Dalmia, Indiabulls settle dispute

MUMBAI: Delhi-based businessman Sanjay Dalmia has reached an out-of-court settlement with Indiabulls Financial Services over a dispute on his alleged attempt to dupe the Mumbai-based firm by mortgaging bogus property documents. The lawyers of both parties on Monday informed the Bombay High Court about the amicable solution of the dispute. The high court has granted the prayer of Mr Dalmia’s lawyer to keep the proceedings against Mr Dalmia in abeyance and not take any coercive action against him.

Indiabulls had lent Rs 225 crore to the Dalmia group companies, according to a FIR filed by Indiabulls with the Mumbai police in July this year.

Mr Dalmia had allegedly provided bogus security worth Rs 70 crore for the loan.

According to the settlement formula, Mr Dalmia will pay Rs 232 crore to Indiabulls, said a person close to him. Of this, Rs 25-crore will be paid this week, while the balance would be paid in installments over a year, he said.

Earlier the division bench of Justice JN Patel and Justice Amjad Sayed had granted Mr Dalmia protection from arrest till December 14.