NDA SECURITIES LTD Vs. STATE (NCT OF DELHI)

JUDGEMENT

(1.) Leave granted.

(2.) The appellant before this court assails the order dtd. 25/2/2025, passed by the High Court of Delhi, which has allowed a petition under sec. 482 of the Criminal Procedure Code (hereinafter 'CrPC') filed by respondent no. 2 (through its Director); thereby directing the release of Rs.15.90 lakhs being withheld by the Bombay Stock Exchange Ltd. (hereinafter 'BSE') as payout for sale of certain shares in his favor on superdari subject to him furnishing a Guarantee of the same amount, before the Magistrate Court.

(3.) The appellant and respondent no. 2 are both companies engaged in the trade of shares/securities and are registered with the BSE. On 7/8/2015, on a complaint made by the appellant (through its Managing Director), under Sec. 156(3) CrPC, an FIR was registered under Sec. 420, 120B of the Indian Penal Code (hereinafter 'IPC'). In this FIR, it was alleged that on 1/4/2013 the appellant received a phone call by a person impersonating himself as their client 'Brij Mohan Gagrani', to purchase 1 lakh shares of a company named 'Ashutosh Paper Mills Ltd. After the purchase was executed, the said Brij Mohan Gagrani was called to confirm the purchase but he denied making any such call to the appellant for the abovesaid purchase. Ashish Agarwal, an agent of the appellant company is said to have connived with the seller of the shares in question to defraud the appellant. The BSE was thus requested to stop payment to the seller of the shares.