SPIRE MARKETING (P) LTD. vs STATE & ANR.

Judgment text excerpt

$~42 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of decision: 25th February, 2025 + CRL.M.C. 1213/2017, CRL.M.A. 2187/2020 SPIRE MARKETING (P) LTD. Having Registered Office at : AD-19, Plot No.3, Sector-5, Dwarka, New Delhi. .....Petitioner Through: Mr. C.D. Mali and Mr. Mukesh Sharma, Advocates. versus 1. STATE (NCT OF DELHI) 2. NDA SECURITIES LTD. Having Registered Office at: 1002A, Arunachal Building, 19, Barakhamba Road, New Delhi. .....Respondents Through: Mr. Shoaib Haider, APP for the State with SI Shiwangi, PS Barakhamba Road. Mr. Murari Tiwari, Ms. Suruchi Mittal, Ms. Nimisha Gupta, Mr. Ujjwal Singh and Mohd. Umar, Advocates for R2. CORAM: HON'BLE MS. JUSTICE NEENA BANSAL KRISHNA J U D G M E N T (oral) Signature Not Verified CRL.M.C. 1213/2017 Page 1 of 12 Digitally Signed By:VIKAS ARORA Signing Date:04.03.2025 19:57:53 1. A Petition under Section 482 of the Code of Criminal Procedure, 1973 (hereinafter referred to as “Cr.P.C”) has been filed for setting aside the impugned Order dated 08.12.2016 vide which the learned ASJ has upheld the Order of the learned M.M dated 19.06.2016 denying release of the sum of Rs.15 lakhs as payment of approx. 72000 Shares, which has been withheld by Bombay Stock Exchange Limited (BSE) in the aforesaid case. 2. Briefly stated, the Petitioner/Spire Marketing (P) Ltd. had put 70000 Shares of M/s Ashutosh Paper Mills on 01.04.2013 on sale which were bought online by the officials of Respondent No.2/NDA Securities Ltd. However, since Respondent No.2 failed to comply with SEBI regulations regarding such trade, the Respondent No.2 contacted their client who claimed that they had not given any authorization for such trade. 3. Subsequently, Respondent No.2/NDA Securities Ltd. filed a Police complaint with P.S. Barakhamba Road allegin