Full Judgment Text
$~68, 69, 96, 97, 98 & 99
* IN THE HIGH COURT OF DELHI AT NEW DELHI
th
% Date of Decision: 18 May, 2026
+ CRL.M.C. 9407/2023
NIRMAL BHANWARLAL JAIN & ORS. .....Petitioner
Through: Mr. Ratnil Chauhan, Mr. Vedant
Sharma, Advocates along with Ms.
Mamta Singh and Mr. Harsh Vardhan
Pathak, AR of petitioners
versus
STATE OF NCT OF DELHI & ANR. .....Respondents
Through: Mr. Sunil Kumar Gautam, APP for
State/R-1
Mr. Ravi Krishan Chandna, Ms. Shruti
A. Chandna and Mr. Udbhav K. Garg,
Advocates for R-2 along with Mr.
Ranjan Tiwari, AR of R-2
+ CRL.M.C. 9535/2023
IIFL SECURITIES LIMITED .....Petitioner
Through: Mr. Ratnil Chauhan, Mr. Vedant
Sharma, Advocates along with Ms.
Mamta Singh and Mr. Harsh Vardhan
Pathak, AR of petitioners
versus
STATE OF NCT OF DELHI & ANR. .....Respondents
Through: Mr. Sunil Kumar Gautam, APP for
State/R-1
Mr. Ravi Krishan Chandna, Ms. Shruti
A. Chandna and Mr. Udbhav K. Garg,
Advocates for R-2 along with Mr.
Ranjan Tiwari, AR of R-2
Signature Not Verified
CRL.M.C. 9407/2023 & five other connected matters
1
Signed By:SONIA
THAPLIYAL
Signing Date:20.05.2026
11:51:52
+ CRL.M.C. 9398/2023
NIRMAL BHANWARLAL JAIN & ORS. .....Petitioners
Through: Mr. Ratnil Chauhan, Mr. Vedant
Sharma, Advocates along with Ms.
Mamta Singh and Mr. Harsh Vardhan
Pathak, AR of petitioners
versus
STATE OF NCT OF DELHI & ANR. .....Respondents
Through: Mr. Sunil Kumar Gautam, APP for
State/R-1
Mr. Ravi Krishan Chandna, Ms. Shruti
A. Chandna and Mr. Udbhav K. Garg,
Advocates for R-2 along with Mr.
Ranjan Tiwari, AR of R-2
+ CRL.M.C. 9399/2023 & CRL.M.A. 16012/2026
NIRMAL BHANWARLAL JAIN & ORS. .....Petitioners
Through: Mr. Ratnil Chauhan, Mr. Vedant
Sharma, Advocates along with Ms.
Mamta Singh and Mr. Harsh Vardhan
Pathak, AR of petitioners
versus
STATE OF NCT OF DELHI & ANR. .....Respondents
Through: Mr. Sunil Kumar Gautam, APP for
State/R-1
Mr. Ravi Krishan Chandna, Ms. Shruti
A. Chandna and Mr. Udbhav K. Garg,
Advocates for R-2 along with Mr.
Ranjan Tiwari, AR of R-2
Signature Not Verified
CRL.M.C. 9407/2023 & five other connected matters
2
Signed By:SONIA
THAPLIYAL
Signing Date:20.05.2026
11:51:52
+ CRL.M.C. 9537/2023
IIFL SECURITIES LIMITED .....Petitioner
Through: Mr. Ratnil Chauhan, Mr. Vedant
Sharma, Advocates along with Ms.
Mamta Singh and Mr. Harsh Vardhan
Pathak, AR of petitioners
versus
STATE OF NCT OF DELHI & ANR. .....Respondents
Through: Mr. Sunil Kumar Gautam, APP for
State/R-1
Mr. Ravi Krishan Chandna, Ms. Shruti
A. Chandna and Mr. Udbhav K. Garg,
Advocates for R-2 along with Mr.
Ranjan Tiwari, AR of R-2
+ CRL.M.C. 9538/2023
IIFL SECURITIES LIMITED .....Petitioner
Through: Mr. Ratnil Chauhan, Mr. Vedant
Sharma, Advocates along with Ms.
Mamta Singh and Mr. Harsh Vardhan
Pathak, AR of petitioners
versus
STATE OF NCT OF DELHI & ANR. .....Respondents
Through: Mr. Sunil Kumar Gautam, APP for
State/R-1
Mr. Ravi Krishan Chandna, Ms. Shruti
A. Chandna and Mr. Udbhav K. Garg,
Advocates for R-2 along with Mr.
Ranjan Tiwari, AR of R-2
Signature Not Verified
CRL.M.C. 9407/2023 & five other connected matters
3
Signed By:SONIA
THAPLIYAL
Signing Date:20.05.2026
11:51:52
CORAM:
HON'BLE MR. JUSTICE MANOJ JAIN
J U D G M E N T (oral)
CRL.M.A. 15924/2026 (in CRL.M.C. 9407/2023), CRL.M.A. 16015/2026
(in CRL.M.C. 9398/2023), CRL.M.A. 16012/2026 (in CRL.M.C.
9399/2023), CRL.M.A. 16008/2026 (in CRL.M.C. 9537/2023) &
CRL.M.A. 16011/2026 (in CRL.M.C. 9538/2023) for placing on record
Settlement Deed
CRL.M.A. 15928/2026 (in CRL.M.C. 9535/2023), CRL.M.A. 16024/2026
(in CRL.M.C. 9537/2023) and CRL.M.A. 16013/2026 (in CRL.M.C.
9538/2023) for placing on record amended Memo of Parties
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.
Signature Not Verified
CRL.M.C. 9407/2023 & five other connected matters
4
Signed By:SONIA
THAPLIYAL
Signing Date:20.05.2026
11:51:52
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
Signature Not Verified
CRL.M.C. 9407/2023 & five other connected matters
5
Signed By:SONIA
THAPLIYAL
Signing Date:20.05.2026
11:51:52
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.
16. Dispute between the parties is also, essentially, civil and private in
nature and keeping in mind the overall facts and in particular the aforesaid
Settlement Deed and the fact that connected matters have already been
withdrawn, while allowing the aforesaid applications, the amendment in
Memo of Parties is allowed and Settlement Deed is taken on record and as per
statements made by the parties today, all the three complaints i.e. Complaint
No. 40882/2016, 42868/2016 and 42830/2016 and consequential proceedings
arising out thereform are, hereby, quashed. Resultantly, all the present six
petitions are also disposed of as having become infructuous.
Signature Not Verified
CRL.M.C. 9407/2023 & five other connected matters
6
Signed By:SONIA
THAPLIYAL
Signing Date:20.05.2026
11:51:52
17. Pending applications also stand disposed of in aforesaid terms.
18. Next date of hearing i.e. 16.07.2026 stand cancelled.
MANOJ JAIN, J
MAY 18, 2026/ dr/sa
Signature Not Verified
CRL.M.C. 9407/2023 & five other connected matters
7
Signed By:SONIA
THAPLIYAL
Signing Date:20.05.2026
11:51:52