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2024 (1) TMI 328 - SUPREME COURTPersistent disregard for judicial directives and a lackadaisical approach to legal and financial obligations - High Court took a firm stance against the appellant’s continued failure to fulfil his financial obligations, culminating in the cancellation of his bail and suspension of sentence - HELD THAT:- The complainant was entitled to receive a total amount of Rs. 4,63,50,000/-. The undertaking as also the order dated 03.07.2018 clearly mention that both of them will pay the amount equally as agreed by and between them and it further contains a stipulation that in default of the payment by either of them as per their agreed share in the settlement, they shall be held liable and prosecuted as per law. The settlement between the two directors i.e. the appellant and the intervenor is inter se these two only and the complainant is not bound by the same. Complainant’s agreement or consent was only to the extent of accepting Rs. 4,63,50,000/- only. He was not a signatory to the agreement which was signed by the two parties. Admittedly, both the appellant and the intervenor were Chairman and Vice-Chairman of the company AGPL and, therefore, were convicted by the Trial Court and their conviction was affirmed by the Appellate Court. There are no illegality in the order passed by the High Court. The appeal is accordingly dismissed with costs quantified at Rs. 5 lakhs to be paid to the respondent No. 2 (Complainant) within four weeks from today. It is clarified that this amount of costs will not be adjusted against the compensation awarded to the respondent No.2 but will be in addition to it.
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