as it would never entail in conviction of petitioners. The petition is allowed subject to providing the original Resolution as aforesaid to respondent No.2.
Issues:
1. Dispute arising from alleged embezzlement and misappropriation of loan amount. 2. Arrest and subsequent release of the petitioners. 3. Settlement between the parties leading to withdrawal of complaint and FIR. 4. Agreement for reduction of share capital and settlement of grievances before the National Company Law Tribunal. 5. Quashing of FIR and related proceedings. Analysis: 1. The judgment pertains to a case involving a dispute arising from alleged embezzlement and misappropriation of a loan amount by the petitioners, along with non-payment of salaries, reduction of equity shareholding, and falsification of accounts. The dispute led to the registration of an FIR against the petitioners based on a complaint by one of the shareholders of the company involved. The petitioners had taken a loan from Yes Bank for the development of a hospital, and subsequent events triggered the complaint and legal actions against them. 2. Following the dispute, two of the petitioners were arrested but later released on bail. The parties involved in the case reached an amicable settlement, leading to the withdrawal of the complaint and FIR. The settlement involved the repayment of the loan amount to Yes Bank and the issuance of a No Dues Certificate. Another creditor also discharged the petitioners from their financial obligations, further indicating the resolution of financial disputes. 3. The settlement between the parties was formalized through an affidavit filed by the respondent, incorporating all the terms of the agreement. Both parties agreed to abide by the terms and conditions of the settlement, which included the reduction of share capital and the settlement of grievances before the National Company Law Tribunal. The respondent confirmed the settlement in court and expressed no objection to quashing the FIR, subject to certain conditions. 4. The petitioners agreed to provide the original Resolution of M/s Nayati Charitable Trust to the respondent and withdrew a complaint filed by certain entities with the Economic Offence Wing. The State's APP had no objection to quashing the FIR, considering that a chargesheet had already been filed. The court, after considering the circumstances and the settlement between the parties, allowed the petition, quashed the FIR, and directed the payment of a cost towards the Delhi Police Welfare Fund. 5. In conclusion, the judgment reflects the resolution of a complex legal dispute through an amicable settlement between the parties, leading to the quashing of the FIR and related proceedings. The court's decision was based on the agreement between the parties, the absence of impediments to quashing the FIR, and the overall circumstances of the case.
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