K K PILANIA Vs. STATE

JUDGEMENT

(1.) This is a petition filed by the petitioners under Section 482 Cr.P.C. for quashing of FIR No.52/2006, under Section 406/420 IPC registered by P.S. Preet Vihar, Delhi.

(2.) The petitioner nos.1 and 2 and the complainant one Hari Mohan Bansal, were the Directors of a company by the name of HMD Technology Ltd. There were some disputes, regarding management and the financial issues, between the complainant and the petitioners. This resulted in registration of the aforesaid FIR. Subsequent thereto, the petitioners (Second party) and the complainant (First party) have arrived at a settlement on 21.2.2007. In terms of the said amicable and peaceful settlement, all the past, present disputes /litigation were agreed to be settled on the following terms and conditions:-

(3.) That, second party agrees to transfer their entire share holdings of HMD Technologies Ltd. held by second party in the name of M/s Shanti Deep Constructions Pvt. Ltd. and M/s Raf Steels pvt. Ltd. to the first party at the time of signing of this agreement and the amount of consideration in respect of share purchase agreement is set off or adjusted within the settled amount amicably arrived at between both the party. The second party will set off the unsecured loan 8,04,168/- in the name of M/s Shri Hans Energy System Pvt. Ltd. and share application money of 13,18,770/- in the name of M/s Shanti Deep Constructions Pvt. Ltd., 5,00,000/- in the name of M/s Akanksha Telecommunication and 10,00,000/- in the name of Bsskay Communication i.e. total amounting of 36,85,938/- stands adjusted/setoff. The set off so affected shall be full and final settlement of the dues against the unsecured loan and share application money of the second party shown as outstanding in the books of accounts of M/s HMD Technologies Ltd. The second party shall not claim any amount from M/s HMD Technologies Ltd. for the aforesaid unsecured loan and share application money at any point of time in future.