ManagementDalmia, Indiabulls reach out-of-court settlement
Delhi-based businessman Sanjay Dalmia and Indiabulls Financial Services (IFS) have arrived at an out-of-the-court settlement of their legal dispute, the Bombay High Court was informed today. In a related development, the court directed the police not to arrest Dalmia till February 1.
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IFS, which had lent Rs 225 crore to the Dalmia group of companies, had filed a complaint of cheating against the businessman after it found out that the property, which Dalmia had offered as collateral, was not in his name. Dalmia’s counsel Ram Jethmalani told a bench headed by Justice J N Patel that both sides had reached an out-of-the court settlement. The judges then asked the parties to file a copy of the settlement deed in the court and adjourned the matter till February 1 next. Until then police have been restrained not to arrest Dalmia or any other Director of his company.
EOW had issued notice to Dalmia when he failed to appear before the investigating agency but the court had restrained police from acting on the notice till today. Dalmia had on November 19 approached the Court seeking permission to go abroad but a division bench asked him to first appear before EOW.