Arb P - 1010-2022 (Main)

IN THE HIGH COURT OF DELHI AT NEW DELHI
ORDINARY ORIGINAL CIVIL JURISDICTION
ARBITRATION PETITION NO. OF 2022
IN THE MATTER OF:
PAWAN GUPTA & ANR.
. ..PETITIONER
VERSUS
KAMAL GUPTA & ORS .
... RESPONDENTS
MASTER INDEX
PART-I (PETITION PART)
s. No. Particulars Page No.
1. Index 1-2-
2. Opening Sheet 3-~
3. Court Fees along with One Time Process Fee 5-t;

4. Notice of Motion 7-
5. Urgent Application s
6. Memorandum of Parties q -'J!
7. Synopsis & List of Dates 12-31
Petition under Section 11(5) of the
Arbitration and Conciliation Act, 1996, read
8. with Section 151 of the Code of Civil
Procedure, 1908, seeking appointment of a
Sole Arbitrator
9. Statement of Truth :t I - t ~
Affidavit in terms of Order XI Rule 6 (3) of
the Commercial Courts, Commercial 1-s> +- g
10.
Division and Commercial Appellate Division
of the High Court Act, 2015
11. Affidavit of Service with Proof of Service 79-82
PART-II (APPLICATION PART)
S.NO PARTICULARS PAGE NO.
1. Index l
Application under Section 151 of the Code of

Civil Procedure, 1908, seeking exemption
from filing true typed copies of the dim and/or 2--f
2. improperly formatted and/or certified copies
of the Documents and seeking permission to
file lengthy synopsis and list of dates along
with supporting affidavit.
PART-III <YAKALATNAMA)
1. Index \
2. Vakalatnama 2- --3
PART-IV (LIST OF DOCUMENTS)
S.N Details of Documents Original, Mode of Line of Page

Documents and in Power, Photocopy, Execution, Custody No.
0 Parties Possession, True Issuance,
Control, Typed, or Receipt
Custody Office
Copy
1. Index \ - c;
2. Document- P1 Petitioner Typed Self- Petitioner
Brief Note on Copy compiled
the facts and &-39
events that are
relevant for the
consideration of
this Ron'ble
Court.
3. Document- P2 Petitioner & Photocopy Photocopy Respondent
Family Respondent
Settlement Deed ~ 11 -~1-
dated
20.06.2015 with
typed copies of
illegible pages
MoU I Deed Respondent is -~6
dated
09.07.2019

Family Tree Copy compiled
describing the
relationship
~:r
between the
Petitioner and
the Respondent
No.1 and the
other family
members
6. Document- P5 Petitioner Original MCA Petitioner

Master data of Website
Mis. P.P.
6f?
Jewellers
Private Limited
as available on
the website of
the Ministry of
Corporate
Affairs
7. Document- P6 Respondent Photocopy Photocopy Respondent

The Retirement No.1 No.1
cum Partnership
Deed dated
69-1-3
30.06.2005 w.r.t
Mis. P.P.
Jewellers
(Delhi)

The Retirement No.1 No.1 1~-7~
cum Partnership
Deed dated
30.06.2005 W.r.t
Mis. P.P.
Jewellers (Expo
rts)
Mis. Manglam g-o
Developers
Private Limited
as available on
the website of
the Ministry of
Corporate
Affairs
Mis.
Magnificient
Oveseas Private <61
Limited as
available on the
website of the
Ministry of
Corporate
Affairs
11. Document- Petitioner Original MCA Petitioner

PIO Master data Website
of Mis. Aakash
Nirman Udyog 'l2-
Private Limited
as available on
the website of
the Ministry of
Corporate
Affairs
12. Document- Petitioner True Copy Delhi High Petitioner

PIt True Copy Court <6:S-Cf4
of the Order Website
dated
05.07.2022 as
passed by this
Hon'ble Court
ill O.M.P. (I)
(Comm.) No.
186/2022 titled
Pawan Gupta vs.
Kamal Gupta &
Ors.
13. Document- Petitioner Original Speed Post Petitioner
P12 True Copy and email
of the Notice U/S
21 of the l o o -/2i
Arbitration and
Conciliation
Act, 1996 dated
08.07.2022
along with
tracking details
14. Document- Petitioner Original Speed Post Respondent

P13 Original and email
12' -/2-2-
Reply dated
16.07.2022 as
sent on behalf of
the Respondents
Through .i;Z\~O. 1 ~:nr.l~~

Karan Khanna, Udi~~Ii~~
atija and HarshitKhanduja,
Advocates for the Petitioners,
G-l, LGF, Jangpura Extension,
Place: New Delhi New Delhi-l 10024
Date: 22.08.2022 kk@iurisconsultus.in; udit@iurisconsultus.in;
+9198998587551+919811981128
ORIGINAL CIVIL JURISDICTION
A~·: '£f·No. of 2022
IN THE MATTER OF:
Pawan Gupta ~ A tJ~
.. .Petitioner
Versus
Kamal Gupta & Ors.
... Respondents
INDEX
PART-I (PETITION PART)
s. No. Particulars Page No.
1. Index I -»:
2. Opening Sheet 3-4
3. Court Fees along with One Time Process Fee S-b
4. Notice of Motion r
s. Urgent Application s
6. Memorandum of Parties
9- I'
7. Synopsis & List of Dates 12 -- 3 1
Petition under Section 11 (5) of the

8. 32-1-0
Arbitration and Conciliation Act, 1996, read
with Section 151 of the Code of Civil
Procedure, 1908, seeking appointment of a
Sole Arbitrator
9. Statement of Truth 7-/- 7'1

Affidavit in terms of Order XI Rule 6 (3) of
the Commercial Courts, Commercial
10.
Division and Commercial Appellate Division
7-S -1&
of the High Court Act, 2015
11. Affidavit of Service with Proof of Service
Through ~\ - ~t~r:~
Karan Khanna, Udit Malik,
Him nshu Satija and Harshit Khanduja,
~
New Delhi-ll0024
Place: New Delhi kk@iurisconsultus.in; udit@iurisconsultus.in;
Date: 22.08.2022 +9198998587551+919811981128
/
'3

IN THE MATTER OF:
PAWAN GUPTA & ANR. ... PETITIONERS
VERSUS
KAMAL GUPTA & ORS. ...RESPONDENTS
OPENING SHEET
Nature of the matter Petition under Section 11 of the

Arbitration & Conciliation Act,
1996 for seeking appointment of
Arbitrator.
Statutes invoked Arbitration & Conciliation Act,

1996 & Code of Civil Procedure,
1908.
Through A\e~NO. 1~:n~ _
Ka~--,",na, u~Malik,~
Himanshu SatijrumrHarshit Khanduja,
0-1, LOF, Jangpura Extension,
New De1hi-l10024
Date: 22.08.2022 +9198998587551+919811981128
INTERLOCUTORY APPLICATIONS (I.A.s}
No.
S. Provisions Nature of
of Filed by Remarks
No. of Law Relied Sought
Year
Exemption
from filing
certified and/or
clear copies of
Section 151, the dim
1. 2022 Petitioner
documents and
CPC
for filing
lengthy
. Synopsis and
List of Dates
ti ioner No.1 I Petitioner No.2
~L l.~e:;;jf~t
Through
imansh ~a and Harshit Khanduja,

New Delhi-II 0024
Date: 22.08.2022 +9198998587551+919811981128
ORDI NARY ORIGINAL CI VIL J URISDICTION
A R BITRATION P ETITION NO. O F 2022
IN THE MATTER OF:
PAWAN GUPTA & ANR. . . .PETITIONER
VERSUS
r- -- -. .
. _---~~~~-
GOVERNMENT OF NCT OF DELHI

e-Court Fee
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Place: New Delhi kk:@iurisconsu1tus.in; udit@iurisconsultus.in;
Date: 22.08.2022 +919899858755 1+9198 11981 128
ORDI NARY ORIGINAL CIVIL JURISDICTION
ARBITRATION PETITIONNO. OF 2022

I N THE MAT TF. R OF:
PAWAN GUPTA & AN R. . . .PETITIONER
- I
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GOVERNMENT OF NeT OF DELHI
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G-I , LGF, Jangpura Extension,
New Delhi- I 10024
Place: New Delhi kk@iurisconsultus.in; udit@iuri sco nsultus.in;
Date: 22.08.2022 +9 19899858755 1+9 19811981128
Kindly list the matter on 31.08.2022
ARBITRATION PETITION NO. O.F 2022
IN THE MATTER OF:
PAWANGUPTA&ANR. ... PETITIONER
VERSUS
URGENT APPLICATION
To,
Registrar,
High Court ofDelhi,
New Delhi-ll0003
Sir,
Kindly treat the accompanying Petition as an urgent one in accordance
with the Rules of this Hon'ble High Court. The grounds of urgency are
as enumerated in the accompanying petition.
Through p ~\:No. l l~31kuy.

K ~a, Udit Malik, I
Himanshu Satija and Harshit Khanduja,
New Delhi-ll0024
Date: 22.08.2022 +9198998587551+919811981128
9
s/o Late Shri Muna Lal Gupta
9810166562
w/o Shri Kamal Gupta
9810091025
10
s/o Shri Govind Ram Gupta
9810048147
s/o Shri Kamal Gupta
9810548146
w/o Mr Mohit Gupta
9810558146
w/o Mr. Mukesh Gupta
9910058147
Thr. Mr. Kamal Gupta
9810166562
9810166562
11
9810166562
Mob - NIL
Mob - NIL
Mob - NIL
Mob - NIL
12
SYNOPSIS
I. The Petitioners are filing the present petition under Section 11 (5) of
the Arbitration & Conciliation Act, 1996, read with Section 151 of
the Code of Civil Procedure,1908 praying for appointment of a Sole
Arbitrator to adjudge and decide the disputes between the family
members arising out of the Family Settlement dated 30.09.2014 as
recorded in the Family Settlement Deed dated 20.06.2015 and
followed by the Deed dated 09.07.2019 (collectively known as "the
Family Settlement"). It is submitted that in terms of the family
settlement, the parties have agreed for resolution of any disputes
through the arbitration proceedings as per Clause 16 ("Arbitration
Agreement") of the MoD / Deed dated 09.07.2019 which, inter alia, .
states as under:
"In the event ofany dispute or differences arising out or in relation

to the interpretation ofany clause ofthis MOU/Agreement, the same
shall be settled by a Sole Arbitrator to be appointed by mutual
consent ofthe parties to this Agreement. If any group/party fails to
agree to the name ofa Sole Arbitrator, the same shall be appointed
by the Hon 'ble Court of Delhi at New Delhi in accordance with
Arbitration and Conciliation Act, 1996 as amended The place of
Arbitration shall he at Delhi".
A. BRIEF BACKGROUND OF THE FAMILY

SETTLEMENT
2. Mr.· Pawan Gupta, the Petitioner No.1 herein, is the founding

member of the family business of P.P. Jewellers Group, a group
engaged primarily in the business of manufacturing and sale of gold,
precious stones and jewellery. Mrs. Renu Gupta, the Petitioner No.2
herein, is the wife of r. ~awan Gupta.
V\~
'i'l
13
3. While the business was founded by the Petitioner NO.1 in the year
1980, it was subsequently joined by the other family members
including the Petitioner No. I's elder brother Sh. Kamal Gupta
[Respondent No.1] and his family. Over the years, the business has
grown multi-fold under the experience / stewardship and guidance
of the Petitioner No.1. The tremendous growth in business provided
opportunities through funds for diversification, and hence various
other entities were incorporated to operate in the field ofReal Estate,
Educational Institutes, Garment Trade, etc. The family members
have incorporated various entities for operating the business, and
operated the jewellery business through a number of showrooms,
and have also acquired immovable properties as well as valuable
moveable assets including stocks of silver / gold / precious stones /
diamonds / jewellery etc.
4. In the year 2014, on account of certain disputes arising between the

family members, it was decided to distribute the family assets /
businesses etc. between the family members, for arriving at a
peaceful and amicable family settlement. In this behalf, the family
settlement was arrived at between the family members on
30.09.2014, which has been recorded in the family settlement deed
dated 20.06.2015.
5. It is submitted that the Petitioner No. I, being the founder of the

family business of the P.P. Jewellers Group and being entitled to at
least 50% share in the family business and family owned properties
/ assets etc., only with a view to buy peace, larger growth / prosperity
for the entire family, d 6f1 have any further dispute with his
V\~ ~8~rr;
14
elder brother and his family, has agreed to the lesser share of23% in
the family business / assets / properties etc.
6. It is respectfully submitted that the family members, in continuation

of their family settlement dated 30.09.2014 recorded in the written
family settlement deed dated 20.06.2015, have also executed the
MoD / Deed dated 09.07.2019. Broadly speaking, under the terms of
the family settlement, the share of the Petitioner No.1 's family [
Petitioner No.1 and his wife ] has been decided as 23% in the family
businesses, while the share of the Petitioner No.1 's elder brother ~
Sh. Kamal Gupta [Respondent No.1] and his family has been
decided as 77% in the family business.
B. NON-FULFILMENT OF THE TERMS OF FAMILY

SETTLEMENT BY THE RESPONDENTS AND
DISPUTES ARISING THEREOF
7. It is respectfully submitted that under the terms of the family

settlement, it had been inter alia agreed that the Karol Bagh
showroom ofP.P. Jewellers shall fall to the share of the Petitioners,
while the other showrooms as on that date such as Pitampura,
Chandni Chowk, Sadar Bazaar etc. shall fall to the share of his elder
brother, Sh. Kamal Gupta. All family members shall be entitled to
use the trademark and logos of"P.P. Jewellers", "PPJ" and "PP" in
their respective independent business(es).
8. It has also been agreed under the family settlement that the stocks [
of gold, precious stones, diamonds, jewellery etc. ] of the family
business as on 30.09.2014 shall get distributed / apportioned
between the family mcrn 1:x:,rr=pe,,~:~~

15
to the share of the Petitioners and 77% to the share of Sh. Kamal
Gupta and his family.
9. Having regard to the lesser share in the family business [ the

Petitioners agreeing for the same in the larger interest of the entire
family], and only one showroom [Karol Bagh showroom - at 2700,
Desh Bandhu Gupta Road ] from various existing showrooms
belonging to the family as on that date becoming available to the
Petitioners under the family settlement, the quantum ofthe liabilities
assigned to the Petitioner No. 1 is "NIL", while Sh. Kamal Gupta
and his family were to discharge the liabilities ofthe Banks in terms
of the family settlement.
10. Pursuant to the family settlement, the business at the Karol Bagh
showroom [ at 2700, Desh Bandhu Gupta Road] which had fallen
to the share of the Petitioner No.1 herein from the date of the family
settlement [ 30.09.2014 ], is being operated by the Petitioner No. I
and his family from the immediately next day of the family
settlement i.e. from 01.10.2014.
11. It is respectfully submitted that the Petitioners herein remains

sincerely committed for the complete implementation of the family
settlement in letter and spirit and the Petitioners have been carrying
out the business operations, independently, at the showroom at Karol
Bagh [ located at 2700, Desh Bandhu Gupta Road] - accordingly.
12. Unfortunately, despite all efforts of the Petitioners to not to engage

in any further disagreement / dispute between the family members,
and independently operate his business in terms of the family
\cl;':' brother SZI~h~

settlement, tho Petitioner: •. ~
) .
,,
16
been acting with grave malice towards the Petitioners - and is
engaging himself in various acts of omission and commission
thereby seeking / attempting to deprive / prejudice the Petitioners
even with respect to the lesser share of 23% in the family business
agreed to by the Petitioners for larger interest and growth of the
family, and also to obstruct him in operation of the Karol Bagh
showroom [ at 2700, Desh Bandhu Gupta road ] being the only
showroom [ out of the showrooms owned by the family on the date
of the family settlement ] becoming available to him under the
family settlement.
13. It is the submission of the Petitioners that the discharge of the

liabilities of the Banks by Sh. Kamal Gupta and family, was also to
make free the showroom falling to the share of the Petitioners, from
any encumbrance etc.
14. The Petitioners humbly submit that on the one hand, Sh. Kamal
Gupta has proceeded to eliminate / discharge liabilities towards the
Banks - where assets falling to his share are encumbered /
mortgaged / made collateral etc. He has repaid the agreed amounts
with the Banks and has got free almost all the immovable properties
/ assets falling to his share and on the other hand, he has not
undertaken and discharged his liabilities under the family settlement
in relation to the immovable properties / assets falling to the share of
the Petitioners.
15. On the contrary, he has been indulging in acts of omission and

commission in ensuring that somehow, the immovable properties /
assets falling to the sharee Petitioners remain entangled i~e
V\ ~ c?-~~~
..: .,
17
way or the other including by deliberately delaying the discharge of
all such liabilities whereby the immovable properties I assets falling
to the share of the Petitioners become absolutely free from any
encumbrance I charge etc.
16. The Petitioners most humbly submit that it has been recently given
to understand that for the reasons beneficial to the interest of Sh.
Kamal Gupta and his family, it appears that Sh. Kamal Gupta has
discharged the loan of the company - P.P. Jewellers Pvt. Ltd., with
Axis Bank. The title documents of the showroom at 2700, Desh
Bandhu Gupta Road, Karol Bagh [ falling to the share of the
Petitioners] - have been taken away by him from the said Bank
recently. Instead of handing over the title documents of the Karol
Bagh showroom mentioned above to the Petitioners, these
documents have been retained by Sh. Kamal Gupta for his ulterior
motives.
C. ORDER DATED 05.07.2022 PASSED BY THIS HON'BLE

COURT IN O.M.P. (I) (COMM.) NO. 186/2022 TITLED
PAWAN GUPTA VS. KAMAL GUPTA & ORS.
17. In view of the above facts and circumstances, the Petitioner No.1
was constrained to approach this Hon'ble Court for seeking urgent

protective orders under Section 9 of the Arbitration and Conciliation
Act, 1996, by way of filing a.M.p. (1) (Comm.) No. 186/2022 titled
Pawan Gupta vs. Kamal Gupta & Ors.
18. This Hon'ble Court vide order dated 05.07.2022 disposed ofthe said
Petition uls 9 of the 1996 Act filed by the Petitioner No.1 and, inter
_.
Q-~
alia, directed as fol ws'/~,)~ ~
; ,
. '
18
"39. Disputes exist between the parties with respect to
implementation of the family settlement. Therefore, it is
necessary to ensure that the subject matter of the disputes is
preserved. In this view of the matter, the respondents are
restrained from selling, transferring, alienating or creating
any third party rights or interests in relation to the
immovable properties falling to petitioner's share and
subject matter of the family partition as recorded in the
Family Settlement DeedlMemorandum of Understanding
dated 09.07.2019, including the showroom located at 2700,
Desh Bandhu Gupta Road, Karol Bagh, New Delhi. Further,
directions are also issued' to the respondents/their
representatives/employees/agents not to cause any
obstruction/impediment in any maimer by whatsoever in the
petitioner utilising the premises bearing no. 2700, Desh
Bandhu Gupta Road, Karol Bagh, New Delhi, for conduct
of his business "
19. It is respectfully submitted that the Petitioners sent a notice invoking'

arbitration to the Respondents under Section 21 ofthe 1996 Act read
with Section 9(2) thereof; on 08.07.2022, inter alia, proposing the
names of retired Hon'ble Judges of the Hon'ble Supreme Court and
of this Hon 'ble Court and seeking the consent of the Respondents
for mutually agreeing upon appointment of a Sole Arbitrator for
adjudication of the disputes between the parties.
20. However, the Respondents through their reply dated 16.08.2022

have declined to refer the dispute to Arbitration.
21. Hence, the present petition under Section 11(5) of the Act of 1996
read with Section 151 ofthe Code of Civil Procedure, 1908 praying
for appropriate orders by this Hon'ble Court for appointment of a
Sole Arbitrator for adjudi .0 01the disputes between the parties.
_/--'~ \;v (\2"""" ~ ¥

i '
19
LIST OF DATES AND EVENTS
1980s The Petitioner No.1 started the business of

manufacturing, sale, purchase and trade of
jewellery items from Shop No. 674-675,
Rani Jhansi Road, Baratooti, Sadar Bazar,
New Delhi in the name of 'Mis P.P.
Jewellers', a partnership firm. The name
'P.P. Jewellers' was coined based on the
initials of the names of the two founders viz.
Mr. Pawan Gupta and his partner at that time
- Late Mr. Padam Chand Garg.
1988 The relevant trademarks for 'P.P. Jewellers'

were also applied for and registered by and
in the name of the Petitioner No.1 i.e. Mr.
Pawan Gupta.
1993 The Petitioner No.1 and Sh. Padam Chand

Garg, on account of the success of their
venture, became desirous offormal ising their
business further and hence decided to
incorporate a private limited company by the
name of Mis P.P. Jewellers Pvt. Ltd. [PPJPL
], Respondent NO.7 herein, having its
registered office, at that time,
i '
20
Bank Street, Karol Bagh, New Delhi-
110005.
1994 & That two more entities had been formed for
2000, running the family business, viz. two
partnership firms by the name of "P.P.
Jewellers (Delhi)" and "P.P. Jewellers
(Exports)" respectively.
2005 Mr. Padam Chand Garg had expressed the

desire to continue his independent jewellery
business and separate from the P.P. Jewellers
Group. Accordingly, Mr. Padam Chand Garg
and his family separated from the business,
and relinquished all rights, including in the
trademark etc., and commenced their own
business by the name of "P.c. Jewellers".
That consequent upon the exit ofMr. Padam
Chand Garg from the business, the
shareholding of P.P. Jewellers Pvt. Ltd. [
Respondent No.7] as held by Mr. Padam
Chand Garg and his family, was transferred
to and acquired by, in the name of various
family members.
30.07.2005 Mrs. Veena Gupta - Respondent No.2 [wife

of Sh. Kamal Gupta ] was inducted as a
I
I
21
Director in P.P. Jewellers Pvt. Ltd. [
Respondent No.7]
06.07.2009 Sh. Kamal Gupta, Respondent No.1, was

inducted as a Director in P.P. Jewellers Pvt.
Ltd. [Respondent No.7 ]
That various other members of the family

also joined the family business at various
points in time. The family members, with the
support of the group of family companies /
entities and while using the Trademark and
Logos of'P.P. Jewellers', 'P.P.J.' and 'P.P.',
have formed various companies/firms, etc.,
wherein the family members have been
appointed directors and shareholders.
That the group of family members as a

whole, through various companies and legal
entities, are primarily engaged in the
business, inter alia, of manufacturing, trade
and sale of jewellery, precious stones and
semi-precious jewellery, along with real
Estate development. The leadership and
guidance of Petitioner No.1 led to the growth
of the business of the group as a whole,
allowing the group to diversify their ousmess,
, '
22
interests. Besides and apart from its domestic

success and growth, the group, as a whole,
became the largest exporter of finished gold
and jewellery products from India for a long
period of time.
30.09.2014 That certain differences having arisen

between the family members inter alia on
observing various discrepancies, accounting
anomalies etc. in the conduct of the family
businesses, in order to resolve all such
differences between the family members, a
family settlement for distribution of the
assets and liabilities ofthe family businesses
/ properties etc. had taken place.
The family settlement had inter alia

constituted the agreement between the
family members in relation to the distribution
/ allocation .of the family businesses /
properties (moveable and immovable) /
assets etc. The distribution / allocation was
determined having regard, inter alia, to the
showrooms being managed by the various
family members at that point in time.
23
That as on 30.09.2014, the Respondent No.7
had its corporate office at 2699, Desh
Bandhu Gupta Road, Karol Bagh, New Delhi'
and its business showrooms were located at
four places namely :-
1. Pitampura Showroom [H-5, Netaji '

Subhash Place, Pitmpura New'
Delhi - 110006].
11. Karol Bagh Showroom [2700,'
Desh Bandhu Gupta Road].
Ill. Sadar Bazar Showroom [Shop No. i
674-675, Rani Jhansi Road, i
Baratooti, Sadar Bazar, New
Delhi].
IV. Chandni Chowk Showroom [1178 i
Kucha Mahajani, Chandni .
Chowk].
It is respectfully submitted that the Petitioner

No.1 who, before the family settlement on '
30.09.2014, had been primarily focusing / .
concentrating in the carrying out of the i
family business at the Pitampura showroom i
for the last 1-2 years, had now from i
01.10.2014 - as per the terms and conditions i
offamily settlement whereunder Karol Bagh i
J~~~-~6~
24
showroom had fallen to his share, started
independent operations ofthe business at this
showroom at Karol Bagh.
It is respectfully submitted that the statement

of the stock held by the family entities are
also submitted to the Banks from whom the
financial facilities have been availed. The
stocks of the three entities [viz. Respondent
Nos. 7, 8 and 9 ] as on 30.09.2014 were also
decided to be distributed / allocated amongst
the family members as per the proportionate
share of the family members in terms of the
family settlement.
20.06.2015 The terms of the said Family Settlement

dated 30.09.2014 were recorded in the
Family Settlement Deed dated 20.06.2015.
This Deed of Family Settlement records the
terms ofthe family settlement dt. 30.09.2014
including division / allocation of the
immovable properties, assets, stocks etc. as
on 30.09.2014.
Under the said Deed of Family Settlement

dated
25
assets, liabilities etc. and the allocation of
shares in the joint properties between the
family members - has been stipulated as per
the family settlement dt. 30.09.2014.
As per the family settlement, the Petitioner

No.1 and his family were to independently
carry out their business inter alia at the Karol
Bagh Showroom [2700, Desh Bandhu Gupta
Road] with the name ofP.P. Jewellers i.e.
the family Trade Mark and Logo belonging
to the family as a whole.
The Petitioners' family, for carrying out their

separate independent business and acting in
terms of the family settlement, incorporated
Mis. P.P. Jewellers Retail Pvt. Ltd. [PPJRPL
], on 21.07.2015 with its registered office at
2700, Deshbandhu Gupta Road, Karol Bagh,
New Delhi - which property, it is reiterated,
has fallen to the Petitioners' share under the
terms ofthe Family Settlement.
That the Petitioner No.1 and his family have

been operating the business of Mis. P.P.
..e
26
their said property bearing 2700,
Deshbandhu Gupta Road, Karol Bagh, New
Delhi, using their own independent resources
including help and assistance from friends
and others. The Petitioners' family have
invested their own resources, including by
taking borrowings, for purchase of raw
material/stock for PPIRPL, and also
purchased some gold and other articles from
PPIPL [ Respondent No.7] during FY 20 I 7-
18 and FY 2018-19 for its own independent
business.
09.07.20 19 That in order to resolve the issues, i.e. breach

of obligations of binding family settlement
by Respondents, and in particular, by Sh.
Kamal Gupta, and with a view to carry out
the said obligations of the family settlement
dated 30.09.2014 (recorded in Family
Settlement dated 20.06.2015), the
Memorandum of Understanding / Deed
dated 09.07.2019 was executed between the
parties.
The perusal of the MoU / Deed

09.07.2019 clearly shows that
27
members have been categorised into
groups namely:-
(i) Pawan Gupta ("PG") Group;
and
(ii) Kamal Kumar Gupta ("KG)
Group
That the annexures to the MoD / Deed dated

09.07.2019 reiterate the Petitioners' share of
immovable properties, as determined and
allocated as per the family settlement dated
30.09.2014 and recorded III family
settlement deed dated 20.06.2015.
It is most respectfully submitted that all

attempts have been made by the Petitioners
for resolving the internal family disputes
which had evidently arisen on account of
failure of the Respondents to comply with
their obligations under the family settlement,
and have been hampering the interest of the
family and that of its businesses as a whole.
However, all such attempts to resolve the
disputes - have been in vain.
On the contrary, the Respondents have been

indulging in all kinds of acts of omission -"-.J--"'
28
commission intended to usurp the control
over all properties / assets / businesses of the
family and thereby cause irreparable injury
and damage to the interest of the Petitioners
herein, including by indulging in gross abuse
of law. Some ofthe said acts of omission and
commission have been enumerated in the
Note annexed with the present Petition,
which may be read as an integral part of the
present Petition.
It is most humbly submitted that a case

dealing with the trademarks / logos
belonging to the family and which all family
members are entitled to use - is pending
before the Ld. Civil Court and an Appeal
before this Hon'ble Court being
(COMM) No. 120/2021.
April 2022 It had come to the knowledge of the

Petitioners that Mr. Kamal Gupta has cleared
the liability / dues of Axis Bank and has
illegally obtained control of the title
documents of the property at 2700, Desh
Bandhu Gupta Road, falling to the exclusive
share of the Petitioners and their family [
29
the said property was mortgaged with Axis
Bank ].
01.06.2022 Being apprehensive of ill-intentions of the

Respondents and the acts of omission and
commission ofthe Respondents in seeking to
illegally and unlawfully deprive the ,
Petitioners of its share / entitlement under the
family settlement, the Petitioner No. I filed a
Petition before the Hon'ble Court under
Section 9 of the Arbitration & Conciliation
Act, 1996 being O.M.P. (I) (COMM.)
186/2022 dated 01.06.2022 titled Pawan
Gupta vs. Kamal Gupta & Ors.
05.07.2022 That this Hori'ble Court vide judgement

(reserved on 03.06.2022) dated 05.07.2022
in O.M.P. (I) (COMM.) 186/2022 titled
Pawan Gupta vs. Kamal Gupta & Ors
disposed of the Petition and passed, inter
alia, the following directions:-
" 38. The respondents have not

denied that the title documents with
respect to showroom in Karol Bagh,
falling under the share of the petitioner
have been taken by them after clearing
the loan of the Axis Bank. The
resp ndents have only sought
30
explain the same by stating that the
loan in question pertained to the
company and was not against the said
particular showroom. Similarly, the
respondents have not denied the
registered sale deed dated 13.01.2021,
which the petitioner submitted
pertained to joint family property and
petitioner being 50% shareholder and
director was not even aware of the said
sale.
39. Disputes exist between the parties

with respect to implementation of the
family settlement. Therefore, it is
necessary to ensure that the subject
matter of the disputes is preserved. In
this view ofthe matter, the respondents
are restrained from selling,
transferring, alienating or creating any
third party rights or interests in relation
to the immovable properties falling to
petitioner's share and subject matter of
the family partition as recorded in the
Family Settlement Deed /
Memorandum of Understanding dated
09.07.2019, including the showroom
located at 2700, Desh Bandhu Gupta
Road, Karol Bagh, New Delhi. Further,
directions are also issued to the
respondents/their
representatives/employees/agents not
to cause any obstruction/impediment
in any manner by whatsoever in the
petitioner utilising the premises
bearing no. 2700, Desh Bandhu Gupta
Road, Karol Bagh, New Delhi, for
conduct of his business "
31
08.07.2022 The Petitioners herein sent a notice to the
Respondents under Section 21 invoking
arbitration.
16.07.2022 The respondents vide their letter issued

through their advocate replied to the same
and refused to refer the disputes arising out
of the Family Settlement to arbitration.
22.08.2022 Hence, the present petition under Section

11(5) of the 1996 Act, read with Section 151
of the Code of Civil Procedure, 1908
praymg for appropriate orders by this
Hon'ble Court for appointment of a Sole
Arbitrator for adjudication of the disputes
between the parties ..
32
IN THE MATTER OF:
PAWAN GUPTA & ANR. . .. PETITIONER
VERSUS
PETITION UNDER SECTION 11(5) OF THE ARBITRATION

AND CONCILIATION ACT, 1996 READ WITH SECTION 151 OF
THE CODE OF CIVIL PROCEDURE, 1908 SEEKING
APPOINTMENT OF ARBITRATOR IN TERMS OF CLAUSE 16
OF THE MOU /DEED DATED 09.07.2019
TO,
THE HON'BLE CHIEF JUSTICE OF
THE HIGH COURT OF DELHI
AND OTHER HON'BLE JUDGES OF THIS HON'BLE
COURT.
THE HUMBLE PETITION OF THE
PETITIONER ABOVE NAMED:
MOST RESPECTFULLY SHOWETH:
I. The Petitioners are filing the present petition under Section II (5) of
the Arbitration & Conciliation Act, 1996, read with Section 151 of
the Code of Civil Procedure, 1908 praying for appointment of
arbitrator to adjudg and decided the disputes between the family
~_:_ <\~~ (\2~att'

33
members arising out Oral Family Settlement dated 30.09.2014 as
recorded in the Family Settlement Deed dated 20.06.2015 and
followed by the Deed dated 09.07.2019. It is submitted that in the
family settlement, the parties have also agreed for resolution of any
disputes through the arbitration proceedings as per Clause 16
("Arbitration Agreement") of the MoD / Deed dated 09.07.2019
which inter alia states as under:
"In the event of any dispute or differences arising out or in

relation to the interpretation of any clause of this
MOD/Agreement, the same shall be settled by a Sole
Arbitrator to be appointed by mutual consent of the parties
to this Agreement. If any group/party fails to agree to the
name of a Sole Arbitrator, the same shall be appointed by
the Hon'ble Court ofDelhi at New Delhi in accordance with
Arbitration and Conciliation Act, 1996 as amended. The
place of Arbitration shall be at Delhi".
2. The requisite particulars of the Parties are given herein below:

,-._----------_.. ,,', , - _...•. ,-~~ ". "'-"'~ _ . ~ _ . _ . _ . " ' - ~ - - - - -, . " ~ - ~
Name of the I. Mr. Pawan Gupta i

Petitioners S/o Late Shri Muna Lal Gupta i
with complete Rio - C-19, Rana Pratap Singh, .
1
1
address Delhi 110007 •
... Petitioner No.1 I
2. Mrs. Renu Gupta I
W/o Mr. Pawan Gupta i
Rio - C-19, Rana Pratap Singh, i
·:X-tt ;: -- . . Delhi 110007 .
~~r~
I
34
Name of the 1. Mr. Kamal Gupta
Respondents C-19, Rana Pratap Singh,
with complete Delhi 110007
address ... Respondent No.1
2. Mrs. Veena Gupta

C-19, Rana Pratap Singh,
Delhi 110007
... Respondent No.2
3. Mr. Mukesh Gupta

Delhi 110007
... Respondent No.3
4. Mr. Mohit Gupta

C-19, Rana Pratap Bagh,
Delhi 110007
... Respondent No.4
5. Mrs. Shikha Gupta

Delhi 110007
... Respondent No.5
6. Mrs. Anshu Gupta

Delhi 110007
... Respondent No.6
7. Mis. P.P. Jewellers Pvt. Ltd.

H-5, Netaji Subhash Place,
Pitampura New Delhi - 110006
... Respondent No..7
8. Mis. P.P. Jewellers (Delhi)

Through its Partners,
Mr. Kamal Gupta and
Mr. Mukesh Gupta,
1178, Kucha Mahajani,
\7j--=c·~
35
Chandni Chowk,
Delhi - 110006
... Respondent No.8
9. M/s. P.P. Jewellers (Exports)

Mr. Kamal Gupta and
Mrs. Veena Gupta,
2681-83a, Gali No.2,
Beadonpura, Karol Bagh,
New Delhi - 110005
... Respondent No.9
10.M/s. Manglam Developers Pvt. Ltd.

92, Pragatisheel Apartment,
Rohini Sector-9,
Delhi - 110085
... Respondent No.1 0
II.M/s. Magnificient Oveseas Pvt. Ltd.

Rohini Sector-9,
Delhi - 110085
... Respondent No. 11
12.M/s. Aakash Nirman Udyog Pvt. Ltd.

Rohini Sector-9,
Delhi - 110085
13.M/s. Shree Shiv Jewellers Private

Limited
2681/83, Gali No.2, Beadonpura,
Ajmal Khan Road, Karol Bagh,
New Delhi - 110005
36
Names and Nil
address of the
arbitrators, if
any, already
appointed by
the parties
Name and None

address of the
person and
institution, if
any to whom
any function
has been
entrusted by
the parties of
the arbitration
agreement
under
appointment
procedure
agreed upon by
them
Qualification of Nil
the arbitrator if
any, required
by the
agreement of
the parties
Relief or Appointment of a Sole Arbitrator

remedy sought
Brief statement Submitted as under

describing
general nature
of the disputes
37
A. BRIEF BACKGROUND OF THE "FAMILY
SETTLEMENT"
3. Mr. Pawan Gupta, the Petitioner No.1 herein, is the founding
member of the family business of P.P. Jewellers Group, a group
engaged primarily in the business ofmanufacturing and sale ofgold,
precious stones and jewellery. Mrs. Renu Gupta, the Petitioner
No.2 herein, is the wife of Mr. Pawan Gupta.
4. In the 19808, the Petitioner No.1 started the business of
manufacturing, sale, purchase and trade of jewellery items from
Shop No. 674-675, Rani Jhansi Road, Baratooti, Sadar Bazar, New
Delhi in the name of 'Mis P.P. Jewellers', a partnership firm. The
name 'P.P. Jewellers' was coined based on the initials ofthe names
of the two founders viz. Mr. Pawan Gupta and his partner at that
time - Late Mr. Padam Chand Garg.
5. It is respectfully submitted that in the year 1988, the relevant
trademarks for 'P.P. Jewellers' were also applied for and registered
by and in the name of the Petitioner No. I i.e. Mr. Pawan Gupta.
6. In the year 1993, the Petitioner No.1 and his then partner - Sh.
Padam Chand Garg, on account of the success of their venture,
became desirous of form f "~,{:"U'i"," forth;?;~~

38
decided to incorporate a private limited company by the name of
Mis P.P. Jewellers Pvt. Ltd. [ PPJPL ], Respondent No.7 herein,
having its registered office, at that time, at 24/2708, Bank Street,
Karol Bagh, New Delhi-110005.
7. Over the years, owing to the success ofthe jewellery business, other
family members also joined the business and began working under
the umbrella of the family group companies. It is pertinent to note
that the Petitioner No.1 and Mr. Padam Chand were the founding
Directors and subscribers I promoters / shareholders of the
Respondent No.7, having a shareholding of 50%, each, and it is a
matter of record that the Petitioner No. I continues to be a Director.
of Respondent No.7 ever since its incorporation on 12.02.1993.
8. In the years 1994 and 2000, two more entities had been formed for
running the family business, viz. two partnership firms by the name
of "P.P. Jewellers (Delhi)" and "P.P. Jewellers (Exports)"
respectively. Over time, the tremendous growth in business
provided opportunities through funds for diversification, and hence
various other entities were also incorporated to operate in the field
or Real Estate, Edue tio ~~t~'" Garment Tt~; ~ 1,t;

39
EXIT OF SH. PADAM CHAND GARG
AND HIS FAMILY
9. . That in the year 2005, Mr. Padam Chand Garg had expressed the
desire to have his own independent and separate jewellery business
from the P.P. Jewellers Group. Accordingly, Mr. Padam Chand
Garg and his family separated from the business, and relinquished
all rights, including in the trademark etc., and commenced their own
business by the name of"P.C. Jewellers".
I O. That consequent upon the exit of Mr. Padam Chand Garg from the
business, the shareholding ofP.P. Jewellers Pvt. Ltd. [Respondent
No.4 ] as held by Mr. Padam Chand Garg and his family, was
transferred to and acquired by, in the name of various family
members.
11. Accordingly, Mrs. Veena Gupta [ wife of Sh. Kamal Gupta] was
inducted as a Director in P.P. Jewellers Pvt. Ltd. [ Respondent No.7
] on 30.07.2005. Sh. Kamal Gupta, Respondent No.1, was inducted
as a Director on 06.07.2009.
12. As mentioned hereinabove, various other members of the family
also joined the family business at various points in time. The family
40
entities and while USIng the Trademark and Logos of 'P.P.
Jewellers', 'P.PJ.' and 'P.P.', have formed various
companies/firms, etc., wherein the family members have been
appointed as directors and have had held shareholdings in these
companies.
13. That the group of family members as a whole, through various
companies and legal entities, are primarily engaged in the
business, inter alia, of manufacturing, trade and sale ofjewellery,
precious stones and semi-precious jewellery, along with real
Estate development. The leadership and guidance ofPetitioner No.
I led to the growth of the business of the group as a whole,
allowing the group to diversify their business interests. Besides
and apart from its domestic success and growth, the group, as a
whole, became the largest exporter of finished gold and jewellery
products from India for a long period of time.
14. That as mentioned hereinabove, from time-to-time, various new
ventures, partnerships and companies were incorporated by the
family members with the support ofthe group of family companies.
The other family members were made shareholders / partners /
directors in tho" business rn~:v\::uding but no~:;~~

41
a. Mis. P.P. Jewellers Private Limited, Respondent NO.7
herein, having CrN U74899DL1993PTe052140 as
incorporated on 12.02.1993 having the Petitioner No. I,
Respondent NO.1 and 2 as Directors.
b. Mis. P.P. Jewellers (Delhi), Respondent No.8 herein, a
partnership firm as formed on 01.04.1994, with the current
Partners being Respondent No.1 and 3.
c. Mis. P.P. Jewellers (Exports), Respondent No.9 herein, a
partnership firm as formed on 11.09.2000, with the current
Partners being Respondent No.1 and 2.
d. Mis. Manglam Developers Private Limited having erN
U74899DL1994PTC060138 as incorporated on 11.07.2004,
with the current Directors being Smt. Renu Gupta [
Petitioner No.2] and Respondent No.5.
e. Mis. Magnificient Overseas Private Limited having CfN
U74899DL1994PTC060165 as incorporated on 11.07.2004
with the current Directors being Respondent NO.3 and 5.
f. Mis. Aakash Nirrnan Udyog Private Limited having erN
U74899DL1994PTC060171 as incorporated on 11.07.2004
with the current Dice toc/~~g Respondent q:;~~

42
,Mr. Sandeep Kumar Gupta, who replaced Respondent NO.5
as a Director on 28.03.2022.
g. Mis. Shree Shiv Jewellers Private Limited having CIN
U3691IDL2005PTCI43202 as incorporated on 02.12.2005,
with the current Directors being the Petitioner No. I and
Respondent No.3.
15. It is submitted that the above-mentioned corporate entities viz. (i)
Mis. Manglam Developers Private Limited, (ii) Mis. Magnificient
Overseas Private Limited, (iii) Mis. Aakash Nirman Udyog Private
Limited - are subsidiaries ofP.P. Jewellers Pvt. Ltd.
a. As per the family settlement, Mis. P.P. Jewellers Pvt. Ltd.
would belong to the KG group. It is worthwhile to mention
that the ownership of the property located 2700, Desh
Bandhu Gupta Road, Karol Bagh is formally registered with
the above mentioned companies i.e. Manglam Developers
Private Limited, Magnificient Overseas Private Limited,
and Aakash Nirman Udyog Private Limited.
b. Further, the family settlement clearly records that the Karol
Bandhu Gupta
a~rr~r
" .
43
Road, Karol Bagh has fallen to the share ofthe Pawan Gupta
Group.
c. While, on account of majority shareholding of the above
mentioned three companies is being held by the Mis, P.P.
Jewellers Pvt. Ltd., the same would also fall to the share of
Mr. Kamal Gupta's group, however the the ownership of
immovable property i.e. 2700, Desh Bandhu Gupta Road -
which is in the name of the above-mentioned 3 companies
(subsidiaries of P.P. Jewellers Pvt. Ltd) have been allocated
to the share of the PG. Group.
16. It is once agam respectfully submitted that when the family
settlement has envisaged Mis. P.P. Jewellers Pvt. Ltd. to belong to
Kamal Gupta Group, it has simultaneously recorded that the
showroom located at Property No. 2700, Desh Bandhu Gupta Road,
being run and operated by Shri Pawan Gupta, shall exclusively go
to the share of the Pawan Gupta Group.
17. The family jewellery business was being conducted primarily
through 3 entities viz.:-
a. P.P. Jewellers v~\/---,-

c '
44
b. P.P. Jewellers (Delhi), Respondent No.6 herein and;
c. P.P. Jewellers (Exports), Respondent No.7 herein.
18. All the above-mentioned companies / entities, as envisaged and
referred herein above decided through the above-mentioned family
settlement, belong to and are under the control of Shri Kamal Gupta
Group.
19. While the business has been founded by the Petitioner NO.1 in the
year 1980, it was subsequently joined by the other family members
including the Petitioner No. 1's elder brother She Kamal Gupta
[Respondent No.1] and his family. Over the years, the business has
grown multi-fold under the experience / stewardship and guidance
of the Petitioner No. 1. The family members have incorporated
various entities for operating this business, through a number of
showrooms, and have also acquired immovable properties as well
as valuable moveable assets including stocks of silver / gold /
precious stones / diamonds! jewellery etc.
20. In the year 2014, on account of certain disputes arising between the
family members, it was decided to distribute the assets / businesses
etc. between the family members, for arriving at a peaceful and
amicable fmni:1'A(C-~g~d'the family "~::~
J
45
arrived at between the family members on 30.09.2014, which has
been recorded in the family settlement deed dated 20.06.2015.
21. It is submitted that the Petitioner No.1, despite being the founder of
the business and being entitled to at least 50% share in this business,
only with a view to buy peace, larger growth / prosperity to the
entire family, and not to have any further dispute with his elder
brother and his family, has agreed to the lesser share of 23 % in the
family business.
22. The family members, in continuation of their family settlement
dated 30.09.2014 recorded in the written family settlement deed
dated 20.06.2015, have also executed the MoD / Deed dated
09.07.2019. Broadly speaking, under the terms of the family
settlement, the share ofthe Petitioner No.1 's family [Petitioner No.
1 and his wife, the Petitioner No.2] has been decided as 23% in the
family business, while the share of the Petitioner No.1' seIder
brother - Sh. Kamal Gupta [Respondent No.1] and his family has
been decided M 7 0/,'" ~~CilY b",i''''(?V"" ~~

" \
46
B. NON-FULFILMENT OF THE TERMS OF FAMILY

SETTLEMENT BY THE RESPONDENTS AND
DISPUTES ARISING THEREOF
23. It is submitted that under the terms of the family settlement, it had
been inter alia agreed that the Karol Bagh showroom of P.P.
Jewellers shall fall to the share of the Petitioners, while the other
showrooms as on that date\such as Pitampura, Chandni Chowk,
Sadar Bazaar etc. shall fall to the share of his elder brother, Sh.
Kamal Gupta. All family members shall be entitled to use the
trademark and logos of "P.P. Jewellers", "PPJ" and "PP" in their
respective independent business(es).
24. It has also been agreed under the family settlement that the stocks [
of gold, precious stones, diamonds, jewellery etc. ] of the family
business as on 30.09.2014 shall get distributed / apportioned
between the family members as per their respective shares - i.e.
23% to the share of the Petitioners and 77% to the share of Sh.
Kamal Gupta an ... amiW. avL y~+t:

\,,'V 0
47
25. Having regard to the lesser share in the family business [ the
Petitioners agreeing for the same in the larger interest of the entire
family], and only one showroom [ Karol Bagh showroom - at 2700,
Desh Bandhu Gupta Road ] from various existing showrooms
belonging to the family as on that date becoming available to the
Petitioners under the family settlement, the quantum of the
liabilities assigned to the Petitioner No. I is "NIL", while Sh. Kamal
Gupta and his family were to discharge the liabilities of the Banks
in terms of the family settlement.
26. Accordingly, the business at the Karol Bagh showroom [ at 2700,
Desh Bandhu Gupta Road ] which had fallen to the share of the
Petitioner herein from the date ofthe family settlement [ 30.09.2014
], is being operated by the Petitioner No. I and his family from the
immediately next day of the family settlement i.e. from 01.10.2014.
27. It is respectfully submitted that the statement of the stock held by
the family entities are also submitted to the Banks from whom the
financial facilities have been availed. The stocks ofthe three entities
[ viz. Respondent Nos. 7, 8 and 9 ] as on 30.09.2014 were also
decided to be istri uted / allocated amongst the family members as
A,t- tR~~r
48-
per the proportionate share of the family members in terms of the
family settlement.
28. That the Stock Summary of Stock held by the three entities
stipulated that the value ofthe stock held by them as on 30.09.2014
was as under:-
S.No. Entity Stock as on

30.09.2014 [ as per
Stock Summary I
l. P.P. Jewellers Pvt. Ltd. Rs.

.2,65,71,33,429/-
2. P.P. Jewellers (Delhi) Rs. 45,40,11,120/-
3. P.P. Jewellers (Exports) Rs.

1,88,54,54,889/-
TOTAL 4,99,65,99,440/-
29. In other words, as on 30.09.2014, as per the stock summary ofthe
three entities, stocks worth approx. Rs. 500 crores were available
with the said three entities, and the Petitioners' share of23% in the
same, comes to approx. Rs. 115 crares [ as per the gold / jewellery
weight as well as rates of2014 ]. It is a matter ofrecord that till date,
the stocks have not been distributed by Sh. Kamal Gupta, to the
respective
49
terms ofthe family settlement. Today, as per the understanding of
the Petitioners, the value of the stocks falling to the share of the
Petitioners [ as per the prevailing rates of gold / jewellery etc. ] shall
be approx. Rs. 175 crores. As pointed out above, Shri Kamal Gupta
was to settle all the loan accounts with the Banks as per the available
/ applicable schemes including OTS etc. The facts and details in this
behalf are available with Shri Kamal Gupta, however, are not being
shared by him with the Pawan Gupta Group.
30. It is also an agreed position as per the family settlement that the
funds which would get saved on account of stipulations contained
in settlement schemes such as OTS etc., shall get distributed in the
proportion of 30:70 between Shri Pawan Gupta and Shri Kamal
Gupta respectively. It is reasonably expected that on the completion
of the process of settlement of all loans with the Banks, Shri Pawan
Gupta group would indeed become entitled to a significant sum.
After adjustment of his share, if any, towards the settlement of any
loan amount, there would not be any doubt of Shri Pawan Gupta
becoming entitled to at least Rs. 175 crores from Shri Kamal Gupta
Group in tenus f the family settlement. (?.v-Y' ~ 1):;

50
31. It has also been given to understand that some of the loans of the
entities ofP.P. Jewellers group, with various Banks appear to have
been settled. The table set out hereinbelow would demonstrate that
a total loan ofapprox. Rs. 584 crores as on 30.09.2014 appears to
have been settled for an amount of approx. Rs. 200 crores. This
aspect deserves furnishing of true facts and details from Sh. Kamal
Gupta and in the event this position gets confirmed by true facts and
documents, the benefit of the difference in these amounts shall
naturally flow to all the family members including the Petitioners
herein.
32. The approximate figures of the settlements arrived at with the
Banks, to the best of the knowledge ofthe Petitioners, are as under:-
Payable amount
settled with the
Bank
Total amount In Crores
Bank Firm In Crores [A rox.]
Mis P.P.
Jewellers Pvt.
Ltd. 170.53
M/sP.P.
Jewellers
(Ex orts 21.73
Mis P.P.
State Bank of Jewellers
India elhi 87.56
51
r-
Mis P.P.
Jewellers Pvt.
Axis Bank Ltd. 174.5 80
Mis P.P.
State Bank of Jewell ers Pvt.
Travancore Ltd. 13.5 8
Mis P.P.
Corporation Jewellers
Bank (Exports) 55 30
Mis P.P.
Jewellers
Bank ofIndia (Exports) 45 20
Mis P.P.
Jewellers
HDFC Bank (Exports) 16.5 16.5
584.32 199.5
33. It is submitted that the values given in the aforesaid table are
approximate values, as the Petitioners has been given to understand.
34. It is submitted that in some of these settlements, where Sh. Kamal
Gupta has to make the payment for these companies under his
control, any non-payment and non-clearance of the loan account is
only for the reasons best known to Sh. Kamal Gupta. Similarly, the
loans which appear to have been settled with the sm for clearing
the properties falling to the share of the Petitioners and where the
settled amounts for clearance of the loan are required to be paid by
Sh. Kamal Gupta, he is creating collusive litigations with certain
Bank officials for (J eating hurdles and obstructions in the, 'laf,?f
the Petitioners. . ~"' ~ (\Z0Jr

52
35. It is respectfully submitted that the Petitioners herein remains
sincerely committed for complete implementation of the family
settlement in letter and spirit and the Petitioners' family has been
carrying out the business operations, independently, at the
showroom at Karol Bagh [ located at 2700, Desh Bandhu Gupta
Road] - accordingly.
36. Unfortunately, despite all efforts of the Petitioners to not to engage
in any further disagreement / dispute between the family members,
and independently operate his business in terms of the family
settlement, the Petitioner No.1 's elder brother Sh. Kamal Gupta has
been acting with grave malice towards the Petitioners - and is
engaging himself in various acts of omission and commission
thereby seeking / attempting to deprive / prejudice the Petitioners
even with respect to the lesser 23% share in the family business
agreed to by the Petitioners for larger interest and growth of the
family, and also to obstruct him in operation of the Karol Bagh
showroom [ at 2700, Desh Bandhu Gupta road ] being the
showroom becoming available to him under the family settlement.
37. The Petitioners most humbly submits that the obligation to
discharge the loans t!l: eventual amounts for repayment agreed
~ ~)~/ (\<if'"\ ~~
53
with the Banks under the applicable policies - has always been upon
Sh. Kamal Gupta and family, including in relation to the assets
falling to the share ofthe Petitioners. It is also the submission ofthe
Petitioners that the discharge of the liabilities of the Banks by Sh.
Kamal Gupta and family, was also to make free the showroom
falling to the share of the Petitioners, from any encumbrance etc.
38. The Petitioners humbly submits that one the one hand, Sh. Kamal
Gupta has proceeded to eliminate / discharge liabilities towards the
Banks - where assets falling to his share are encumbered /
mortgaged / made collateral etc. He has repaid the agreed amounts
with the Banks and has got free almost all the immovable properties
/ assets falling to his share and on the other hand, he has not
undertaken and discharged his liabilities under the family settlement
in relation to the immovable properties / assets falling to the share
of the Petitioners.
39. On the contrary, he has been indulging in acts of omission and
commission in ensuring that somehow, the immovable properties /
assets falling to the share of the Petitioners remain entangled in one
way or the other including by deliberately delaying the discharge of
_ ~~~
all such liabilities wh he immovable properties / assets falling
~V"~~r
54
to the share of the Petitioners become absolutely free from any
encumbrance / charge etc.
40. The Petitioners most humbly submit that it has been recently given
to understand that for the reasons beneficial to the interest of Sh.
Kamal Gupta and his family, it appears that Sh. Kamal Gupta has
discharged the loan of the company - P.P. Jewellers Pvt. Ltd., with
Axis Bank. The title documents of the showroom at 2700, Desh
Bandhu Gupta Road, Karol Bagh [ falling to the share of the
Petitioners ] - have been taken away by him from the said Bank
recently. Instead of handing over the title documents of the Karol
Bagh showroom mentioned above to the Petitioners, these
documents have been retained by Sh. Kamal Gupta for his ulterior
motives.
41. Further, to enunciate the further misdeeds of the Respondents,
acting in blatant violation / contravention ofthe terms ofthe Family
Settlement, the acts of omission and commission of the
Respondents, inter alia, are set out as under:-
a. Illegally selling off family properties which form part of the
family settlement, at undervalued prices, without any intimation
or information to ot er il~ members;

I\~'\----
a..-'~~
55
b. Illegally taking control of the title papers of the Karol Bagh
showroom at 2700, Deshbandhu Gupta Road, Delhi by taking it
fromAxis Bank and "not handing them over to the Petitioners;
c. Failure to account for the stock of the three firms / entities, in
terms of the family settlement, illegally retaining the stocks
falling to the share of the Petitioners, and events demonstrating
the siphoning off of such stock with the connivance of the
Respondents;
d. Filing of a suit in 2021, fraught with blatant suppression and
concealment, before the Court ofLd. District Judge, Tis Hazari
Courts, seeking to restrain the Petitioner No.1 from using the
trademarks ofP.P. Jewellers;
c. Causing hindrances to the Petitioners from residing at the
family's residential home at C-I9, Rana Pratap Bagh, Delhi -
110007 where the family members had been staying since 2005;
f. Illegally taking decisions on behalf of the entities where the
Petitioners are a Director / Shareholder, without any knowledge
of the Petitioners, and in complete contravention of the
provisions of the Companies Act, 2013;
g. Deliberate concealment of collusive proceedings got initiated
.. Jewellers Pvt. Ltd. at the behest ofSh.
.~~ «~O~
56
Kamal Gupta and further, the acts of omission / commission of
Sh. Kamal Gupta acting in connivance with the Bank officials
to cause prejudice to the interest of the other family members
including the Petitioners, including by blatant
misrepresentations before the Ld. Debt Recovery Tribunal
(DRT);
C. ORDER DATED 05.07.2022 PASSED BY THIS HON'BLE

COURT IN O.M.P. (I) (COMM.) NO. 186/2022 TITLED
PAWAN GUPTA VS. KAMAL GUPTA & ORS.
42. In view of the aforesaid facts and circumstances, Petitioner No.1
herein was constrained to approach this Hon'ble Court for interim
orders to protect the subject matter of the arbitration i.e., the
properties under the Family Settlement Deed and the stock of
jewellery and precious metal and stones at various showrooms
under the Family Business. Petitioner No.1 filed a Petition under
Section 9 of the Arbitration and Conciliation Act, 1996, being
O.M.P. (I) (Comm.) No. 186/2022 titled Pawan Gupta vs. Kamal
Gupta & Ors.
43. This Hon'ble Court vide order dated 05.07.2022 disposed of the
Petition "I, 9 ~ in,,,~1 :=ted M follows> Ci'J ~~

57
" 39. Disputes exist between the parties with
respect to implementation of the family settlement.
Therefore, it is necessary to ensure that the subject matter of
the disputes is preserved. In this view of the matter, the
respondents are restrained from selling, transferring,
alienating or creating any third party rights or interests in
relation to the immovable properties falling to petitioner's
share and subject matter of the family partition as recorded
in the Family Settlement Deed/Memorandum of
Understanding dated 09.07.2019, including the showroom
located at 2700, Desh Bandhu Gupta Road, Karol Bagh,
New Delhi. Further, directions are also issued to the
respondents/their representatives/employees/agents not to
cause any obstruction/impediment in any manner by
whatsoever in the petitioner utilising the premises bearing
no.' 2700, Desh Bandhu Gupta Road, Karol Bagh, New
Delhi, for conduct of his business "
44. Thereafter, fulfilling the mandate of Section 9(2) of the 1996 Act,
the Petitioners sent a notice invoking arbitration to the Respondents
under Section 21 on 08.07.2022. Section 9(2) has been quoted
hereunder for ready reference and reads as follows:-
"9. Interim measures, etc., by Court.-
* * * *
(2) Where, before the commencement of the arbitral
proceedings, a Court passes an order for any interim
measure of protection under sub-section (I), the arbitral
proceedings shall be commenced within a period of ninety
days from the date of such order or within such furth.e~e
as the Courtka ~:t:=. tfV ~1~

58
45. As per the said notice dated 08.07.2022, the Petitioners
recommended names of the following distinguished retired judges
to be appointed as the Sole Arbitrator:
a. Hon'ble. Mr. Kurian Joseph (Former Judge of Supreme

Court ofIndia);
b. Hon'ble Ms. Indu Malhotra Former (Former Judge of

Supreme Court ofIndia);
c. Hon'ble Mr. Justice Badar Durrez Ahmed (Former Chief

Justice of Jammu and Kashmir High Court)
46. It is pertinent to mention here that the Arbitration Notice was duly
sent to the Respondents through email and Speed Post and at the
addresses of the Respondents.
47. The respondents replied to the same on 16.08.2022 and refused to
refer the dispute to Arbitration.
48. Thus, it would in the interest of justice that a Sole Arbitrator be
appointed by this Hon'ble Court for adjudication ofthe disputes that
have arisen between the parties. That such appointment may be a
neutral person as requ ed by the Act who shall be impartial and
unbiased. ~, 1- t10 ~1j{

--
59
49. It is respectfully submitted that the Family Settlement is binding on
the parties, and has obliged the parties to take all necessary steps for
enforcement / implementation of the Family Settlement. It is the
respectful submission of the Petitioners that the Hori'ble Apex
Court as well as this Hon'ble Court have repeatedly reiterated and
re-emphasized the principles for enforcement of family settlements
/ arrangements and that technical or trivial grounds shall not be
permitted to stand in the way of enforcement of a family settlement.
Once, with the consent of the family members, the matter. has been
settled, it shall not be allowed to be reopened on frivolous or
untenable or trivial or technical grounds. Reliance is placed, inter
alia, on the judgment of the Honble Supreme Court in Kale v. Dy.
Director of Consolidation, (1976) 3 sec 119 wherein it has, inter

alia, been held by the Hon'ble Apex Court as under:-
........... , 9. Before dealing with the respective

contentions put forward by the parties, we would like to
discuss in general the effect and value of family
arrangements entered into between the parties with a view
to resolving disputes once for all. By virtue of a family
settlement or arrangement members of a family
descending from a common ancestor or a near relation
seek to sink their differences and disputes, settle and
resolve their conflicting claims or disputed titles once for
all in order to buy peace ofmind and bring about complete
harmony and goodwill in the family. The family
arrangements W 'VI~ a special e~;~~
60
themselves and would be enforced ifhonestly made. In this
connection, Kerr in his valuable treatise Kerr on Fraud at
p. 364 makes the following pertinent observations
regarding the nature ofthe family arrangement which may
be extracted thus:
"The principles which apply to the case of ordinary
compromise between strangers do not equally apply to
the case of compromises in the nature of family
arrangements. Family arrangements are governed by a
special equity peculiar to themselves, and will be
enforced ifhonestly made, although they have not been
meant as a compromise, but have proceeded from an
error ofall parties, originating in mistake or ignorance
offact as to what their rights actually are, or of the
points on which their rights actually depend. "
The object ofthe arrangement is to protect the family from

long-drawn litigation or perpetual strifes which mar the
unity and solidarity of the family and create hatred and
bad blood between the various members of the family.
Today when we are striving to build up an egalitarian
society and are tryingfor a complete reconstruction ofthe
society, to maintain .and uphold the unity and
homogeneity of the family which ultimately results in the
unification of the society and, therefore, of the entire
country, is the prime need of the hour. A family
arrangement by which the property is equitably divided
between the various contenders so as to achieve an equal
distribution ofwealth instead ofconcentrating the same in
the hands of a few is undoubtedly a milestone in the
administration of social justice. That is why the term
"family" has to be understood in a wider sense so as to
include within its fold not only close relations or legal
heirs but even those persons who may have some sort of
antecedent title, a semblance of a claim or even if they
have a spes successionis so that future disputes are sealed
for ever and the family instead offighting claims inter se
and wasting time, money and energy on such fruitless or
futile litigation is able to devote its attention to more
constructive work in the larger interest ofthe country. The
courts have, t refore, leaned in favour of upholding a
~ ,~--- (\Z~8r
61
family arrangement instead of disturbing the same on
technical or trivial grounds. Where the courts find that the
family arrangement suffersfrom a legal lacuna or aformal
defect the rule of estoppel is pressed into service and is
applied to shut out plea oftheperson who being a party to
family arrangement seeks to unsettle a settled dispute and
claims to revoke the family arrangement under which he
has himself enjoyed some material benefits. The law in
England on this point is almost the same. In Halsbury's
Laws ofEngland, Vol. 17, Third Edition, atpp. 215-216,
the following apt observations regarding the essentials of
the family settlement and the principles governing the
existence ofthe same are made:
"A family arrangement is an agreement between
members of the same family, intended to be generally
and reasonably for the benefit of the family either by
compromising doubtful or disputed rights or by
preserving thefamily property or the peace and security
of the family by avoiding litigation or by saving its
honour. The agreement may be implied from a long
course ofdealing, but it is more usual to embody or to
effectuate the agreement in a deed to which the term
"family arrangement" is applied.
Family arrangements are governed by principles
which are not applicable to dealings between strangers.
The court, when deciding the rights of parties under
family arrangements or claims to upset such
arrangements, considers what in the broadest view of
the matter is most for the interest offamilies, and has
regard to considerations which, in dealing with
transactions between persons not members ofthe same
family, would not be taken into account. Matters which
would be fatal to the validity of similar transactions
between strangers are not objections to the binding
effect offamily arrangements. " .
............... 12. In Lala Khunni Lal v. Kunwar Gobind

Krishna Narain [LR 38IA 87, 102: ILR 33 All 356 : 8 ALJ
552] the statement of law regarding the essentials of a
valid settlement wa ully approved of by their Lordships
of the Privy Counci nthis connection the High Court
~)--L (JZ~d~
62
made the following observations which were adopted by
the Privy Council:
The learned Judges say as follows:
"The true character ofthe transaction appears to us to

have been a settlement between the several members of
the family of their disputes, each one relinquishing all
claim in respect of all property in dispute other than
thatfalling to his share, and recognizing the right ofthe
others as they had previously asserted it to the portion
allotted to them respectively. It was in this light, rather
than as conferring a new distinct title on each other,
that the parties themselves seem to have regarded the
arrangement, and we think that it is the duty of the
courts to uphold and give full effect to such an
arrangement.
Their Lordships have no hesitation in adopting that

view. " ..... __ ..
... ... ... ... ... ... 19. Thus it would appear from a review of
the decisions analysed above that the courts have taken a
very liberal and broad view of the validity of the family
settlement and have always tried to uphold it and maintain
it. The central idea in the approach made by the courts is
that ifby consent ofparties a matter has been settled, it
should not be allowed to be reopened by the parties to the
agreement onfrivolous or untenable grounds "
50. It is respectfully submitted that the Petitioners have made all
attempts, including mediation under the said MoD / Deed dated
09.07.2019 for achieving the implementation of the family

63
51. It is respectfully submitted that the Respondents continue to indulge
in acts of omission and commission including by illegally
dissipating / alienating / siphoning off the family properties covered
under the family settlement, and which have fallen to the share of
the Petitioners, thereby causing irreparable damage and injury to the
Petitioners.
52. It is respectfully submitted that all the aforesaid aspects, facts and
events are relevant for the consideration of this Hon'ble Court. For
the sake of brevity, they have not been annexed with the present
Petition under Section 11. All the necessary facts have already been
brought on record before this Hon'ble COUli in the Petition under
Section 9 filed by the Petitioner No.1 and the same may be treated
as an integral part of the present Petition as well.
53. It is respectfully submitted that the cause of action of the present
Petition arose when the Respondents defaulted to comply with their
obligations under the Family Settlement as already elaborated
hereinabove, and the same is continuing. The cause of action further
arose when the Respondents indulged in their acts of omission and
commission as listed out hereinabove, in blatant contravention of
the terms of the F amily Settl~l"el1t. The cause ofaction further arose
~~.'t (fZ~dr
~!\ ,
64
when the Respondents illegally obtained control of the title
documents of the property at 2700, Desh Bandhu Gupta Road,
sometime in April 2022. The cause of action is arising every day
with the continued non-compliance of the Respondents who are
acting in blatant breach of the Family Settlement, to the detriment
of the other family members including the Petitioners herein.
54. The Petitioners submit that this Hon'ble Court has the territorial
jurisdiction to entertain the present Petition and the seat of
arbitration under the arbitration agreement between the parties is
New Delhi.
55. The Petitioners submit that this Hon'ble Court has the pecuniary
jurisdiction to entertain and decide the present Petition and that the
value of the properties / assets involved in the present Petition and
covered by the Family Settlement, fall within the pecuniary
jurisdiction of this Honble Court.
56. The documents filed along with the present Petition are true copies
of their respective originals.
r
57. The present Petition is bona fide and orders by this Hori'ble Court
allow ing the pIT,~t POti1~1 meet tho ends 0;lR:::':J

65
58. The requisite court fee has been affixed accordingly. The present
Petition is being filed within the period of limitation.
59. The Petitioners crave leave of this Hon'ble Court to add or amend
or alter or modify the contents of the present Petition and to rely on
other documents as and when required.
60. The Petitioners have not previously filed before this Hori'ble Court
or any other Hon'ble Court, any similar Petition seeking reliefs
sought herein or any other similar reliefs, pertaining to the matter in
Issue.
61. The present Petition is being made bonafide and in the interest of
justice.
PRAYER
In view of the facts stated and submissions made hereinabove, the
Petitioners most humbly prays that this Hon'ble Court may be pleased
to:-
A. Appoint a Sole Arbitrator as per the provisions of the Arbitration
and Conciliation Act, 1996 for a j

66
the Petitioners and the Respondents under the family settlement
between the parties;
B. Pass any other order deemed fit and proper by this Hon'ble Court to
be passed in the facts and circumstances of the present case.
. ~.~
Petitioner
Through
r hanna, Udit Malik,

Himanshu Satija and Harshit Khanduja,
G-1, LGF, Jangpura Extension,
New Delhi-II 0024
Place: New Delhi kk@iurisconsu1tus.in; udit@iurisconsultus.in;
Date: 22.08.2022 +9198998587551+919811981128
IN THE MATTER OF:
PAWAN GUPTA & ANR. ...PETITIONER
VERSUS
KAMAL GUPTA & ORS. ... RESPONDENTS
AFFIDAVIT
I, Pawan Gupta, S/o Sh. Late Muna Lal Gupta aged about 63 years,
resident of C-I9, Rana Pratap Bagh, New Delhi - 110007, do hereby
solemnly affirm and declare as under:-
1. I am the Petitioner No. I in the captioned matter and am
conversant with the facts of the aforesaid case and I am
competent to depose the present affidavit.
2. The accompanying Petition U/S 11 of the Arbitration and

Conciliation Act, 1996, has been drafted on my instructions. I
have read and understood the contents of the accompanying
Petition and affirm the contents to be true and correct to the best
of my knowledge.
3.
VERIFICATION: '2 3 AUG 20221
Verified at Delhi on _ day of August, 2022 that the contents of the
above affidavit are true and correct and nothing material has been
concealed therefrom.
DEPONENT
, .
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F.
(j) _.
.-
o.
2 3 AUG 2022~
61
IN THE MATTER OF:
PAWAN GUPTA & ANR. ... PETITIONER
VERSUS
AFFIDAVIT
I, Renu Gupta, W/o Sh. Pawan Gupta aged about 59 years, resident ofC-
19, Rana Pratap Bagh, New Delhi - 110007, do hereby solemnly affirm
and declare as under:-
1. I am the Petitioner No. 2 in the captioned matter and am
2. The accompanying Petition u/s 11 of the Arbitration and

Conciliation Act, 1996, has been drafted on my instructions. I
have read and understood the contents of the accompanying
Petition and affirm the contents to be true and correct to the best
of my knowledge.
3. The contents ofthe present Affidavit are true and correct to best
..,~ ~-;~;l:kn~~Jed~e and nothing material has b\n concealed.

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VERIFICATION:
AUG ~022
Verified at Delhi on _ day of August, 2022 that the contents of the
above affidavit are true and correct and nothing material has been
concealed therefrom
) /
/ /,,,
------- ...-" ....
..... ""-
, ~ ".'
IN THE MATTER OF:
PAWAN GUPTA & ANR. .. .PETITIONER
VERSUS
STATEMENT OF TRUTH BY WAY OF AFFIDAVIT

(Under First Schedule, Order VI Rule 15A and Order X Rule 1).
I, Pawan Gupta, S/o Sh. Late Sh. Muna Lal Gupta aged about 63 years,
resident of C-19, Rana Pratap Bagh, New Delhi - 110007, do hereby
1. I say that I am the Petitioner No. 1 in the captioned matter and am
conversant with the facts of the aforesaid case and I am competent
to depose the present affidavit.
2. I say that the accompanying Petition U/S 11 of the Arbitration and
Conciliation Act, 1996, has been drafted on my instructions. I have
read and understood the contents ofthe accompanying Petition and
affirm the contents to be true and correct to the best of my
knowledge.
3.
4. I say that there is no false statement or concealment of any material
fact, document or record and I have included information that is
according to me, relevant for the present Petition.
5. I say that all documents in my power, possession, control or
custody, pertaining to the facts and circumstances of the
proceedings initiated by me have been disclosed and copies thereof
annexed with the Petition, and that I do not have any other
documents in my power, possession, control or custody.
6. I say that the above-mentioned pleading comprises of a total of
pages, each of which has been signed by me.
7. I state that the documents filed along with the present Petition are
true copies of the documents referred to and relied upon by me.
8. I say that I am aware that for any false statement or concealment, I
shall be liable for action taken against me under the law.
;,
. . ,I I
"
VERIFICATION:- .
.~
e 'ffied at New Delhi on this day of August 0 that the contents
above affidavit are true and correct to my know edge as derived from
(;»~ the records of the Petitioner Company and nothing material has been
/ concealed therefrom.
~. \ -
EPONENT
/Q\ i" ' ~I ' '--' " L- .
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2 3 AUG ?n??
IN THE MATTER OF:
PAWAN GUPTA & ANR. .' ,PETITIONER
VERSUS
STATEMENT OF TRUTH BY WAY OF AFFIDAVIT

(Under First Schedule, Order VI Rule 15A and Order X Rule 1).
I, Renu Gupta, W/0 Sh. Pawan Gupta aged about years, resident of C-
1. I say that I am the Petitioner No.2 in the captioned matter and am
conversant with the facts of the aforesaid case and I am competent
to depose the present affidavit.
2. I say that the accompanying Petition U/S 11 of the Arbitration and
Conciliation Act, 1996, has been drafted on my instructions. I have
read and understood the contents ofthe accompanying Petition and
affirm the contents to be true and correct to the best of my
knowledge.
3. I say that the statements made in Para Nos. 1 to <'r are true to my
knowledge on the basis of recor~~ ~irit "neq;and,legal averments
/ , :
contained in Para No. ~~ to 6);,fu; .a ~ILon~legal. advice received
I ,to'/ .. , •• , "
f ,/ •
which I believe to be correct:,", '0/ / 1'~r.:~:;;I~" ·' .r . : ', , ,'\ '
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111
4. I say that there is no false statement or concealment ofany material

fact, document or record and I have included information that is
according to me, relevant for the present Petition.
5. I say that all documents in my power, possession, control or
custody, pertaining to the facts and circumstances of the
proceedings initiated by me have been disclosed and copies thereof
annexed with the Petition, and that I do not have any other
documents in my power, possession, control or custody.
6. I say that the above-mentioned pleading comprises of a total of
pages, each of which has been signed by me.
7. I state that the documents filed along with the present Petition are
true copies ofthe documents referred to and relied upon by me.
8. I say that I am aware that for any false statement or concealment, I
shall be liable for action taken against me under th~ q.Ji:
DEPO~J~~
• JoV . ~'''s~\ . I VERIFICATION:- 2 3 AUG 2022
, I" "\(~iBed at New Delhi on this day of August 2022 that the contents
of above affidavit are true and correct to my knowledge as derived from
the records of the Petitioner Company and nothing material has been
concealed therefrom ~~!
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It. j AUG 2022
A~~~1~~ .No. of 2022
IN THE MATTER OF:
Pawan Gupta .( ~tJa, ·
... Petitioner
Versus
Kamal Gupta & Ors.
...Respondents
AFFIDAVIT UNDER ORDER 11 RULE 6 (3) OF THE
COMMERCIAL COURTS, COMMERCIAL DIVISION AND
COMMERCIAL APPELLATE DIVISION OF THE HIGH COURT
ACT, 2015.
1. I am the Petitioner No.1 in the captioned matter and am conversant

with the facts of the aforesaid case and I am competent to depose
the present affidavit. I am advised to state that the conditions of
Section 65 B of the Indian Evidence Act, 1872 are complied with
,- ..., '.in respect of these documents. That the electronic records
'" ~ -,mentioned above were printed from the computer system as a part
. of the ordinary course of activities for filling before Arbitral
. :~.. '! Tribunal.
,',:<~!,~;;~';~~:::~ :':: :
-. :\)"\jlif~ :~;/' >' ay' ., t I am aware that for any false statement or concealment, I
-~ "'h l
. '.-r" (~)'( sua 1 ~e iable for action taken against me under the law.
.~ . ~
3. The contents of the present affidavit are true and correct to best of
my knowledge and nothing material has been concealed.
D O~ENT
VERIFICATION:- Lon' /\/\ --

Verified at New Delhi on this day of August 202 . at the contents
of above affidavit are true and correct to my know le ge as derived from
the records of-the Petitioner Company and nothing material has been
A-l- -, t::. ~ I F~
NOTARY
N~.~:",;, ·,
~Lal;-I
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. \ 'local
.;:;l\ fiO \ 6:'· :, u .319 No. 'kl. ,"-
Pat,;,\":) dOl " .' e Cauna.
», ' ~ "! I ~ L~ " " " 'l1000'
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2 3 AUG 2022
"'"G, PErNo. _ _ of 2022
IN THE MATTER OF:
Pawan Gupta 'l ANi\.
... Petitioner
Versus
Kamal Gupta & Drs.
... Respondents
AFFIDAVIT UNDER ORDER 11 RULE 6 (3) OF THE
COMMERCIAL COURTS, COMMERCIAL DIVISION AND
COMMERCIAL APPELLATE DIVISION OF THE HIGH COURT
ACT, 2015.
I, Renu Gupta, W10 Sh. Pawan Gupta aged about years, resident of
C-19, Rana Pratap Bagh, New Delhi - 110007, do hereby solemnly affirm
1. I am the Petitioner No. 1 in the captioned matter and am conversant

with the facts of the aforesaid case and I am competent to depose
the present affidavit. I am advised to state that the conditions of
Section 65 B of the Indian Evidence Act, 1872 are complied with
in respect of these documents. That the electronic records
mentioned above were printed from the computer system as a part
of the ordinary course of activities for filling before Arbitral
Tribunal. ~- ~i· -.
,
, I ~ . .-.
..--
. " ....' .
2. I say that I am aware that for any.fal~ ..' staternent.or-concealment,
.. .. ' i \. . I ..
I r
shall be liable for action lak~rt~~i~~\.e_~ ; ~~~~~~. :

. .':. :"'9;X'J~;;.{' .;
I
3. The contents of the present affidavit are true and correct to best of
l
t::'
.u'" ~i
my knowledge and nothing material has been concealed.lI2' '"
DEPONE~T
VERIFICATION:-
"Verified at New Delhi on this day of Augus
'- 3 AUG
that the contents
of above affidavit are true and correct to my knowledge as derived from
the records of the Petitioner Company and nothing material has been
t¥?~S~
DEPONENT
, "
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· OF \ .-:-
I ;' ORDINARY ORIGINAL CIVIL JURISDICTION
IN THE MATTER OF:
PAW AN GUPTA & ANR .
...PETITI ONER
VE RSUS
KAM AL GUPTA & ORS.
... RESPONDENTS
AFFIDAVIT OF SERVICE
I, Kara n Khanna , S/o Vimal Rai Khann a, aged about 30 yea rs
having his office at G-1, LGF Jang pura Extension , New Delhi- 110014 am
the counsel for Petitioners in the abo ve captioned matter, I do hereby
solemnly depose and affirm as under:-
1. I say that I am the Advocate for the Petitio ners and have served the
Respondents with a cop y of the Petition at their common email add ress
that is - svp@ppjewe ller .com ; and also at gautam@mimansalaw.in;
cha itanya@mimansa law.i n;, tod ay , i.e. Aug 29 , 2022 . Proof of service
is attached herewith .
3 . I say that th e con tents of the present affidavit are true a n d corre ct to th e
best of my know ledge.
VERI F ~GATION : 2 9 AUG 2022

o \
\ <,JoJ~ .
o,\>e erified at New Delhi on Aug 29, 2022 , that the contents of the of my
'(\C \)e\lcsc\."\.~t)Qve- m enti o ned affidavit are true to the best of my knowl edg e and
~\\~ \ ~':l \l'{ noth ing material has been concealed therefrom.
\ c ~\~
. ~c
'2>\
L21
Karan Khanna <kk@iurisconsultus.in>
Service of Petition as being filed under Section 11 of the Arbitration and Conciliation
Act, 1996, on behalf of Mr. Pawan Gupta and Mrs. Renu Gupta
1 message
Karan Khanna <kk@iurisconsultus.in> Mon, Aug 29, 2022 at 9:49 AM

To: svp@ppjeweller.com, chaitanya@mimansalaw.in, gautam@mimansalaw.in
To,
1. Mr. Kamal Gupta

Delhi 110007
svp@ppjeweller.com; … Respondent No. 1
2. Mrs. Veena Gupta

Delhi 110007
3. Mr. Mukesh Gupta

Delhi 110007
4. Mr. Mohit Gupta

Delhi 110007
5. Mrs. Shikha Gupta

Delhi 110007
6. Mrs. Anshu Gupta

Delhi 110007
7. M/s. P.P. Jewellers Pvt. Ltd.

Pitampura New Delhi – 110006
8. M/s. P.P. Jewellers (Delhi)

Mr. Kamal Gupta and
Mr. Mukesh Gupta,
Chandni Chowk, Delhi – 110006
9. M/s. P.P. Jewellers (Exports)

Mr. Kamal Gupta and
Mrs. Veena Gupta,
2681-83a, Gali No. 2,
Beadonpura, Karol Bagh,
New Delhi - 110005
10. M/s. Manglam Developers Private Limited

Rohini Sector-9, Delhi – 110085
11. M/s. Magnificient Oveseas Private Limited
12. M/s. Aakash Nirman Udyog Private Limited

13. M/s. Shree Shiv Jewellers Private Limited

2681/83, Gali No. 2, Beadonpura,
Ajmal Khan Road, Karol Bagh,
New Delhi – 110005
Respected All,
Please find attached the copy of the Petition being filed under Section 11 of the Arbitration and Conciliation Act, 1996, on
behalf of Mr. Pawan Gupta and Mrs. Renu Gupta before the Hon'ble Delhi High Court.
--
Regards,
Karan Khanna,
Advocate,
On behalf of:
Iuris Consultus,
G-1, LGF, Jangpura Extension, New Delhi - 110014

011-43542057 | +91-9899858755 | +91-9899779914
kk@iurisconsultus.in | Skype: krnkhanna
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Section 11 Petition Final.pdf

23142K
IN THE HIGH COURT OF DELHI AT NEW DELID
ORIGINAL
-:I:. 1"l,
CIVIL JURISDICTION
NO or .2DJ.-L
I"i..ra. . r£T1TI6N No. ,oJ
I of 2022
IN THE MATTER OF:
Pawan Gupta ( f\~'"
...Petitioner
Versus
Kamal Gupta & Ors.
... Respondents
INDEX
PART-II (APPLICATION PART)
1. Index I
Application under Section 151 of the Code of Civil
Procedure, 1908, seeking exemption from filing true
2~g
typed copies of the dim and/or improperly formatted
2.
and/or certified copies ofthe Documents and seeking
permission to file lengthy synopsis and list of dates
along with supporting affidavit.
P itioner No. 1 I Petitioner No.2

Through
Iv,G a~ Q~ ~\.
KaraFt/Jkafll( UdiVMalik, 7
manshu Sa~H~rshit Khanduja,
G-1, LGF, Jangpura Extension,
New Delhi-II 0024
Date: 22.08.2022 +9198998587551+919811981128
IN THE HIGH COURT OF DELHI AT NEW DELm

IA NO I".) 01 2.J:l]..L
IN THE MATTER OF:
PAWANGUPTA&ANR. ... PETITIONER
VERSUS
APPLICATION UNDER SECTION 151 CPC SEEKING

EXEMPTION FOR FILING TRUE TYPED COPIES OF THE DIM
AND/OR IMPROPERLY FORMATTED AND/OR CERTIFIED
COPIES OF THE DOCUMENTS AND SEEKING PERMISSION TO
FILE LENGTHY LIST OF DATES AND SYNOPSIS
MOST RESPECTFULLY SHOWETH:
1. That by way of the accompanying petition under Section 11 of the

Arbitration & Conciliation Act, 1996 (the 'Act'), the Petitioner
herein is seeking appointment of Arbitrator. It is submitted that in
view of the averments made in the accompanying Petition, the
same may be treated as part & parc.el of the present application
which are not repeated herein for the sake ofbrevity.
2. That due to urgency in the matter the Petitioner herein is filing the
present petition along with true photocopies of the documents,
which may not be in consonance with the rules prescribed by this
Hon'ble Court in respect of the margins and/or spacing between
each line and/or font size and/or being fair typed copies of their
respective originals and/or certified copies, and is hereby seeking
leave of this Hon'ble Court to so present the present petition.
3. That the applicant / Petitioner hereby undertakes to furnish the true

typed copies ofthe documents as and when directed by this Hon'ble
Court.
4. That on account of the records of the circumstances, facts and

events surrounding the family dispute being voluminous and
spreading over various businesses, corporate entities, assets etc.,
the Petitioners crave the leave of this Hon'ble Court to file list of
events and synopsis in more than 5 pages.
5. That the application is bona-fide and it is in the interest of justice

that this Hon'ble Court may kindly be pleased to allow the
Petitioner exemption as sought for by way of the present
application.
PRAYER
It is, therefore, most respectfully prayed that this Hon'ble Court may most
graciously be pleased to:
a. Exempt the Petitioners from filing true typed copies of the dim
and/or improperly formatted and/or certified copies of the
documents filed along with accompanying Petition; and
b. Allow the Petitioners to file lengthy list of dates and synopsis; and
c. Pass such other or further orders as this Hon'ble Court deems fit
and proper under the facts and circumstances of the case.
Through p 't~\e~No. I I petiti~G1t 2
~ara "n , U~t ~alik,

nshu Satii Harshit Khanduja,
New Delhi-l 10024
Date: 22.08.2022 +9198998587551+919811981128

';r. A· 6F ;l.o'l...'l_
IN
IN THE MATTER OF:
PAWAN GUPTA & ANR. . ..PETITIONER
VERSUS
AFFIDAVIT
solemnly affirm and declare as under.-

2. The accompanying Application seeking exemption, has been

drafted on my instructions. I have read and understood the
contents of the accompanying Application and affirm the
contents to be true and correct to the best of my knowledge.
3. The contents ofthe present Affidavit are true and correct to best
of;ny: nowledge and nothing material has been concealed.
/.,-' ."..~ . .::1 for·";.
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VERIFICATION: 'l 3 AUG 20221
Verified at Delhi on _ . day of August, 2022 that the contents of the
. ave affidavit are true and correct and nothing material has been
;
cealed therefrom.
2 3 AUG 2021'

lit jJ 0 e- 0f 2...oJ..-1-
~IV
IN THE MATTER OF:
PAWAN GUPTA & ANR. ... PETITIONER
VERSUS
AFFIDAVIT
I, Renu Gupta, Wlo Sh. Pawan Gupta aged about years, resident ofC-

I 2. The accompanying Application seeking exemption, has been

drafted on my instructions. I have read and understood the
contents of the accompanying Application and affirm the
contents to be true and correct to the best of my knowledge.
3. The contents ofthe pre~IJ.tAffidavit are true and correct to best

-_
,-, ..........::. . . ........ ~
of my knowle/~~~··and-,l~hlf.g ~lier~~I , has been conceale: p:d

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~ 3 AUG 20221
VERIFICATION:
Veri "leq at ~lhi on _ day of August, 2022 that the contents of the
r- "
r:'
]50. affidavit are true and correct and nothing material has been
~
~0 bncealed therefrom.
tQ
tf~8f1/
DEPONENT
2 3 AUG 2022~
IN THE HIGH COURT OF DELHI AT NEW DELID
ARe Pt.T"1~ No. of 2022
IN THE MATTER OF:
Pawan Gupta ( '"~ ~
.. .Petitioner
Versus
Kamal Gupta & Drs.
...Respondents
INDEX
PART-III O'AKALATNAMA)
1. Index I
2. Vakalatnama 1-~
Through
A A
' \"
<>: :;'il~ner I C
l f-"-- J' ~r
Ka~~na, Udit Ma~ik,

Himanshu SatJJt'and Harshit Khanduja,
New Delhi-ll0024
Date: 22.08.2022 +9198998587551+919811981128
VAKALATNAMA

A"", il1lffoNNo. of 2022
IN THE MATTER OF:
Pawan Gupta c( ~~~
...Petitioner
Versus
Kamal Gupta & Drs.
...Respondents
We, Pawan Gupta, and Renu Gupta, resident of C-19, Rana Pratap
8agh, New Oelhi - 110007, do hereby solemnly hereby appoint:
Adv. Udit Malik (0/1846/2014);
Adv. Karan Khanna (0/2051/2014);
Adv. Himanshu Satija (0/2477/2016);
Adv. Harshit Khanduja(O/. /20);
Adv. Simran Mulchandani (0/2862/2020).
G-1, LGF, Jangpura Extension, New Delhi 110014
Advocate, to be my true and lawful attorneys, in the matter noted
above, to do all the following acts, deeds and things, or any of
them, Uointly and severally) and also ratify anything already done
on our behalf that is to say: -
1. To sign, verify and present and send notices, replies
rejoinders, pleadings, appeals, cross-objections or petitions for
execution, review, revision, other petitions or affidavit or other
documents as shall be deemed necessary or advisable for the
prosecution of the case or in relation thereto in all its stages.
2. To appear, act, and plead in the above-mentioned case in any
court or tribunal etc, in which the same be heard or tried in the
first instance or in appeal or review or revision or execution or
in any other stage of its progress until its final decision.
3. To withdraw or compromise the said case or submit to
arbitration any differences or disputes that may arise to or in
any manner relating to the said case.
4. To receive documents, papers, records, orders etc. and to do
all other acts all things, which may be necessary or proper to
be done for the progress and in all course of the prosecution of
the said case.
VAKALATNAMA
5. To employ any other legal practitioner, advocate or consultant
authorizing him to exercise the power and authority hereby
conferred on the Advocates whenever he/they may think fit to
do so;
• And l!We the undersigned do hereby agree to rectify and
confirm acts done by the Advocate(s) or his substitute in
the matter as my/our own acts, as if done by me I us for
all intents and purpose.
• And .n. ~~~ • ' rl "'~n Advocates or
Oil"
his/U a in
cons· :; I the
said l . 46596
• And l!We hf"~'''' ._~,,-- ".. :v. \ .... event 01 lllc.; .... ole or
1
any part of AOVQCA E "WEl FA E FUND us to be paid to the

I .
Advocates I > ~ 'Ii. . ~ - • " shall be entitled to
withdraw fro 'm... - 3744988 '* ,e said case, or not to
appear until the same is paid.
In witness whereof l!We hereunto set my/our hand to these presents
the contents of which have been \v-'J]. ignat ures:
explained to and understood by me/us. 7' ~
Advocates:
~~
~ ~~~ ~~
Udit Mank Adv. Himanshu Satija
~ ~
Adv. Harshit Adv. Simran
Karan Khanna
Khanduja Mulchandani
+91-9811981128 +91-8527559185 +91- +91-
+91-9899858755
9910803100 9999867981
udit@iurisconsultus himanshu@advocate Hkhanduja1@g Simran.mulch

kk@iurisconsultus.in .in us.co.in mail.com andani2@gm
ail.com
o
A~B. r '~ nllnN No. of 2022
IN THE MATTER OF:
Pawan Gupta <. IU'"
...Petitioner
Versus
Kamal Gupta & Ors.
...Respondents
INDEX
PART-IV (LIST OF DOCUMENTS)
S.N Details of Documents Original, Mode of Line of Page

Documents and in Power, Photocopy, Execution, Custody No.
0 Parties Possession, True Issuance,
Control, Typed, or Receipt
Custody Office
Copy
1. Index 1-5
2. Document- PI Petitioner Typed Self- Petitioner
Brief Note on Copy compiled b·· 3Cf
the facts and
events that are
relevant for the
considerationof
this Hon'ble
Court.
3. Document- P2 Petitioner & Photocopy Photocopy Respondent .
Family Respondent 4o-~1-
Settlement Deed
dated
20.06.2015 with
typed copies of
illegible pages
MoU I Deed Respondent 43"66
dated
09.07.2019
Family Tree .Copy compiled
describing the
relationship
between the 61-
Petitioner and
the Respondent
No.1 and the
other family
members
6. Document- P5 Petitioner Original MeA Petitioner

Mis. P.P .
Jewellers 6~
Private Limited
as available on
the website of
the Ministry of
Corporate
Affairs

cum Partnership 69-:13
Deed dated
30.06.2005 w.r .t
Mis. P.P.
Jewellers
(Delhi)
cum Partnership
Deed dated jJI-71
30.06.2005 w.r.t
Mis. P.P.
Jewellers (Expo
rts)
Mis. Manglam
Developers W
Private Limited
as available on
the website of
the Ministry of
Corporate
Affairs
Mis.
Magnificient Zsl
Oveseas Private
Limited as
available on the
website of the
Ministry of
Corporate
Affairs
11. Document- Petitioner Original MCA Petitioner
PIO Master data Website
of Mis. Aakash
Nirman Udyog cg2/
Private Limited
as available on
the website of
the Ministry of
Corporate
Affairs
12. Document- Petitioner True Copy Delhi High Petitioner

PII True Copy Court
of the Order Website
dated
05.07.2022 as ?Jl'rq
passed by this
Hon'ble Court
10 O.M.P. (I)
(Comm.) No.
186/2022 titled
Pawan Gupta vs.
Kamal Gupta &
Ors.
13. Document- Petitioner Original Speed Post Petitioner

ill True Copy and email
of the Notice U/S
21 of the .,exv/ZO
Arbitration and
Conciliation
Act, 1996 dated
08.07.2022
along with
tracking details
14. Document- Petitioner Original Speed Post Respondent

IU-f2-2--
-Reply
P13 Original
dated
and email
16.07.2022 as
sent on behalf of I
the Respondents
- -I
A~ - ~e~~nern t:
Through I ~"\ i-: <. f-V"- -~r
Karan Khanna, Udit MaYik,
Hi anshu Satija and Harshit Khanduja,
New Delhi-I! 0024
Date: 22.08.2022 +9198998587551+919811981128
6
NOTE ON BEHALF OF THE PETITIONERS
1. It is most respectfully submitted that the present Petition u/s 11(5) of the
Arbitration & Conciliation Act, 1996 has been filed by the Petitioners,
praying for appointment of the Arbitrator in terms of Clause 16 of the MoU
I Deed dated 09.07.2019.
2. It is respectfully submitted that for the sake of brevity, various instances of .
acts of omission and commission on behalf of the Respondents, justifying
the passing of urgent orders by this Hon'bJe Court in the present petition,
have been elaborated inter alia in the present Note, with the prayer that the
contents of the present Note be treated as an integral part of the Section 11
Petition itself.
FAMILY SETTLEMENT DATED 30.09.2014
3. It is most respectfully submitted that as mentioned in the Section 11 Petition,
the joint family business ofjewell ery, was being run by the family members
ofthe P.P. Jewellers Group continuously till 2014. The family members have
also been residing together at the residential house of the family at C-19,
Rana Pratap Bagh, Delhi - 110007.
4. That certain differences having arisen between the family members inter alia.
on observing various discrepancies, accounting anomalies etc. in the conduct
,
of the family businesses, in order to resolve all such differences between the
family members, a family settlement for distribution of the assets and
liabilities of the family businesses I properties etc. had taken place on
30.09.2014.
5. . The family settlement had inter alia constituted the agreement between the
family members in relation to the distribution I allocation of the family
businesses I properties (moveable and immoveable) I assets etc.
"\ X
. 1\:1 -(i'/c11
7
6. It is submitted that as on 30.09.2014, the Respondent No.7 had its corporate
office at 2699, Desh Bandhu Gupta Road, Karol Bagh, New Delhi and its
business showrooms were located at four places namely:-
I. Pitampura Showroom [H-5, Netaji Subhash Place, Pitmpura New
. Delhi - 110006].
II. Karol Bagh Showroom [2700, Desh Bandhu Gupta Road].
Ill. Sadar Bazar Showroom [Shop No. 674-675, Rani Jhansi Road,
Baratooti, Sadar Bazar, New Delhi].
IV. Chandni Chowk Showroom [1178 Kucha Mahajani, Chandni Chowk).
7. It is respectfully submitted that the Petitioner No.1 who, before the family
settlement on 30.09.2014, had been primarily focusing! concentrating in the
carrying out of the family business at the Pitampura showroom for the last
1-2 years, had now from 01.10.2014 - as per the terms and conditions of
family settlement whereunder Karol Bagh showroom had fallen to his share,
started independent operations of the business at this showroom at Karol
Bagh.
8. It is respectfully submitted that the statement ofthe stock held by the family
entities are also submitted to the Banks from whom the financial facilities
have been availed. The stocks of the three entities [viz. Respondent Nos. 7,
8 and 9 ) as on 30.09.2014 were also decided to be distributed! allocated
amongst the family members as per the proportionate share of the family
members in terms of the family settlement.
9. That the Stock Summary of Stock held by P.P. Jewellers Pvt. Ltd. indicates
that it held stock worth Rs.2,65,71,33,429.80 as on 30.09.2014:-
S.No. Particulars of Actual Weight in 22 Amount in Rupees

Stock Weight ct. (Gms)
(Gms)
Raw Material 36768.827
I. 24 ct. 32131.025 . .----14380.197

IV
~~,{ ~~~~~
8
2. 22 ct. (old) 521.840 521.840
3. 18 ct. (old) 2326.160 1866.790
TOTAL 36768.827 at rate of2738.05 =

Rs.10,06,74,838.82
Work in
progress
4. Gold 22 ct. 154169.832 154169.832 at rate of 2579 .21 =
Rs.39,76,36,435.26
Finished
Goods
5. Gold
a. 18 ct. (New) 37122.062 29791.200
b. 24 ct. (coins) 2112.240 2260.097
c. 14 ct. 41025.710 25671.058
d. 23 ct. 653.190 682.880
e. 22 ct. (New) 202875.151 202875.151
f. 21 ct. 466.970 302.213
TOTAL 261582.599 at rate of 2579.21 =

Rs.67,46,76,560.74
6. Silver Rs.7,04,560.54
Ornaments
7. Silver Ware Rs.11,73,864.00
8. Silver (Pure) Rs.O
9. Stones & Rs.53,32,715.00

Pearls
.
10. Watch Rs.3,909.00
11. Platinum Rs3,30,760.00

\ ~l
~~1~wt~
9
.JeweJlery
12. Diamond Rs.l ,47,66,99,787.00

Stock
TOTAL' Rs.2,65,71 ,33,429.80
10. That the Stock Summary of Stock held by P.P. Jewellers (Delhi), indicates
that it held stock worth Rs.45,40,11,120.74 as on 30.09.2014:-
S.No. Particulars of Actual Quality Amount in Rupees

Stock Weight
(Gms)
1. Raw Material 0 24 ct. at rate of2735.81 =

Rs.O.OO
2. Work in 163130.900 22 ct. at rate of2556.83 =

progress Rs.41,70,97,52I.l3
3. Finished 14433.357 22 ct. at rate of2556.83 =

Goods Rs.36903599.60
TOTAL Rs.45,40,11,120.74
11. That Stock Summary of Stock held by P.P. Jewellers (Exports) indicates that
it held stock worth Rs.l,88,54,54,889.61 as on 30.09.2014:-
S.No. Particulars of Actual Quality Amount in Rupees

Stock Weight
(Gms)
1. Raw Material 6726.370 24 ct. atrate of2667.79 =

Rs.l,79,44,523.08
2. Work in 277657.883 22 ct. at rateof2493.26 =

progress Rs.69,22,73,006.46
3. Finished 84,111.642 22 ct. at rate of2499.27 =

Goods , Rs.21,02,18;984.67
Q{(~ ~/av/6~
10
4. Stock of Rs.25,3 3,977.40
Stones and
Pearls
5. Diamonds Rs.96,24,85 ,298 .00
TOTAL Rs.I,88,54,54,889.61
12. For the ready reference of this Hon'ble Court, the tabulated statement of the
stocks held by the said three entities as on 30.09.2014, and as further
declared in Balance Sheets of subsequent year, is given as under.-
MIs P.P. Jewellers Pvt. Ltd.
Approximate Value as per market rate

Year 2014 Year 2015
S.No. Jewellery Weight (Stock Statement) (As per Balance Sheets)
1 Gold 24 36768.827 100674838.82
Gold 22 415752.431 1072312996.00
2 Diamond 1476699787.00
3 Silver ornaments 704560.54
4 Silver Ware 1173864.00 .
.
5 Stones & Pearls 5332715.00

6 Watch 3909.00
7 Platinum Jewellery 230760.00
Rs.1484145594.99
Total Rs.2,65,71,33,429.81f- Rs.2,18,44,95,411f-
MIs P.P. Jewellers (Exports)

Year 2014 Year 2015
1 Gold 24 6726.37 17944523.08
2 Gold 22 361769.525 902491091.1
3 Diamond 962485298
4 Stones & Pearls 2533977.4
Rs.1,88,54,54,889.61f- .,*Not Available*

..
»-: ,~
11
Mis P.P. Jewellers (Delhi)

Year 2014 Year 2015
1 Gold 22 177564.257 Rs.45,40,01,120.7/- Rs.83,74,30,799/.
DEED OF FAMILY SETTLEMENT DATED 20.06.2015

[ ALSO INCLUDES RESPECTIVE LEGAL HEIRS AND ASSIGNS 1
13. The tenus of the said Family Settlement dated 30.09.2014 were recorded in
the Family Settlement dated 20.06.2015.
14. This Deed of Family Settlement records the division of the immovable
properties, assets, stocks etc. between the family members, and allocates the
shares of assets between the family members as on 30.09.2014, and extended
to their' respective legal heirs and assigns'.
15. Under the said Deed of Family Settlement dated 20.06.2015, lists of
immovable assets, liabilities etc. were drawn, and the shares in the joint
properties were allocated between the family members as mentioned in the
Annexures to the settlement. It is respectfully submitted that the salient
features of the Family Settlement dated 20.06.2015, inter alia, are as
follows:-
a. The first recital clearly states that the parties are 'members of a
family carrying on the business ofjewellery in Indian under various
trade names and titles are owning various movable and immovable
properties ' 'over which the family as a whole 'has right and
title.
b. The second recital reiterates the oral family settlement dated
30.09.2014. It states that the residential house C-19, Rana Pratap
Bagh New Delhi has been allocated in the ratio of 25% each to the
Petitioner No. I, Mr. Mukesh Gupta, Mr. Mohitkpta and Mr.
Rahul Gupta.
~.,( / (Ji f 61
12
c. The second recital further states that besides the residential property
located at C-19, Rana Pratap Bagh, the proportionate share of the
family members in the family owned businesses / properties etc. has
been determined in the following ratio:
S.No. Family Member Name Percentage
I. Pawan Gupta; Petitioner No.1 23%
2. Kamal Gupta; Respondent NO.1 18%

3. Rahul Gupta; s/o Respondent No.1 23%
4. Mukesh Gupta; Respondent No.3 18%
5. Mohit Gupta; Respondent NO.4 18o/~
d. It further states that a list of immovable properties owned by the

family members either in their personal name or in the name of the
companies, has been prepared and annexed therewith, marked as
Annexures 1 to 6, out of which Annexures 1 to 5 comprised of the
properties which have been distributed between the parties, and
Annexure 6 comprised of the properties which shall be distributed
----------between-the-parties-i:n the same proportion, subsequently.
e. As per the said Annexures, the showroom at 2700, Desh Bandhu
Gupta Road, Karol Bagh - falls exclusively to the share of the
Petitioners.
f. It is stipulated that the stock of all precious metals and stones at
various showrooms owned and operated by the family businesses
shall be allocated among the parties in respect of the ratio given
under the said settlement.
g. It is stipulated that the properties, as allocated as per the above
mentioned percentage and listed in Annexures 1-5 to the Deed of
Family Settlement dot, 200~_2~'~W=a::dd:r'

13
S.No. Family Member Value of Value of Excess (short)

Name as per Properties as (Rupees in
Annexure per sharing Lakh)
ratio
1. Kamal Gupta; 18930 16894.80 2035.20 ,
Respondent No.1
2. Pawan Gupta; 20400 21587.80 -1187.80
Petitioner No.1
3. Rahul Gupta; 21980 21587.80 392.20

s/o Respondent No.1
4. Mukesh Gupta; 17200 16894.80 305.20
Respondent No.3
5. Mohit Gupta; 15350 16894.80 -1544.80
Respondent No.4
Total 93860
h. The difference / gap in the distribution as per the determined share

had been shown as (+) or (-) in the last column of the above table set
out in the family settlement deed itself.
I. It is stipulated that the gap in the allocation of properties detailed
above shall be met / covered from the stock, or properties or
combination of both, coming to the share of the respective party, in
such a manner that the total properties and stock received by each
party is according to his / her share in the total properties and stocks.
J. It was agreed upon amongst the parties that Mr. Kamal Gupta, Mr.
Mukesh Gupta and Mr. Mohit Gupta shall take over the entity i.e.
M/s. P.P. Jewellers Pvt. Ltd. along with its assets and liabilities.
k. It deserves to be reiterated, as mentioned hereinabove, that all stock
lying at various properties / remises [ including the st~held by
J\:l~ a~~1
14
and in the name of three entities - Respondent No.7, 8 and 9 ] was
required to be accounted and distributed I allocated between the
parties.
I. The partnership Firm viz. P.P. Jewellers (Delhi), was to be taken
over by Mr. Rahul Gupta Sio Respondent No.1, and another
partnership firm viz. Mis P.P. Jewellers (Exports) was to be closed.
m. It was clearly recorded under the settlement that the amount of
liability to be taken over by the Petitioner No. 1 was 'Nil'. Such
stipulation had been provided after having regard to the terms ofthe
settlement as a whole and the valuation of the properties distributed
I allocated between the family members. The summary of
borrowings in Lakh of rupees as prepared and provided for therein,
for the purpose of specifically recording the amount of obligations
taken over, is reproduced as under>
S.No. Family Member Share of Amouut Excess (Short)

Name Borrowing Taken Over taken over
1. Kamal Gupta; 33,175.84 33,044.89 -130.95

Respondent No.1
2. Pawan Gupta; 14130.45 NIL -14,130.45

Petitioner No. 1
3. Rahul Gupta; 14130.45 28,391.85 14,261.40

slo Respondent
No.1
Total 61,436.74 61,436.74
n. As per Clause 9, all parties mentioned in the family settlement are

entitled to use the trade name, marks and logo of "P.P. Jewellers",
"PPJ" and "PP" for their ow~ business, to which th\~er parties
shall not object. I\,~ d:i f" ~~

15
o. Clause 13 deals with the binding nature of the said Deed.
p. The Deed has also been witnessed by Mr. Vijay Gupta and Mr.
Arjun Kumar, who are the respective Fathers-in-law of Mr. Kamal
Gupta's two sons.
16. It is respectfully submitted that the Petitioners, on their part, have acted in
the best interest of the family and its businesses, and cooperated with Sh.
Kamal Gupta, believing that he shall also act upon and discharge his
obligations as agreed under the family settlement, including by handing over
proportionate share of the assets i.e. stocks of the firms and companies as
agreed in the Family Settlement. However, the Respondents, under the
control and dictates of Mr. Kamal Gupta, have failed to fully act upon and
discharge their obligations under the family settlement by neither providing
the Petitioner's share in the stocks ofP.P. Jewellers Pvt. Ltd., P.P. Jewellers
(Delhi) nor ofP.P. Jewellers (Exports), as on 30.09.2014. While enjoying all
benefits arising to them under the Family Settlement, the Respondents are
refusing to act upon their obligations in relation to the shares of the other
family members including the Petitioners herein.
17. The Petitioner No.1 has repeatedly requested Sh. Kamal Gupta, to discharge
their obligations under the Family Settlement, so that the Petitioners shall .
have ownership rights and control on the properties allocated and assigned
to their share under the family settlement, however Sh. Kamal Gupta [
Respondent No.1 ] has avoided on one pretext or the other and has
selectively complied with.only such terms of the family settlement which
are to his sole benefit.
MOD / DEED DATED 09.07.2019
18. That in order to resolve the issues, i.e. breach of obligations of binding
family settlement by Respondents, and in particular, by Sh. Kamal Gupta,
mil with, view to corry 0", the ,"i~t:g'~::;f~¥"i1Ysettlement
c::?
16
dated 30.09.2014 (recorded in Family Settlement dated 20.06.2015), the
Memorandum of Understanding / Deed dated 09.07.2019 was executed
between the parties.
19. The perusal of the MoU / Deed dated 09.07.2019 clearly shows that family
members have been categorised into two groups namely.-
(i) Pawan Gupta ("PG") GrouPi and
(ii) Kamal Kumar Gupta ("KG") Group
20. The said MOU / Deed dated 09.07.2019. inter alia, records as under:"
a. Clause I inter alia records as underc-
"...... ...... .... all the signatories to this MOU are closely
related family members, who joined the business at different
times and each has contributed to the growth of the
business .
... .. . Out of the common funds, various companies

were incorporated wherein the shareholdings have been held
by the family members; various firms were constituted by the
family members and out of the common funds from these
businesses, various' immovable and moveable assets were
purchased/acquired in the names of the family members
and/or above companies, ......... "
b. Clause III clearly records that the settlement has been acted upon by
the PG Group i.e. Petitioners, [ including by independently operating
the Karol Bagh Showroom which has fallen to the share of the
Petitioners ].
c. Clause VI, clearly states that the Petitioner No. I, and all others,
except Mr. Rahul Gupta, negotiated OTS facilities with some of the
banks. But it did not fructify as the agreed payment schedule could
not be adhered to. The parties to the settlement further agreed that
they shall take all possibl
Banks.
17
d. Clause I deals with the share of Mr. Rahul Gupta. It states that the
KG group has taken over the responsibilities / accountabilities /
liabilities of Mr. Rahul Gupta, his legal heirs and or by anyone on
his behalf, with regard to claim in respect of business or assets dealt
with in the framework ofthis MOD, and it shall be the responsibility
of the Kamal Gupta group alone. The PG group shall have no
responsibility or accountability, and will not be held liable for any
such claims of Mr Rahul Gupta.
e. Clause 4, states that the residential house at C-19, Rana Pratap Bagh
shall be distributed amongst the parties in the following shares»
PG Group:- 25%, and
KG Group:- 75%.
f. Clause 5 states that the net asset value of the immovable properties,
as on 30.09.2014, was already determined and earmarked amongst
the KG group and the PG group respectively, as mentioned in
Annexure C to the said settlement agreement. Further the 23 % asset
share ofthe PG Group was mentioned in Annexure C I and liabilities
in Annexure D.
g. Clause 7 states that since the liabilities, as on 30 September 2022
already determined (refer Annexure D), and now apportioned 77%
to the KG Group and 23% to the PG Group, it is agreed that either
group shall not be responsible for the liabilities, if any, created after
30.09.2014 by the other group. However, the interest, on the
outstanding liabilities, as on 30.09.2014 and statutory
liabilities'/refund of income tax, Sales Tax, G.S.T., customs;
litigation expenses, if any, shall be determined and apportioned
between the KG Group and PG Group in the same ratio i.e. KG
Group - 77% and PG Group ~ 23%. It is further agreed that both
group' i.e KG Group 0 RG-G~tP:h'~S'1 seek refund

18
of their share of interest / statutory liabilities amongst each other.
The claims of payment of interest on liabilities (As on 30.09.2014,
Annexure D) towards discharge thereof after the said date i.e.
30.09.2014 and statutory liabilities, if any, after 30.09.2014 shall
only be treated as paid, upon furnishing the document of proof of
payment.
h. Clause 14, lays down the framework for distribution ofliabilities as
on 30.09.2014.
i. Clause 15 reiterates the right and entitlement of all parties (which
includes the Petitioner No.1 and his legal heirs) to use the Trade
Mark and Logo 'P.P. Jewellers' with prefix and suffix.
J. Furthermore, as per Clause 16, any dispute in relation to the present
agreement is to be resolved by way of arbitration. Clause 16 has
already been reproduced hereinabove in the present Petition.
2!. That the annexures to the MoU / Deed dated 09.07.2019 reiterate the
Petitioner's share of immovable properties, as determined and allocated as
per the family settlement dated 30.09.2014 and recorded in family settlement
deed dated 20.06.2015:-
A. 2700, Desh Bandhu Gupta Road, Karol Bagh, New Delhi
B. A-19, Block 9A,Jasola Vihar, Delhi
C. Flat No. 89, Second Floor, Lok Vihar Cooperative Group Housing
Society, at Vikas Puri, New Delhi 110018
D. Plot No. 142A/17, NSEZ, Noida, UP-201305
E. House no 224-A New Layalpur, Shahdara Delhi - 110051.
22. It is respectfully submitted that the Respondents, acting under the
instructions of Respondent No.1, have deliberately not cooperated for the
reasons best known to them, towards, fulfilling the obligationvor settlement
with the bank. 1-,'l~ a~6~

19
23. It is most respectfully submitted that all attempts have been made by the
Petitioners for resolving the internal family disputes which had evidently
arisen on account of failure of the Respondents to comply with their
obligations under the family settlement, and have been hampering the
interest ofthe family and that of its businesses as a whole. However, all such
attempts to resolve the disputes - have been in vain.
24. On the contrary, the Respondents have been indulging in all kinds of acts of
omission and commission intended to usurp the control over all properties /
assets / businesses of the family and thereby cause irreparable injury and
damage to the interest of the Petitioners herein, including by indulging in
gross abuse of law. Such acts of omission and commission of the
Respondents, inter alia, include the following:-
a. Illegally selling offfamily properties which fOnTI part of the family
settlement, at undervalued prices, without any intimation or
information to other family members;
b. Illegally taking control of the title papers of the Karol Bagh
showroom at 2700, Deshbandhu Gupta Road, Delhi by taking it
from Axis Bank and not handing them over to the Petitioner;
c. Failure to account for the stock of the three firms / entities, in terms
of the family settlement, illegally retaining the stocks falling to the
share ofthe Petitioners, and events demonstrating the siphoning off
of such stock with the connivance of the Respondents;
d. Filing of a suit in 2021, fraught with blatant suppression and
concealment, before the Court of Ld. District Judge, Tis Hazari
Courts, seeking to restrain the Petitioner No. 1 from using the
trademarks ofP.P. Jewellers;
e. Causing hindrances to the Petitioners' family from residing at the
family residential home at C-19, Rana Pratap Bagh, Delhi - 110007
where tho family mernb rs h X~::'"Yr;:'~5f

20
f. Illegally taking decisions on behalf of the entities where the
Petitioners are a Director I Shareholder, without any knowledge of
the Petitioners, and in complete contravention of the provisions of
the Companies Act, 2013;
g. Deliberate concealment of collusive proceedings got initiated by the
Banks against P.P. Jewellers Pvt. Ltd. at the behest of Sh. Kamal
Gupta and further, the acts of omission I commission of Sh. Kamal
Gupta acting in connivance with the Bank officials to cause
prejudice to the interest of the other family members including the
Petitioners, including by blatant misrepresentations before the
Ld. Debt Recovery Tribunal (DRT);
h. Etc.
UNDERVALUED, UNAUTHORISED SALE OF FAMILY PROPERTIES
25. It is respectfully submitted that the immoveable property bearing No.
Industrial Plot No. 88-A, Sector-16, i.e. HSIIDC, Village Jakhoda/Kassar,
Teh. Bahadurgarh, Distt. Jhajjar,
. owned by Mis.
' , Shree Shiv Jewellers Pvt.
Ltd., which is a family concern, of which the Petitioner No. I and
Respondent No.3, are the only two Directors. In the said company, the
Petitioner NO.1 and Respondent No.1 each have 50% shareholding.
26. The said property mentioned herein above, has a market value of
Rs.17,91,75,000/- [ Rupees Seventeen Crore Ninety-One Lakh and
Seventy-five Thousand Only] which is also evident from the valuation
report dated 12.04.2022 by Gupta and Associates (Govt. Approved Valuer,
Architect & Engineer).
27. That the Petitioner NO.1 has recently learnt that the aforesaid property has
been sold by Sh. Mukesh Gupta [ at the instance of Sh. Kamal Gupta] vide
a registered sale deed dated 13.10.2021 without any information I
knowledge, prior or subsequent, of the Petitioner No.1, at his back, for an
,1I,g'" sum ofR,.7 314750/- [ ~~~'a;~~oo, Lakh

c.
21
Forty Seven Thousand and Five Hundred Only]. This amount, as reflected
to have been paid through various Negotiable Instruments / Cheques as
detailed in the registered sale deed dated 13.10.2021, has also not been
deposited in any of the known accounts of the Company.
28. It is submitted that the Respondents No.1 and 3, could not have sold the
aforesaid property without the knowledge and consent ofthe Petitioner No.
1 as he is the Director and shareholder of the Company that owns the said
property. The Petitioner No. 1 was not even served with any notice or
intimation of any Board meeting of the Company for considering or
authorising the sale of the said property.
29. Without prejudice to the above, it is submitted that the Respondent No.1
or 3, could have sold the aforesaid property, only under the terms of the
Family Settlement not otherwise. The Respondents are depriving the
Petitioners by not honouring the terms of family settlement, including by
transferring of ownership rights of the properties falling to the share of the
Petitioners and recorded in the name of other Respondents.
IMPERMISSIBLE ATTEMPT TO USURP CONTROL OVER THE
PROPERTY AT 2700, DESHBANDHU GUPTA ROAD, (THE
"KAROL BAGH SHOWROOM")
30. It is respectfully reiterated that under the family settlement, the property
bearing No. 2700, Deshbandhu Gupta Road, Karol Bagh, New Delhi
(Karol Bagh Showroom), has been allocated to the sole and exclusive share
of the Petitioners. Admittedly, the Petitioner No. 1 is in continuous
possession ofthe said showroom and has been operating his business from
the said showroom.
31. It is respectfully submitted that pursuant to the family settlement, steps
were required to be taken to hand over the title deeds of the said Property
[2700, Deshbandhu Gupta Roo _ O:~i,:"o~;~~r"" said

22
family property has been formally in the name of three companies [fully
owned subsidiaries of Respondent No.4] viz.:-
a. Mangalam Developers Pvt. Ltd.
b. Magnificient Overseas Pvt. Ltd.
c. Akash Nirman Udyog Pvt. Ltd.
32. It is further significant to state that the title documents of the said property
[ 2700, Deshbandhu Gupta Road] had been mortgaged as collateral, for
the financial facilities availed by P.P. Jewellers Pvt. Ltd. with the Axis
Bank, Branch - 148, Barakhamba Road. As per the Family Settlement, it
had been the obligation of Respondent No.1 to discharge the said liabilities
/ loans ofPPJL, which had been agreed to be taken over by him.
33. For the completeness of record, it is submitted that the jewellery stock of
P.P. Jewellers Pvt. Ltd., was also hypothecated with the Banks i.e. the State
Bank of India, Axis Bank etc. While awaiting the Respondent NO.1 to
comply with his obligations under the Family Settlement, including for
taking over and discharging the liabilities of the Company [ PPJPL], the
existing arrangement of keeping the stocks of PPJPL at the Karol Bagh
Showroom was also continued.
34. It is submitted that it has been recently learnt by the Petitioner No.1 that
some time in April 2022, the said collateral i.e. the title deeds of Karol
Bagh Showroom have now been discharged by the Axis Bank and the title
deeds have been taken away by Mr. Kamal Gupta from the Bank, yet,
neither the title deeds have been handed over to the Petitioner No. I in
relation to this property falling to the share of the Petitioners, as agreed in
the family settlement.
35. This act of Mr. Kamal Gupta to take control of the title deeds of the Karol
Bagh Property i.e. 2700 Desh Bandhu Gupta Road appears to be another
attempt to deprive the Petitioners oftheir share under the family settlement.
Thi' fact has come as an absolut s ~ '~Ca';:cr~~ who was

23
not even intimated regarding the fact of the collateral security having been
discharged by Axis Bank -and learnt about this fact only through third
parties, despite the fact that as per the Family Settlement, the Petitioner
No. I alongwith his family have been operating their independent business
at the said Karol Bagh Showroom.
36. It is respectfully submitted that neither was it permissible for the
Respondent No.1 to take away the papers, nor was it permissible for Axis
Bank to release the papers to Respondent No.1 alone, without any
intimation to all Directors / shareholders ofPPJL, including the Petitioners
herein. In this behalf, the Petitioner No. 1 has been constrained to file a
Police Complaint on 20.04.2022 vide Diary Number 102 to Station House
Officer, Deshbandhu Gupta Road and also to Assistant Commissioner of
Police, Karol Bagh, New Delhi.
37. It is apprehended that this act is also a part ofthe orchestrated design ofthe
Respondent NO.1 to deprive the Petitioners of his share in the family
properties / assets in terms of the Family Settlement and cause grave and
irreparable injury to their interests.
38. The Petitioners apprehends that the Respondents shall act dishonestly and
in breach of the terms ofthe family settlement, or create third party interest
/ sell or alienate the shareholdings of those three companies and thus,
deprive the Petitioners of their own properties falling to their share under
the family settlement.
THE RESPONDENTS ILLEGALLY RETAINING PETITIONER'S
SHARE OF STOCKS FROM 'P.P. JEWELLERS PVT. LTD.', 'P.P.
JEWELLERS (EXPORTS)' AND 'P.P. JEWELLERS (DELHI)'
39. It is respectfully submitted that the terms of the family settlement dated
30.09.2014, recorded in the family settlement deed dated 20.06.2015,
categorically stipulate that:-
" The parties were having stock ofprecious metal and stones and
various showroom for which a . a summary was prepar{~nd it was
t--- ~if' ~"\\J\
24
agreed upon among the parties that the same shall be allocated among the
parties in the respective ratio given above "
40. It is reiterated that as on 30.09.2014, the stock summary of three concerns

namely (i) P.P. Jewellers Pvt. ltd. (ii) P.P. Jewellers (Exports) and (iii) P.P.
Jewellers (Delhi) had been prepared, and have been reproduced hereinabove.
41. It is respectfully submitted that in view of the family settlement dated
30.09.2014 and recorded under the family settlement dated 20.06.2015, the
value of the total stock quantity as on 30.09.2014, and its value in 2019 and
2022 as per the prevalent gold rates is tabulated as under [ Rates of
Diamonds / Pearls / other precious jewellery items are taken as the same in
2014 for the purpose of calculations. The current value ofthese stocks is yet
to be ascertained ]:-
(1) P.P. Jewellers Pvt. Ltd.:

Purity Rate in 2014 Rate in 2019 Rate in 2022
24kt 2738 3522 5300
22kt 2579 3228 4858
S. Jewellery Weight Approximate Value as per market rate
No. in 22kt Year 2014 Year 2019 Year 2022
I Raw 36768 100674838 129499808 194874783
Material
Work in 415752 1072312996 1342048847 2019725309
progress plus
finished
goods
2 Diamond 1476699787 1476699787 1476699787
1
Silver 704560 704560 704560
" ornaments
4 SilverWare 1173864 1173864 1173864
5 Stones & 5332715 5332715 5332715
Pearls
6 Watch 3~09 3909 3909
Yi'~t/ c1?~f
25
7 Platinum 230760 230760 230760
Jewellery
1484145594 1484145595 1484145595
Total 2657133429 2955694251 3698745688
(II) P.P. Jewellers (Exports):
Purity Rate in 2014 Rate in 2019 Rate in 2022

24kt 2667.79 3522 5300
22kt 2493.26 3228 4858
S. No. Jewellery Weight Approximate Value as per market rate
In gms Year 2014 Year 2019 Year 2022
1 Gold 24 6726 17944523 23690275 35649761
2 Gold 22 361769 902491091 1167792027 1757476352
3 Diamond 962485298 962485298 962485298
4 Stones & 2533977 2533977 2533977
Pearls
1885454889 2156501577 2758145389
(III) P.P. Jewellers (Delhi):
Purity Rate in 2014 Rate in 2019 . Rate in 2022

22kt 2556.83 3228 4858
S. No. Jewellery Weight Approximate Value as per market rate
Year 2014 Year 2019 Year 2022
1 Gold 22 177564 454 Op 1),,2.l,l.7 573177421 862607160
?~
_ a~~~ .. ./
26
42.. It is submitted that as per the understanding of the Petitioners, the market
value of the Petitioner' share of 23% of the aforesaid stock would be as
follows:-
(1) P.P. Jewellers Pvt. Ltd.:
Purity Rate
Diamond
Gold and
22kt 2579.21
(in gms) others
(value)
S. Jeweller Weight Year 23% of 23% of
No. y in 22kt 2014 weight Value
Raw 100674
1 36768 8456
Material 838
Work in
progress
107231
plus 415752 95623
2996
finished
goods
147669
2 Diamond 339640951
9787
Silver
3 ornament 704560 162048
s
Silver 117386
4 269988
Ware 4
Stones & 533271
5 1226524
Pearls 5
6 Watch 3909 899
Platinum
7 230760 53074
Jewellery
104079 Rs.34,13,53,
TOTAL
, gms 487/-
~~A~ar~f'
27
(II) P.P. Jewellers (Exports):
Purity Rate
24kt 2667.79
22kt 2493.26
S. Weight 23% of 23% of
Jewellery Year 2014
No. in 22kt weight Value
1 Gold 24 6726 17944523 1547
2 Gold 22 361769 902491091 83206
~
J Diamond 962485298 221371618
Stones &
4 2533977 582814
Pearls
84753 Rs.22,19,54,
TOTAL
gms 433/-
(HI) P.P. Jewellers (Delhi):
Purity Rate
22kt 2556.83
S. Weight in 23% of
Jewellery Year 2014
No. 22kt weight
1 Gold 177564 454001120 40839 gms
TOTAL 40839 gms
43. A bare perusal of the aforesaid table clearly shows that the Respondents'
actions are not only to contrary to the agreed terms ofthe family settlement
but also actuated with malafide intent to cause continuance mental and
physical harassment to the Petitioners, depriving them of their hard earned
money and business reputation, earned over the last 4 decades, while
working jointly in the interest of the family, and also depriving the
Petitioners from their shares in the assets and properties as per the family
settlement. In fact, the Petitioners, with a view to resolve the disputes have
agreed roc tho 21% share, :"h_ )1\?r :h'~::~~ '"C, as is

28
also evident from the fact that the Petitioner No.1 is the founder member
of the family business and has contributed to the growth and success of the
family business, over the last 4 decades..
SIPHONING OFF OF STOCKS
44. It is most respectfully submitted that as stated hereinabove, the terms of
the family settlement clearly provide that the Stock of the three entities viz.
Mis P.P. Jewellers Pvt. Ltd. [ PPJL ], P.P. Jewellers (Delhi) and P.P.
Jewellers (Exports) as on 30.09.2014 shall be apportioned between the
family members in proportion to their shares as decided under the Family
Settlement.
45. However, on account of the acts of omission and commission of the
Respondents and particularly Shri Kamal Gupta [ Respondent No.1], the
apportionment of the stocks of the said three entities between the family
members has not taken place till date. In the meanwhile, it has been learnt
that the Respondents have indulged in illegal acts of siphoning off I
dissipation of the stocks belonging to the three entities, thereby causing
irreparable injury and damage to the interest of the other family members
including the Petitioners herein.
46. It has been learnt that while as per the Family Settlement, Kamal Gupta
Group was not undertake any retail business from the premises of 2699,
Desh Bandhu Gupta Road [ which is adjacent to the Karol Bagh showroom
at 2700, Desh Bandhu Gupta Road which has fallen to the share of the
Petitioners ] - the Kamal Gupta Group have indulged in undertaking
transactions ofthe stock belonging to PPJPL through the said premises.
47. It is submitted that Mr. Kamal Gupta is siphoning off the stock of the
Company through one Anita Kathuria, who is a store Manager of
Pitampura showroom ofPP Jewellers Pvt. Ltd. As per the website of Goods
& Services Tax Department (https:llservices.gst.gov.in), Ms. Anita
Kathura,) is the propnetor of Sh· Ga{:~ :w~~o~f in Gurgaon

29
and Indirapuram. It is submitted that in the stock statement ofPPJPL dated
26.3.2018, Shri Ganesh Jewellers is reflected as a Domestic Receivable (in
the Book-Debts) for Rs. 4.37 crores. Thus, it is evident that Mr. Kamal
Gupta, with the connivance of the Bank has siphoned off stocks worth
crores in an attempt to defeat the rights of Mr. Pawan Gupta.
48. The sales made to the aforesaid entity clearly establish the siphoning of
stocks by Sh. Kamal Gupta, in breach of the terms of the family settlement
for distribution of stocks between the family members.
49. It is respectfulfy submitted that similarly, in relation to the stocks of Mis
P.P. Jewellers (Exports), which is a partnership firm constituted for the
purpose of export ofjewellery, it is the apprehension ofthe Petitioners that
the stocks of the said firm have also been completely dissipated without
any intimation to the other family members including the Petitioners
herein. Despite repeated requests, the Kamal Gupta Group has continued
with its refusal to not to divulge any information or detail regarding the
stocks of the said firm.
50. The aforesaid facts of siphoning off of the stocks of the above-mentioned
3 entities of P.P. Jewellers, have also been noticed by the investigating
officer in an Action Taken Report filed before this Honble Court [ in
proceedings arising from a petition uls 156(3) Cr.P.c. filed against the
Bank officials who have been acting in connivance with Sh. Kamal Kumar
Gupta ], pursuant to the order dated 02.09.2021 passed by the
Ld.Magistrate, Patiala House Court. In the said Action Taken Report dated
18.10.202 I, it has been, inter alia, stated as under:-
"the proceedings before the Ld. MM specifically records that the
bank was evasive in replying to the queries regarding recovery of
outstanding loan amount from the hypothecated stock of PP
Jewellers (Exports) and PP Jewellers (Delhi), rather the petitioner
bank easily shifted the burden of the same on the· Local
Commissioner appointed by the Hon'ble DRT Whereas it is also a
matte ofrecord that Bank 0 :
da :r:;;:::~':f M'" audit
A
30
and deliberately allowed Mr. Kamal Gupta to siphon off and
misappropriated the hypothecated stock ofall three borrower entities
namely PP Jewellers (Exports), PP Jewellers (Delhi) and PP
Jewellers Pvt. Ltd when it could have easily been used to repay the
entire loan amount ".
51. It is respectfully submitted that all such events have created an imminent
need and necessity for immediately securing the stock belonging to these
three entities and for carrying out an audit of the stock ledger ofthese three
entities from 30.09.2014 onwards, in order to ascertain and apportion the
share ofthe respective family members in the stocks ofthese three entities,
in accordance with the terms of the family settlement.
UNWARRANTED AND THRUSTED LITiGAnON BY THE
RESPONDENTS
52. It is an admitted position that the family members have agreed that all the
family members shall be entitled to use the Trade mark and logo for their
own business. There has never been any dispute in this behalf, and all
family members have always remained the joint owners of the trademark
and logo of"P.P. Jewellers", "PPI" and "PP".
53. As mentioned hereinabove, pursuant to the family settlement deed dated
20.06.2015, the Petitioner No. 1 incorporated the company viz. P.P.
Jewellers (Retail) Pvt. Ltd. [ "PPJRPL" ] in July 2015 and the family of
the Petitioners have been operating their independent business under this
Company, at the Karol Bagh Showroom at 2700, Desh Bandhu Gupta
Road. All family members including the Respondents herein have been
aware of the business being operated by PPJRPL at the Karol Bagh
Showroom. Similarly, the other family members are also operating their
business(es) using the family owned trademarks, logos of"P.P. Jewellers".
54,. That in April 2021, P.P. Jewellers (Retail) Pvt. Ltd. had planned to open a
new showroom at South Extension Part I, New Delhi. The Respondents, in
order to obstruct and to cause harass
31
reputation of the Petitioners in the market, filed a misconceived,
misleading and mischievous suit, in the name of P.P. Jewellers Pvt. Ltd.
against the Petitioner No. I, his son and P.P. Jewellers Retail Pvt. Ltd.,
falsely claiming exclusive rights over the trade mark and logo of "P.P.
Jewellers", and by blatantly suppressing! concealing the most relevant
documents including the family settlement.
55. It is respectfully submitted that the Respondents also indulged in blatant
abuse of process of law, inter alia, by making false statements on oath to
the effect that the business operations of P.P. Jewellers (Retail) Pvt. Ltd.
came to their knowledge only in April 2021 despite knowing fully well that
the said company has been incorporated in 2015, and has been carrying on
its business, independently from its own resources, at the Karol Bagh
Showroom. In fact, this blatant falsehood is also established by the fact that
P.P. Jewellers Pvt. Ltd., under the control of Sh. Kamal Gupta, has itself
entered into sale transactions with P.P. Jewellers (Retail) Pvt. Ltd.
including in FY 2017-18 and FY 2018-19.
56. It has been the submission on behalf of the Petitioners that based on such
suppression, misrepresentation and concealment, in the said suit, an order
dated 26.07.2021 came to be passed by the Ld. District Judge (Commercial
Court), Tis Hazari Courts in favour of PPJPL [ at the instance of
Respondent NO.1 herein ], which was challenged by PPJRPL alongwith
the Petitioner No. land his son before this Honble Court in FAO
(COMM.) No. 120 of 2021, titled as "PP Jewellers Retail Pvt. Limited &
Others vs. PP Jewellers Pvt. Lid".
57. In the said Appeal being FAO (COMM.) No. 120 of 2021, this Hon'ble
Court vide its order dated 30.07.2021, in Para 14, made inter alia the
following observations:-
" 14. For our purpose today. it is sufficient to notice that
the a ellants have been usin the Trade Marks and
_..' \~)~ -<10~

-----:;'~
32
sufficient length of time befOre the filing of the suit, and the said
Trade Marks and Logo have been acknowledged in the family
settlement as being available for the use of the family. though
registered in the name ofthe plaintiffcompany.
J 5. We are, therefOre, inclined to stay the iniunction order passed

against the appellants in paragraph 200 (3) & (4) ofthe impugned
order till the next date. We make it clear that the afOresaid view is
only a prima facie view, and would not prevent us from taking a
different view after hearing the parties at length "
58, That vide its Order dated 30.07,2021, this Hon'ble Court was also pleased
to appoint a Local Commissioner for the purpose of inventorying the entire
stock of raw materials and jewellery lying at the Karol Bagh Showroom,
belonging respectively to PP1L and PP1RPL.
59, It is respectfully submitted that there had not been any permissibility for
Sh. Kamal Gupta to raise any such plea through PP1PL, that the Petitioners
shall not be entitled to use the said trademark / logo etc, The Respondents
have demonstrated complete disregard for law through their blatant
attempt to indulge in abuse of process of law, including by suppressing /
concealing the most vital fact of the family settlement in the Plaint and
making false submissions on oath before the Hon'ble Courts.
60. This Hon'ble Court by its order dated 30.07,2021 in FAO (COMM.) No,
120 of 2021 has inter alia issued certain directions in relation to the
trademark. The Petitioners, without prejudice to their rights and
contentions, reserve their rights to seek appropriate reliefs in relation to the
trademark, at the appropriate stage, if the need so arises,
DISPUTE QUA THE RESIDENTIAL HOUSE - C-19
61, It is respectfully reiterated that as per the Family Settlement, the Petitioner'
share has been calculated as 25% in the property bearing no, C-19, Rana
Pratap Bagh, New Delhi (aithoug t
33
is the recorded owner of 50% of the said property under the registered Sale
Deed). It is submitted that the property bearing No. C-19, Rana Pratap
Bagh, New Delhi has two furnished floors, ground floor and first floor. The
Respondents are occupying more than 75% of its share whereas, the
Petitioners are in occupation of an area of approximately 25% only.
62. It is respectfully submitted that on the one hand, the Respondents are
'creating hindrances and obstructions in the exclusive use and ownership of
the property at 2700 Desh Bandhu Karol Bagh [ which is to the sole and
exclusive share ofPetitioners as per the family settlement] and on the other
hand, the Petitioners have been deprived of their rights in the residential
property on the ground that the family settlement records the share of the
Petitioners as 25%. In other words, on the one hand, relying on the family
settlement, the Respondents are occupying more than 75% area of the said
residential property and the Petitioners are occupying approx. 25% of the
said residential property - on the other hand,' the Respondents continue to
violate their other obligations under the terms of the family settlement.
63. It is reiterated that the Respondents are selectively complying only with
such provisions of the family settlement which are to their benefit, while
continuing to deprive the Petitioners oftheir entitlement(s) under the terms
of the family settlement.
BLATANT VIOLATION OF THE PROVISIONS OF THE COMPANIES
ACT, 2013 AND THE RULES FRAMED THEREUNDER
64. It is most respectfully submitted that as stated hereinabove, while the

formal steps for implementation of the family settlement are required to be
carried out, and the Petitioners have been beseeching the Respondents to
comply with their obligations under the family settlement, at the same time,
the Petitioner No. I continues to remain a Director / Shareholder in the
companies / firms including PPJL. It is the bounden obligation under law
that any I nil decisions of such OOmp"_i »> (:~' ~a::~¥taken

34
with the approval of the Board of Directors, including the Petitioners
herein, as the case may be, and any such decision which does not have the
approval of the Board of Directors, would be illegal, non-est, not having
any existence in the eyes oflaw.
65. However, as mentioned hereinabove, various instances have come to light
which have clearly established that the Respondents acting in connivance
with each other, are indulging in abuse of process of law including by
taking decisions on behalf of the said companies I firms wherein the
Petitioner No. 1 is also a Director - without even any knowledge or
intimation to the Petitioner No.1, much less seeking his consent or
approval. All such decisions are being taken in an entirely illegal manner
where neither any board meeting is called, nor any approval I consent of
the Directors is sought before taking any such purported decision in the
name of the company I entity. As mentioned hereinabove, such illegal and
unsustainable actions are being taken on behalf of the companies I entities
which include:-
a. Filing of the trademark suit, replete with misrepresentations,
suppression and concealment, on behalf ofPPJL before the court of
Ld. District Judge, Tis Hazari Courts;
b. Undervalued sale of the property belonging to the Company viz.
Mis. Shree Shiv Jewellers Private Limited where the Petitioner No.1
is a 50% shareholder and also one of the two Directors;
c. Obtaining and taking away the title documents of2700, Deshbandhu
Gupta Road from Axis Bank, on behalf ofPPJL;
d. Filing of a Section 7 IBC Petition by SBI against PPJL, where no
reply is being filed on behalf of PPJL [ apparently acting in
connivance with the Bank] and lawyers have been appointed on
behalf of PPJL without any intimation or approval of the Board of
Director I 'hi' event has ,I" ern{tata~lf:I;

35
e. Etc.
66. Due to the Respondents' acts of omission and commission in taking steps
for complying with the mandatory statutory compliances in relation to
companies I entities where the Petitioners continue to be Directors, the
Petitioners are also facing the prejudice of the companies being marked as
"Active - Non Compliant" by the Ministry of Corporate Affairs, Govt. of
India, and the consequences thereof which may also have an impact on the
Petitioner' status as Directors even in their own companies.
DELIBERATE CONCEALMENT OF THE PROCEEDINGS
INITIATED BY THE BANK AGAINST PPJL
67. That it has recently been learnt by the Petitioner that the State Bank ofIndia
has filed a Petition under Section 7 of the Insolvency and Bankruptcy Code
2016 against PPJL. It is reiterated that the Petitioner No. I continues to be a
Director and Shareholder in PPJL. Despite the position held by the Petitioner
No. I in PPJL, no communication whatsoever was ever sent intimating the
Petitioner No.1 of the IBC proceedings.
68. It is a matter of record that the Company, in the capacity of Corporate
Debtor, accepted the notice on 15.03.2022 through an Advocate and
undertook to file its reply to the Company Petition uls 7 of the Code within
2 weeks i.e. by 29.03.2022. Thereafter, on 29.03.2022, the Company sought
another period of 10 days' time to file a reply to the Section 7 Petition,
however, it is believed that there are deliberate attempts to not to file the
Reply on behalf of the Company before the Ld. National Company Law
Tribunal (NCL T).
69. It is respectfully submitted that a company is necessarily required in law to
call for a necessary meeting of its members and pass Resolutions for
a;af'
conducting its affairs. It is most shocking to state that neither has PPJL called
for the "'''~''Y meeting intimoling th~~:~:" other

36
Directors of the Company, nor has any decision been taken for appointing
any legal consultant I Advocate to represent its interest.
70. A perusal of the order sheets in the proceedings before Ld. NCLT, shows
that appearance was marked on behalf of the Company on IS.! 1.2021,
25.02.2022, 15.03.2022 and 29.03.2022. However, neither the Board ofthe
Company nor the Petitioner No. I herein was ever informed of the instant
petition or provided its details either to the Board of the Company or to the
Applicant herein. It is submitted that without calling of a necessary meeting
and passing a legal and valid Board Resolution on behalf of the company,
any representation on behalf of the Company, would be entirely
unauthorized and illegal and is per se a nullity and contrary to law.
71. Further, a bare perusal of the Section 7 IBC Petition of the Bank makes it
abundantly clear that the same has been filed by the Bank in a fraudulent and
collusive manner, and ostensibly in connivance with Respondent No.1 - Mr.
Kamal Gupta. There is also no reason why the Company has not called for
a Board Meeting till date, for preparing and suitably defending itself against
the Section 7 !BC Petition, the admission whereof would have serious
irreversible consequences against the company. It is apparent that this
collusive petition is, once again, a ploy of Respondent No.1 to somehow
harm the interests of the Petitioners and deprive them even of those assets I
business(es) which have fallen to their share in terms of the Family
Settlement Deeds.
72. The Petitioner No. I has been constrained to file an Application uls 60(5)
read with Section 65 of!BC before the Ld. NCL T in the said proceedings
praying inter alia for dismissal of the said Section 7 !BC Petition as
fraudulent and collusive.
73. That the Petitioner No. I recently also discovered proceedings against
PPIPL, as initiated by the State Bank ofIndia, before the Ld. DRT. In these
proceedings i.e. O.A. 292 0""1 .\~ 1 ; 1 , 1 ;i~'" Pvt. Ltd

37
and O.A. 940 of 2019 (DRT II) - SBI vs. P.P. Jewellers Pvt. Ltd., the
Petitioner NO.1 has also been made a party in the capacity of a Guarantor.
74. That upon discovering the existence of these proceedings and inspecting the
case files, it was revealed that in both the matters, appearances were marked
and filings were done in a manner to reflect knowledge and grant of authority
on part ofthe Petitioners. However, as mentioned hereinabove, the Petitioner
No. I was not even aware these proceedings till recently.
75. That it was only upon bringing these facts to the attention of Ld. DRT,
including that the Petitioner No.1 was never even informed about the said
proceedings, that the Petitioner No.1 was granted an opportunity to file his
Written Statement.
76. That it was further discovered that the Offer for Settlement of Bank Dues /
OTS dated 15.01.2018, as relied upon by the State Bank ofIndia in the DRT
proceedings contained the forged and fabricated signatures of the
Petitioners. It is stated for the sake of clarity that the Petitioner NO.1 has
always maintained his signature in English, and specimens of the same, as
reproduced below, were always available with the Bank officials for cross
verification. The signatures of the Petitioner No. I as inscribed / marked in
Hindi, on the Settlement of Bank Dues /OTS dated 15.01.2018, are on the
face of it, not the signatures of the Petitioner No.1 and are fake. It is stated
that the Petitioner No. I is not aware of where all such fake signatures of the
Petitioner NO.1 may have been inscribed and / or used by the Respondents.
The signatures, both real/authentic specimen and the fake signatures as
'"':-1 ~~' b~f"

inscribed on Offer for Settlement of Bank Dues / OTS dated 15.01.2018 are
reproduced herein below '0< the co

38
.. ....~~~., ........ ..
E{~-
?-
,
3. Mr. Pawan Gupta
,
Actual Signature Fake Signature
77. It is respectfully submitted that all the aforesaid facts demonstrate the
intention of the Respondents to secure their own interests under the family
settlement, while acting prejudicially to the interest of the other family
members including the Petitioners herein.
78. It is most respectfully submitted that the continued acts of omission and
commission on behalf of the Respondents, are severely prejudicing the
interests of the Petitioners and the Group businesses. The Respondents
have miserably failed to act in terms of the Family Settlement and are
continuing to act in' breach of their obligations thereunder. The
Respondents have miserably failed to take any steps for discharging the
financial facilities of the Banks including by selling the immovable and
movable properties which are free from mortgage / lien / charge.
79. The deliberate acts of omission and commission of the Respondents are
further causing grave prejudice to the Petitioners by causing severe
monetary losses including by selling the joint family assets at undervalued
rates, as mentioned hereinabove.
80. It is respectfully submitted that there are not only serious apprehensions
but apparent possibilities to demonstrate and establish that Sh. Kamal
Gupta is acting in a manner to secure for himself the benefits, advantages,
interests and entitlements under the family settlement on the one hand and
taking all steps and actions in destroying the rights and entitlement, which
are falling to the other members .~(~I:::--~/~~

39
81. It is respectfully submitted that there has arisen an imminent necessity for
complete enforcement and implementation of the family settlement arrived
at between the parties in letter and spirit where the equitable consideration
which had weighed with the elders of the family and relations in the family
members arriving at the family settlement gets due regard in the
enforcement and implementation of the said f1milr settlement. Hence, the
present petition ~~ 1X
Document - P2
- ....,'
.' -.:.
.::'1:-
INDIA NON JUDICIAL
~ovemment of National Capital Territory of Delhi
e-Stamp
~~
certlflcate No. IN·DL18245BB0641288N
Certlficale IssuedDate 20·Jun·2015 02:10 PM
AccountReference IMPACC (IV)/dI73B5031 DELHVDL·DLH
Unique Doc.Reference SUBIN·DLDL73650333546775158903N
Purchased by KAMALKUMAR GUPTA
DescrlpUon of Document Article 5 GeneralAgreement
Property Description NotApplicable
Consideration Price (Rs.) o
(Zero)
First Party KAMAL KUMAR GUPTA
Second Party PAWAN KUMARGUPTA
StampDuty Paid By KAMAL KUMAR GUfiTA
StampDuty Amount(Rs.) 100
(One Hundred only)
••••••••••••••••••••••••••••••• •••••••••••••••Please writeor type belowthisline ..
ThisStamp Paper isforming part of the famllv settlement

deed executed amongfive parties.
. P"'9 ~ - 1-.
StAlutorv ALllu11 I .1
G\\
ESTAMP CERTIFICATRE : IN-DL1824588064128BN
DEED OF FAMILY SETILEMENT
This deed of family settlement has been executed at Delhi on Saturday, this the 20'· day of June , 2015
among the following members of a family:-
1. Sh. Kamal Kumar Gupta 5/0 Munna LOll Gupta Resident of C-19, Rana Partap Bagh, Delhi
(hereinafter called the first party),
2. Sh, Pawan Gupta SloSh. Munna Lal Gupta Resident of C-19, Rana Partap Bagh, Delhi
(hereinafter called the second party),
3. Sh. Rahul Gupta SloSh. Kamal Kumar Gupta resident of C-19, Rana Partap Bagh, Delhi
.(hereinafter called the th ird party)
4. Sh. Mukesh Gupta 5/0 Sh. Gobind Ram Gupta Resident of C-19, Rana Partap Bagh, Delhi
(hereinafter called the forth party] and
5. Sh. Mohit Gupta SloSh. Kamal Kumar Gupta resident of C-19, Rana Partap Bagh, Deihl
(hereinafter called the fifth party)
THE aforesaid parties shall include and comprise of their respective legal heirs and assigns.
WHEREAS the above five parties are the members of a family carrying on business ofJewelry in India
under the various trade names and titles and are owning various movable and immovable
properties in the name of the above members of the family over which the family as a whole was
having right and title.
AND WHEREAS the above parties have already entered into an oral partition of the all assets and
liabilities of the family as on 30th September, 2014 according to which the residential house located
at C-19, RanaPartap Bagh, Delhi has been allocated among the four part ies numbered as party No.2
to party no. 5 in equal ratio i.e 25% each. Besides this all other assets and liabilities have been
allocated among the parties in the ratio as stated hereunder:-
1. Sh, Kamal Gupta, First party 18%

2. Sh. Pawan Gupta Second party 23%
3. Sh. Rahul Gupta Third party 23%
4. Sh, Mukc sh Gupta Forth party 18% and
5. Sh. Mohit Gupta firth party 18%
the abuvesaid ratio dL the time of realization or otherwise. Summary of properties being allocated is
given here under where the last column excess(short) indicates the value in lacs of rupees by which
the properties coming to the share of the party is in excessor short as compared to the value which
comes to or which should be there to his sharer-
Name (%) of Annexure of Value of VQlue of Excess (Short)

share properties Properties as Properties as (rupees in
per annexure per shari ng ratio lacs)
Sh. Kamal Gupta 18 Properties-1 18930 16894.80 2035.20
5h. Pawan Gupta 23 Propertles-z 20400 21587.80 -1187.80
Sh. Ra.hul Gupta 23 Properties -3 21980 21587.80 392.20
Sh. Mukesh Gupta 18 Properties-4 17200 16894.80 305.20
sn . Mohit Gupta 18 Properties-S 15350 16894.80 -1544.80
TOTAL 93860 93860.00
AND WHEREAS the parties were having stock of precious metal and stones at various show room for
which a stock summary was prepa red and it was agreed upon among the parties that the same shall
be allocated among the parties in the respective ratio given above. It was further agreed upon
among the parties that the gap in allocation of the properties as detailed hereabove shall be
met/covered from the stock or properties or combination of both coming to the share of the
respective party in such a manner that the tota l of properties and stock received by each party is
according to his share of the total ofthe same i.e. total of properties allocated and stocks.
AND WHEREAS the parties had prepared financial position of the business organizations titled as P P
th
Jewelers Private Limited, P PJewelers (Exports) and P PJewelers (Delhi) as on 30 September, 2014
as per annexure 'Business' attached. It was agreed upon among the parties that Sh. Kamal Kumar
Gupta, party No.1 with Sh. Mukesh Gupta, party No.4 and sh , Mohit Gupta, party No.5 hereabove
shall take over the business titled as P PJewelers private limited alonwith its assets and liabilities at
the value given in this annexure. It was further agreed upon that Sh. Rahul Gupta, party no. 3 shall
take over the business titled as l' P jewelers (Delhi) alongwlth It s assets and liabilities at the value
given in the annexure. It was also agreed upon that the business titled as P PJewelers (Exports) shall
be got closed, by Sh. Rahul Gupta, third party and for that purpose only, the assets and liabilities
»: thereof shall vest for the time being In him7- Rahul Gupta ji, the third party shall be responsible to
ensure the clearance of all transactions from following firms of Dubal :.
1. PeeJ ewlery
2. Baki Jewelry
3. AI Sayyed Jewelry
4. Pushpam Jewelry
Summary ofthe borrowingIn lacsof rupees accordingto this shallbe as under:-
Name Share of the Amount taken Excess (short)

borrowings over taken over
S/Sh. Kamal Gupta, MukeshGupta and Mohlt 33,175.84 33,044.89 (130.95)
Gupta
sn. PawanGupta
sn, Rahul Gupta
14,130.45
14,130.45
NIL
28,391.85
-14,130.45
14.261.40
7
)
TOTAL (>1,436.74 61,436,74
AND WHEREAS the concerned parties had agreed upon to compensate the party no. 3 by way of
interest on the amount of liabilities which the third party has taken over in excess of what for he
was liableto take over accordingto hisshare as follows :-
~.\49·).Y
Party No.2 ;- Rs.~roresi Party No.3 .Rs. 151.50crores
AND WHEREAS the parties had agreed to allocate all assets and liabilities in their respective shares
which could not been ascertained or which may come to their knowledge at any later stage and
expenses pertaining to period prior to 30-09-2014 or the litigation expenses for any litigation in
existence as on 30.9.2014.
AND WHEREAS the parties have agreed upon that an agreement be executed among the parties to
document the above settlement and for the process of its implementation.
HENCEFORTH ITHAS BEEN AGREED UPON BYTHE PARTIES:-
1. That the parties including their respective legal heirs and assigns shall remain bound by the
contents of the above paras and shall not act in any way against the spirit of the family
settlement as stated above.
2. That the parties as a group are under obligation to meet the requirements of the banks in terms
of various lnformatlon, documents, securities and expenses, which they shall meet in due
course.
3. That the parties shall help each other In providing the information or documents which they
may be required from the other so as to carry on the business or to deal with the bank or to
fulfill his other legal obligation towards and Bank, Taxing author ity. Government authority.
customer or supplieretc.
4. The parties shall transfer the properties or the shares in the companies in which properties are
being owned tothe other party withina reasonable period where the same are free of charge or
mortgage, These transfers shall be executed by way of mutual transfer deeds or gift deeds or
through th is family settlement deed to the extent possible.
5. The party owning the liabilities in excess of the amount for which he is liable in terms of the
annexure 'Business' shall be entitled to receive the amount from the other party who has
owned the liabilities In short of the liabilities comingto his share in cash as soon as possible
from the executionof thisfamilysettlement deed.
6. That all the parties shall be entitled to use the business office situated at Dubai for a period of
next two years.
7. That the first party shall provide a list of items with valuation for Bantl Bhai stock to the Third
party for his verification and satisfaction.
8. Stock shall be handed over to the Third Party by the Second Party from anyone vault of the
choice of the Third Party.
9. Name and LogO of the P P J shall be used by all the parties for their own business to which the
other party shall not object, however none of the party shall be permitted to sublet or allow any
other person to use the same. For this purpose, a separate agreement may be entered into
among the parties.
io, That the residential house shall be shared by parties no. 2 to 5 In equal ratio of 25% each. None
of these shall be entitled to sell his share In the market. If anyone of them intends to sell his
share to the other party at pre-determined value and the other party agrees to purchase the
same, the consideration will be payable preferably in terms of property by the purchaser
otherwise in the form of cash or stock or combination of all.
11. 5h. Rahul Gupta j], Third Party shall be entitled to receive the rent ofthe property comingto his
share after deduction of service tax and income tax liabilities on account of rent.
12. Party No.1 agreed not to have any retail business of diamond and gold jewellery at ground floor
in 2699, Dash Bandhu Gupta Road, Karol Bagh, New Deihl.
13. The transfer of ownership of the properties and shares shall take effect immediately on signing
ofth is family settlement deed and the parties shall be bound to discharge their obligation in a
manner required under law so asto effect the transfer in the eyes of law also.
SIGNED BY THE PARTIES IN THE P~ESENCE OFWITNESSES HEREUNDER ON THE DAY AND PLACE
MENTIONED FIRST,
.~ ~
(KAMAL KUMAR GUPTA) (PAWAN KUMAR GUPTA) (RAHUL GUPTA)
(M~ (MOHrr GUPTA)
~I
wrrNESS~S:- 1.( Sh . N.P. SINGH Jl) 2.(5H ~~;;'I 3. (SH. ARJ~ ,
Tr~e~~opy
ANNEXURE :PROPERTY~l
PROPERTJESCOMING TO :rHESHARE OF SH. KAMAL KUMAR GUPTA, FIRST PARTY:~
S. DESCRIPTIO N OF THE PROPERTY (IN BRIEF) VALU E IRS.

NO. IN LACS)
1. One t hird share in Agricultura l lands sit uate d in t he Nazafga rh Zone 8000
2 H-5, Netaji Subhash Place, Pitampura/Wazirpu r - Deihl 5000
3 Property No . 2681/83A, Beadonpu ra- (Gall NO. 2) Karol Bagh 2500
4 1178, Kudla M ahajani Chandni Chowk 1000
5 94, M odel Town 800
6 Rajkot 40
7 Kolkatta Office 600
8 Katra Nawab, Chandnl Chow k 50
9 Nai Sarak 800
10 Damjur- M umbal 40
11 Paragat l Sheet Apptt. Sector 9, Rohini 100
TOTAL 18930
ANNEXURE: PROPERTY·2
PROPERTIES COMING TO THE SHARE OF SH. PAWAN KUMAR GUPTA, SECOND PARTY:-
S. DESCRIPTION OF THE PROPERTY (IN BRIEF) VALUE (RS.

NO. IN LACS)
1. 2700, Des Band hu Gupta Road, Show Room ,199 -201 20000
2 Naida Zone Small 100
3 Jasola Vihar 125
4 Lalyalp ur 75
5 Flat at vikashpurl 100
TOTAL 20400
Tru6-L opy ~
ANNEXURE: PROPERTY·3
PROPERTIES COMING TOTHE SHARE OFSH.RAHUL GUPTA, THIRD pARTY:-
S. DESCRIPTION OFTHE PROPERTY (IN BRIEF] VALUE (RS.

NO. IN LACS)
1. 2129-2130, Gurudwara Road, Karol Bagh-Old 3000
2 PP School 5000
3 Lajpat Nagar 2000
4 Nelda Big 200
5 Burj 1000
6 Dubal 325
7 Bahadurgarh- Factory 1700
8 Bombay 3000
9 Deepak 5
10 Plot No. 23 Defencecolony 1250
11 Plot No. 2, CC. Sector 3 Rohinl 2250
12 R-2, Green Park 2250
TOTAL 21980
ANNEXURE:PROPERTY-4
PROPERTIES COMING TOTHE SHARE OFSH.MUKESH GUPTA, FORTH PARTY:-
S. DESCRIPTION OFTHEPROPERTY (IN BRIEF] VALUE (RS.

NO. IN LACS]
1. 1/3rd sharein Agricultural Lands in Nazafgarh Area 8000
2 95, Model Town 800
3 Kolkatla Flat 500
4 Sa dar Bazar, Gurgaon 2250
5 Poddar Card 650
6 16/2699, Naiwalal DesBandhuGupla Road, Ka rol Bagh 5000
TOTAL 17200
~1 ANNEXURE: PROPERTY-5
:.. .~...
•~ PROPERTY COMING TO THE SHARE OF SH. MOHITGUPTA,FIFTH PARTY
S.NO DESCRIPTION OF THE PROPERTY (IN BRIEF) VALUE IRS IN LACS)

1 1/3rd share In Agricultural Lands In Nazafgarh area 8000
2 90, Model Town 800
3 674-675, Sadar Bazar 100
4 Bombay Office 150
5 83/31, East Park Road 5000
6 f-30,Sector 18, Noida 1300
Total 15350
S.NO DESCRIPTION OF THE PROPERTY (IN BRIEF) VALUE IRS IN LACS)

1 Park Street Kolkatta
2 Bar Tule-Kolkalla
3 8743 Sidhlpura·kb
4 Kurukshelra
5 Ludhiana
6 Greater'Naida
7 PP Tower
8 C-12/4 Rana Partap Bagh
9 Plot No.4, C-8, Rana Partap Bagh
qt
Document P3
"'T . . I r ... . . ' ",

~
, . J
INDIA NON JUDICIAL
Government
..... - ..... .. • of. ....National. Cap.....ital Territory
,__ 0. _ _• ••. _... _of Delhi
_ ...
. _ . _: ' .0
e-Starnp
GMificata No. IN-DL17229856909Q52A

Certificate IssuedDatp. 08-Ju!-2019 03:00 PM
Account nefel!mcG IMPACC (IV)/ dl839103/ DELI-i// Dt·DUo!
lmiquc DGc. Reference SUBIN·OWL8391 03406: 2902692363R
~ 1 1 :cha s6 c' by PP JEWELLERSGROUP
Description of Document Article 58 Selllement
r:'rooerly Description PP CHOWK GURUDAWAAA ROAD CORNERS, KAROL BAGH.
NEW DELHI 110005 ' .
Cansineration Price (Rs.) o
(Zero)
pp JEWELLERS GROUP
Second Party Not Applicable
Stamp Duty Paid By PP JEWEl-LEAS GROUP
Slulli p Duty Amount(Rs .) 100
«()oe Hundred only)
. . .. ....... ........ . . . ....... ... . ... .. .. ....Please wrtte or type below this Ill'\l! .
FAMILY SETTLEMENT DEED/MEMORANDUM OF

UN DERSTANDING
This Family Seltlehlcnt is executed on9'h July. 2019 at New Delhi
: tV-1! ~ ~~L ~~v::;~

Statulory "'Iart:
~~ AJ- j
i i ht ;lu\flentid l y lJl1his Stnnl J' C kl"'J t;.~;,: ~ ~ ~ ,.." l·.~ b,· v,.,nituci (11 • W't~w."':,;it'5 IHlnll 0'111)" 1"1 ~ dl:'tT.f'$l'pi" ~('"V I". U,.: ~ltl~ j i :;.:- ..... ~ th... '> r;:ra. ;,:...;I I I.l ' .U
.t, aU"bl" ('or"l l) lij w~t~tf: rc ~ .d \~r :\ ': il'V;tl41J. •
____ . r.~ -- - - - --- - _._--- - - - -

, I "
BETWEEN
Kamal Gupta Group
Mr, Kamal Gupta (KG) Sio late S11l'i Munna Lal Gupta
Mrs. Veena Gupta (VO) W/o Mr. Kamal-Gupta
Me Mukesh Gupta (MG) S/o Shri Govind Ram Gupta
Mrs. Anshu Gupta (AG) W/o Mr. Mukesh Gupta
Mr. Mohit GUpUl (MKG) S/o Mr. Kamal Gupta
~rs. Shikha Gupta (SO) W/0 Mr. Mohit Gupta
All residents ofC·19, Rana PratapBagh, Delhi-IIOOO?
Pawan Gupta Group
Mr. Pawan Gupta (PO) S/? late Shri Munna Lal Gupta
Mrs. Renu Gupta eRG) W/o' Mr. PawanGupta
" 10001.
Both residents of C~19, Rana Pratap Bagh, Delhi-1
[The aforesaid persons named in both the groups shall mean and include
their legal heirs, assignees, successors and any other person claiming any right,
title or .interest whatsoever of any nuture .].
, WHEREAS:
1. The aforementioned parties, all signatories to this MOD, arc closely related
family members, who joined the business at different times and each has
contributed to rhe growth of the business eve ' ince each 'oined and their
contribution is invaluable to the businr.ss.
{
{
~
----
( .. ~ ~ \..
Tna Copy
a: [
7
t:
".
11 Differences have arisen between the familv members due to different

opinions on style of functioning and non-attainment ofenvisioned growth of
the business . The disputes/differences necessitated a division of assets,
businesses and proportional apportionment of liabilities to each group for a
harmonious continuance of familial relations.
III. Several rounds of discussions were held, and drafts of settlement

exchanged, oral understandings were arrived at, recorded
e Ore i 1 a .n
,','11 ...• ,6
.~
.,>;-.:J
ii~-,'n!tlS;: l~, (I, The said understanding
could not e fully acted upon, materialized as Mr. Rahul Gupta, son of Mr.
.)>-
~
Kamal Gupta was seeking a separate division of assets and business felV ·
himself, which were in excess of his individual share. However, in order (0
1.> ' I accommodate his claims, the family members had agreed and apportioned
the shares, in the assets and liabilities. business in terms of the valuation..,11
j
/
which were allocated as following: \
I.
2.
KG (Kamal Gupta)
PG (Pawan Gupta)
18%
23% .. \"
J
3. Rahul Gupta 23% ", I \\,
4. MG (Mukesh Gupta) 18')10 ,\
:
5. MKG (Mohit Gupta) 18% :
IV. However, on account of refusal by Rahul Gupta, even to accept such 23%
share and cooperate with the above division ~U1d since Mr. Rahul Gupta has
taken control of certain assets of Joint Family group. without discharging
his share of the liabilities and he has been working separately since 2015,
without any knowledge/consent of either KG or PO Groups (KG ami PO
Groups have no access to his personally controlled business affairs), the
family members are now of the unanimous view that the deliberations with
. '. Mr. Rahul Gupta to arrive at an amicable resolution, has already more than
significantly delayed and any further loss of time, would continue to affect
the overall global settlement, consequently hindering the growth of the
business interests of the whole group. The feelers and communications sent
to Mr. Rahul Gupta through well-wishers, near and dear, to sit across tor
settlement have been in vain till date.
v. The business of the group has also been adversely affected due to generic
economic depressed conditions causing severe financial distress, resulting in
the group being unable to meet its repayment obligations to several banks
which have extended the financial facilities to the group business and
't
perceived threats of recovery by these banks, as (he bunks have initiated
~1: "g~~:::::9grml~t:;~~
A~,~.A ~.'-1' f'I .',L. .v
_ _ _ _ _ _ _ Tm'rEQpy
5/
..
VI. The groups, i.e, signatories to th is MOU, other than Mr. Rahul Gupta, had
earlier negotiated O'I'S (One Time Settlement) with some of the banks, as
accounts, were declared NPA. The OTS sanctioned bv bank. did not
fructify, as the agreed payments schedule, could not I;e adhered. Now
parties have agreed to make fresh efforts to seek revival of OTS with the
banks and/or reach settlement with other banks as well. .
VII. Although, the alleged claims ofMr. Rahul Gupta, remain unresolved for the
time being, as his share 01'23% has been included in the share of KCi Group,
IvIr. Kamal Gupta has taken over the respous ibilitles/
accountabilities/liabilities of Mr. Rahul Gupta, as on 31}09.2014. It is made t
clear that decision taken under this MOV shall be binding upon all the
parties, who have agreed and signed this MOU, and shall not be altered in
an)' circumstance. On the basis of assurance of all concerned, the Group has J J
agreed to this Family Settlement and again approach the banks/agencies to
avail benefit'> and ensure payment thereof
Keeping in mind that Mr. Rahul Gupta has neither participated in discharge
.of liabilities as on 30,09.2014 nor he is cooperating in reaching the full J'
,-)
~
I
family business settlement, in order to ensure that the group would be able
to. utilize OTS, if sanctioned, by the Banks, the following frame work for
family settlement has been agreed between the p~lties to the MOD. .
NOW. THEREFORE. THE PARTlES AGREEO AS FOLLOWS:
I. The share of Rahul Gupta - 23%, which includes .liabilities of the five
? 'companies/firms namely:
z
S (i) P.P. Jewellers Pvt. Ltd.
) ~ (ii) P.P. Jewellers (Exports)
7s- (iii)
(iv)
P.P. Jewellers (Delhi)
Appy Diamonds Pvt. Ltd.
(v) L.R. Builders Pvt. Ltd.
existing as on 30.09.2014, and his share lind th e assets, has been

apportioned to the share of KG Group. KG Group has taken over (he
-\ responsibilitics/uccounLabilities!li"bilities, therefore, in the event of. any
dispute is raised by Mr. Rahul Gupta, his legal heirs and/or by anyone o.n h.is
\ behalf with regard to any claim in respect of business or ussets dealt With JI1
the present frame\ vork. under this MOU, shall be the sa le responsibility of
Kamal Gupta (KG) Group alone. PO Group shall not be
r
~ (.C~ ~OI~::n~linble ::: : CI.~~hlll ~~~~~~
~~ ~~ ~->J}VWV
__- - - -- m
,. .
2. A detail ed list and valuation of the Assets and businesses. on which Mr.
Rahul Gupta Group is having control and claiming its exclusive control
(though disputed by the signatories 'to the MOU) is drawn and attach~d as
Annexure A and signed by all the parties.
3. Out of the remaining assets/business of the group, other than claimed by Mr.
Rahul Gupta, mentioned in Annexure A, there are certain assets wh ich have
been identified by parties, but are noi being dealt with in the pre sent MOU ,
by reason of personal issues or legal impediments. A det ailed list of such
properties is being attached as Annexure B to this MOLJ and signed by all
. parties. 11 is agreed that these assets/businesses shall also be apportioned in
the same manner i.e. KG Group -' 77% 81Id Pq Group - 23%.
With respect to the residential house C-19 , Rana Pratap Bagh, New Delh i,
an undivided common property, the right title and interest, in this prop erly
shall be apportioned to KG Group « 75% and PO Group - 25% .
111e net asset value of the immovable properties, as on 30.09.20 14, were
already de term ined and immovable propert ies were earmarked and allocated
amo ngst the KG Group and PG Gro up, liS on 30 .09.20 14 us mentioned in
. Annexure C (signed by all the parties), whereas, the assets allocated -to PG
Group, towards his share of 23% is ment ioned iiI Annexure C- I (signed by
all the panics) and the liabili ties, as on 30.09.20 14, were a lso ident ified and
mentioned in the tabular f0 1'111 lind annexed us Annexure D (signed by all
the parties). It is further agreed that since PU Group is entitled to an
additional asset worth Rs. 12.5 crores towards his allocated share of 23%.
The property bearing No. 2129;.2130, Gurudwara Road, Karol Bagh, having
on
~
its net value of Rs. 30 crores (Thirty Crores) (valuedas 30.09.2014). The
50% share of this property (free from mortgage; lien and /or any
encumbrances whatsoever) is agreed to be transferred in the name of Pawan
Gupta and on transferring of title and possession, Pawan Gupta shall
....
pay/refund a slim ofRs. 2.5 crores (Two Crores Fifty Lakhs) to the nominee
( . of K.G. Group. This entire property shall be sold expeditiously by either
group, to which the other group shall not raise objection, unless the said
group pays higher sale price immediately and apportioned between PG an~ J
KG Groups. j j
6. . The parties agree that for th.e purpose of this Fam.il Y Settlement, since ) . \J
~iv~sion ?f assets and Iiabi~iti:~, .the net value of asset') and businesses (after 'S::
:\:" tak ing mto account, liabilities, as on 30.9.20 14 ), were alreadY '0
I ~~ -," determined/divided and accepted. by the parties. 111e assets allocation in
............. respect of PG Group shall remain as it is, as shown in Annexure 'C' with
r-:> c:...~O% share of 2129:'2130, Gurudwara Road, Karol Bagh, New Delhi.
- '" However, KG Group has rearranged the p~or
mi es amongst its own
~ ( 'iJ £- .
'A g+h
constituent, as detailed in Annexure E.
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A
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The assets and businesses shall be divided 111 accepted lots between the
group members in the following prnpurrion:
For this clause only i.e, for the .purpose of division of assets and value,
Kamal Gupta Group (KG Group) will also include Rahul Gupta, in addition .: .
to the persons named hereinabove. KG Group will receive 77% only.
whereas PC; Group will receive 23%).
7. It is further agreed that Sin(;ed.heJiabiljlje.')~as:Qn:30Ih September 2014, were

alreauy determined {refer AJlnexure,~:D)':Jwd,no,w..·,apportiQDcd::)l1:%f10jth~
KG:6roupandZ:3% :toultrf1,G. Group, it is agreed that either group shall not
be responsible tor the liabilities, if any, created after 30.09.2014 by the other
group. Howe:ver,~,th.e.inter§4'1.Qn:tbe. o..utsbwding:liubiJitiesiJIJu).D:3.0AJ.9;4Q14
and ·3tatutory':·HabilitiesLr.efund'of\,inc.oin.eJta~";·Sal~<a.-:-axi4J~Sf[w:,,'C.~~QJW4i
litigation::expeusest~ if;any.::shall be.;detel"mined":and;:appoJ1iQA,edi;be1w,~ ~ the
KG:Group.,and :RG',Group i[hthe..SUtlle.,;ratiQ;,j;e';;iKG.sGrQUp,"'It#i;Z,il9l1J.'~md<Pii
Group '. ~ , :23 Wo.:d t<is~·1illibecugte.ed that ,bo"th.grQupt L:i,e\;.KCLGrQUR, .Ql1J~,G
Grnupeshail» pay/adjust/seek;··~fundof· theirpshare "Qf«·interestlstatutIJJ:)!
liabilities.amongst;"eachrothen The claims of payment of interest on
liabilities" (As on 30.09.2014, Annexure D) towards discharge thereof, after
the said date i.e. 30.09.2014 and statutory liabilities, if any, after 30.09.20!4
shall only be treated as paid, upon furnishingvthe document of proof of
payment. In the absence of any document of proof of payment, .the said
claim of payment of interest/statutory liability by either party shall not be
entertain ed,
8. The parties agree that the OTS benefits, if sanctioned, and upon payments
thereof. to the Banks i.e. Bank of India, Chanderlok Building, Janpatb, New '
Delhi; State BtU1k of India, Jawahar Vyapar Bhawan, Janpath, New Delhi;
Corporation Bank, M Block, Outer Circle, Counaught Place, New Delhi;
Indian Overseas Bank, M Block, Middle Circle, Connaught Place, New
~ Delhi; Axis Bank, Axis House, Sector 128, Naida; and HDFC Bank,
/ Malviya Nagar, New Delhi, along with associated costs/expenses,' shall be
identified and crystallized.
From the net value of benefits received under O'I'S, in the form of write
offs, etc., 30% of such.net value shall be apportioned in 'favour of PG Group
and 70% toKG Group. '
The accounts between the KG and PG'groups were already settled/ finalized
of
as on 30.09.20'14, However, for the purposes finali zing the accounts after
30.09.2014, between KG &PG Groups, both G ,Oups shall present their'
Page (j of 9
V
I •
accounts before MJ. Sanjeev Abrol, RIo G-33, Second Floor, Jangpura, New
Delhi and his decision shall be binding on all the parties to this 1\10U.
10. That the parties agree that the assets, mentioned in Annexures C, C-I and E.
identified/allocated to the members of KG Group and ]10 Group, shall be
immediately transferred to the member (5), signatory to this settlement,
upon c learin g ill' their respective share. of liability. However, the property
Ixafillg No . ~ 129-21 30. Gurudwara Road, Karol Bagh, New Delhi,
mentioned in Annexure C. shall be sold / disposed off, in terms of Clause 5,
hereinabove. In the event of any dispute or claim raised by any person,
whatsoever, KG Group indemnities for any loss to the PO Group ill that
regard. Alternatively, KG Group agrees and undertakes to reduce and take ,
over the liability of PG Group to the extent of Rs.J2.5 crores, in case the
aforesaid property is not sold, within a period of 1 (one) month Ii-OlD the
clearance of sm loan.
All parties shall work together to retain control of L. R. Builders Pvt . Ltd.,
and initiate proceedings as advised, in accordance with law, against Mr.
Rahul Gupta tor depriving the other family members of their -share and
interest in L.R. Bui Iders Pvt. Ltd., by unlawfully usurping control of the
affairs of L. R. Builders PVI. Ltd. PG will cooperate and work as common
group with KG Group with regard to the assets.identified and mentioned in.
Annexure J3. Out of these assets (Annexure B), once the dispute relating to
affairs of L.R. Builders Pvt. Ltd. is settled, PG Group will be
allocated/given space along with ownership rights for office in PI' Tower,
C-123, Pitarnpura, NetajiSubhash Place, New Delhi, in the same ratio i.e.
23% in this property; In the event of any assistance sought by KG Group,'
Pawan Gupta shall cooperate with him without any financial responsibility.,
Assets to be given to Mr..Arj un Kumar (Father-in-Law of Mr. Rahul Gupta)

for his equity share in L.R. Builders Pvt. Ltd. and appearing in its books
will be separated/transferred/demerged in his favour while simultaneously
dividing the property in Kurukshetra, The status of case of court property in
Ludhiana will be ascertained to plan future course of action for this
property. Whereas the share of PO in the properties at Kurukshetra and
Ludhiana shall remain unaffected and would be compensated, once joint fV
efforts fructify, to the same proportions.
13. The property bearing No. 2547, 2nd Floor, Gali No.6, Beadonpura, Karol
Bagh, New Delhi, identified as 'Stuti Hallmark Centre', has not been
mentioned in any of the Annexures. It is agreed that this property and/or any>
other property/properties, discovered/identified, belonging to the group,
purchased/acquired, prior to 30.~9.2014 b ~cate~ , shall be
7A~i- P',.10," 1t~y

1?H);; ~ .xI~k-~
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.7 .'
divided/apportioned between KG Group and PG Group, in the same ratio

i.e. KG Group - 77% and PG Group - 23%.
14. PA YMENT OF OTS:
With regards to payment or OTS to hanks, the parties agree as under:

::t. PG & KG Groups shall make best efforts to find a lender and have
O'TS sanctioned/again for dues of the ' Bank of India (BOI), State
Bank of India (SBl), Corporation Bank (CB), Axis Bank, Indian'
Overseas Bank (lOB) and HDFC Bank with respect to five of the
group firms/companies .- (i) P.P. Jewellers Pvt. Ltd., (ii) P.P.
Jewellers (Delhi), (iii) P.P. Jewellers (Exports), (iv) Appy Diamonds
Pvt. Ltd. And (iv) L.R. Builders Pvt. Ltd. The;:.~lender~shalh:;,be
provided:security.,hydh~K.G .6roup.•,andi.'PG,Grou'ptfor,lheir;n·.spectiv.e
share of liabilities-in ,th~ratio '. Qf,7};% KQ:and ·~1%PG (in :the.tbnn ;9f
immovable.properties, freefrom encumbrances .or~Ulortgage:tetc;". o"~
of properties ., released» upon :-payment . rlo , ,,;Banks~.: ,Ofi." anYcii.otber
unencumbered properties; The securities shall be created by way of
mortgage or any other form acceptable to the lender. The interest to
the lender shall be paid and shall be shared by the parties and its
constituents in the same .ratio of their share0 of
liabilities.
Loans, if any, existing as .on 30.09.2014 (only and not any new loans ,
availed thereafter) of any Bank, other than mentioned in the six
banks, referred hereinabove, shall be paid by. KG Group and .PO
Group.: lor theirs respectiveeliabil ities :.in.' the:,proportion .of J17.%>and
23% to th~"said.baok:from .:peJ;SanaJIoth I I y, gIQUp<:h~IS
taken .any·.Joan;or incurred: any:.Jiability:Jl£ter:,aO.09:201~'~ -ilie8ame?
shaJlexclusiv.ei~ :be liabilitynfithatsgroup only;
I
All the la rtics shall be entitled Lo use the 10 0 and trade name- 'pp
Jewellers' with )refix and suftix, I f they so choose, However, none 0 the :
parties shall assign/trans er 'thc'word cPP Jewellers' or logo to any other · \
person /persons, firm, company whatsoever and whomsoever for exclusive _.j ~
.-( use by the assignee/transferee. However, both groups arc authorized to useA
cG L~fword ' P? Jewellers' and l og~, under Franchise Agreement. -" j
:x
~ 6. YIn the vent of any dispute or differences arising out or in relation to the ' "<;"" ~
£. interpretation of any clause of this MOv/Agreement, the same shall be .:>..
- se ttled by a Sole Arbitrator to be appointed by mutual consent of the parties ~
to this Ag reement. If any group/party fails to ag ree to the nam e of a Sole
. ' rbitrator, the same shall he appo inted by the Ho n' Ie High COlUt of Delhi
./ .
/
~~1- P""o19 it,j?¥ I
~ JP ~ & f:31fh? -- A i
True Cop
at New Delft i in accordance with Arbitration and Conciliation Act J996 as
amended. The place of Arbirration shall be at Delhi.
17. That the jurisdiction with regard to this Agreement/MOU or any properties,
businesses, etc. between/amongst the patties connected with this
Agreement/MOU or any dispute or difference between/amongst the parties,
shall be adjudicatedby.the Courts at Delhi only.
This Settlement Agreement/Memorandum of Understanding has signed

voluntarily without any coercion, force or inducement, from any quarter and shall
come into effect immediately upon signing of this 1l.greement by the parties. TIle
five originals of this settlementhas been prepared, and
handed over to Mr. S~anjeev
Abrol, Mr. Kamal Gupta, Mr. Pawan Gupta, Mr. Mukesh Gupta and Mr. Mobit
Gupta.
l or _ _, 0 f..,i;::..e --.:..- I
&~....e>"
r(' ~ ~ J---
J(7
Kamal Gupta (KG)
- ,, ~~
vee;;1&-
~ukesh Gupta~~~ \ Ansliu Gupta (AG)
~. ~~
/ /
\fSJ~y
ivlohil G upta (MKG) ~ha Gupta (SG)
rr:::i~
N A 't-
~ OuPta (PG)
~-~ [n the presence or lollowing witnesses:

~
~ 1. £~ ~~ . ~I '- '
2.
,
Page 9 of9
I
~ I
0° .... . .
J
k
rue opy
...
ANNEXURE A
(Companies in Full/Partial Control of Rahul Gupta Group)

~
\ ~.NO. Shares Shams OU1er Value of Rahu l

Name or the Companyl UP Director
Dir OU1ers SharoholdQrs Property Value
MUKESH GUPTA 5000
1 GLOW JEWELLERY PRIVATE LIMITED
... RA HU L GUPTA
PAW AN KI;lMAR GUPTA
MOHiT G UPTA
5000
5000
6.12 3 06
2 M. G . BUILDCON PRIVATE LIMITED REN U GUPTA 10 1<ama; 7.47 373

4990 PUm1ll1a
.>- MO HITGUPTA 5000
{ 3 M. G . BUILDMART PRIVATE' LIMITED PUR NIMA GUP TA
RENU GUPTA
4990
10 Mukesh
34.25 17.09
RENU G UPTA 5000

04 MAA JAGDAMBA TOWN PlANNERS Pvt lid 0.81 0.41
MO HIT.GUPTA 5000 Pumima
MOHITGUPTA 5000
5 P. G. COLONISERS PRIVATE LIMITED PUR'!'lIMA GUPTA 5060 17.72 089
~ PAWAN KUMAR GUPTA 90000 VeenaBuildcon
6 P P INTERNATIONAL SCHOOL Trus t 50.00 50.00
KAMAL KUMAR GUP TA 20
i P SEN (TECHNICAL SERVICES) PVT LTD

-- RAHUL GUPTA 10700 , 8.00 7.88
MOH ITGUPTA 10
5
Veena
130 Pawan
KAMAL KUMAR GUPTA 1300
RAHUL GUPTA 25800
6 P SEN (ENGINERING) PVT LTO 2.00 1 S2
Mb HIT GUPTA 1010 veena
100 Pawan
I VEENAGUPTA 5000
9 P V . BUILOMART PRIVATE LIMITED PURNI MA GUPTA 5000 1.50 o i5
\-. MOH IT GUPTA
)..,/ \ ,
~ PAWAN KUMAR GU PTA 19
PURNIMA GUPT A 45001
10 PURNIMA ASSOCIATES PVT LTO 25.00 24.99
MOHIT G UPTA
RAHUL G U PTA
~ PAWAN KUMAR G UPTA 10

11 PURNIMA BUlLDMART PRIVATE LIMITED VEE NAGUPTA 4990 14.97 7.49
PURNlMA GUPTA 5000
PURNIMA G UPTA 5000
12 PURNIMA COLONlSERS PRIVATE LIMITED M O HI T GU ~TA
, 13.00
5000 Veen a 6.50
MUK ESH GUPTA
MO HIT G U P.I A 5000
13 SHREE RADHEY COLONISERS PRIVATE LIMITED.s> 0.18 0.09
VEENA G UPTA 5000 PUmil113
V EENA GUPTA 5000
14 VEENA eUILDCON PRIVATE LIMITED SARLA BHAR OWAJ 5000 4.29
15 VASANT ASSOCIATES PRIVATE L1MI'fED

..
,}' .
... PURNIMA GUPTA -
PAWAN i<UMAR GUPTA
MOHITGUPTA '
990"\
p:-
990
10 Rahul
.2S.00 0.25
21 0.3 1 124. 95
True OPY .
ANi'1tEXURf;B
{OetaJI$ of Com ma n Properti

. es)
Desper!lptlon. of t Ite property
1 Park Street, xolcaua

B r Tule- Kolkatta
2 a KG
3 874 3, Sidhlpura -
4 Kurukshetra
5 Ludhiana
6 Great er Noida
7 P P Tow er Partap Bagh
;9.. ·....Jot. · , · 4, C·8, nan
."' *,-
ANNEXURE C
S.N!), Oespcrlplion of the property Value
Rahul Gupta
1 2129-213 0, Gur udwara Road, Karol Bagh-Old 30.00
.
2 PPInt ern ati onal School 50.00
·3 Plot No. 5, Laj pat Nagar 20.00
4 Naida Bie 2.00
5 Burj 10.00
G Duba; 3.25
1.--c;./7 Bahadur garh- Factorles - 2. J7.00
B Bombay 30.00
9 Deepak Rana 0.05
.10 Plot No. 23 Defence colony 12.50
' 11 plot No, 2, CC, Sector 3 Rohlnl 25.00
12 R-2, Green Park 20.00
13 Garme nt Unit 3.00
222.80
Pawan Gupta
1 2700, Des Bandhu Gupta Road, Show Room 200.00
2 lasara Vlhar 1.25
3 Flat no . 59, 10kvillar at vlk ashpurl 1.00
4 Naida Zone Small
. 1.00
5 talvalpur - 0.75
) '. . ~l 204.00
Tru~ Opy
6(
S. No. Despcription of the property Value
Kamal Gupta
1 1/3rd share In Agricultural Lands in Nazafgarh Area 80.00
2 H'5 ; Neta]i Subhash Place. Pitainp.ura. Deihl 50.00
3 Gali No .2· 2681/83A. and 2547. seadcn Dura- Karcililagh 25.00
4 1178. xuc ha Milhaj iln i and 420, haider ali, Chandnl O1owk 10.00
95. Model Town
5 8.00
6
4262·4 265. Bali bharon wall, jogiwara NOli Sarak 8.00
Kolkatla OfficE!
7 6.00
8
Rajkot 0.40
Katra Nawab"Chandnl Chowk
9 0.50
10 Damju r- Kolkatta 0.40
11 Paragatl Sheel Apptt. Sector 9, Rohini 1.00
189.30
Mukesh Gupta
1 1/3rd share In Agricultural Landsin Nazafgarh Area 80.00
2 94. Madelrawn 8.00
3 Kolkatta Flat 5:00
4 Ram teela Ground. Gurgaon 22.50
5 F'o ddar Card 6.50
6 16/2699. Naiwala/ Des Sandhu Gupta Road, Karol Bagh 50.00
172.00
Mohil Gupta .
1 1/3rd share III Agricu ltural Lands In Nazafgarh Area . 80.00
2 90, Model Town v 8.06
3 674-67S,.SadarBazar 1.00
4 Bombay omcc Ganesh Market 1.50
~I 5 F-30.Sector 18, Nolda 13.00
~~ 1 -"
6 83/31. East Park Road 50.00
153.50
~
~ \ . ANNEXURE C1 , .
1 2129·2130. ~urudwara Road, Karol Bagh·Old (41.67%) 12.50
!<~
True ,-,opy
'--
ANNEXURE D
Positlon 'L Des IfAs provi'd e db y Sh. Ro. h uIG upt o nI
os on 30 0 9 20 1 4 f Amountm
'\ Particulars PPJ Pvt ltd, PPJ Delhi Others
PPl Exports Tota l
)-
~ A Gold loan Banks Kgs. AmtI tacs] Kg1. Ami [ Lacs) Kgs, /Unt [ l acs ) Ami (lacsl
Ki:s.
~tia Bank
~P
798.00 19,864 .12 81.00 1,963.01 151 3,874.76 1.030.00 25.706 .89
l ess Cash Margin with SCotia Bank ' 1.266.6-: ·3.29 -1.23 -1,271..16
HDFC 28.00 715.28 28.00 715.28
l ess Cash Margin wilh HDFC Bank -1.95 -1.95
581' DomestiCgold ind du tv+va t 50.00 1,424 .77 50.00 1.424.77

..
Total gold loans liability [AI 876.00 20,735.58 81.00 1,964.72 151.00 3,873 .53 1.10B.00 26,573.84
,"
B To be ("Port os o n date Kgs. ICgs. It&s. Kgs.

Gold loan banks 105.95 256.88 3.00 7.56 16.00 40.30 124.96 314.73
Import 194.87 490.82 121.95 307.15 316.82 797.97
Vat part en abO\le 25.91 48.39 33.73 108.0 3
.. ..
Toulliablllty agaInst expert (B] 105.96 292.79 197.87 546.76 137.9 5 381.18 441.78 1,220.73
C Domestic rc Disc nob ilities .

=
Axis Sank 4,69853 - ,' 4,698.53
COjration Sank 1.179.97 5.465 .94 6.64 5.90
Domestic l C liability [e) 5,878.50 5.46 5.94 0.00 11,344 .43
C· Im part u:Disc liobillties USC . USC USC USD

SSI 3,485,000 .00 2.147 .23 1.100.000 ;00 677.75 2,250;000 .00 1,386.30 6,835,000.00 4,2 11.28
.. ..
.
Import lC Uability (0) 3,485.00.0:00 2,147.23 11,100,000.00 677.75 2,250,000.00 1,386.30 6,835,000 .00 4,211 .28
. e
\~ . I" 1",' . ~/
'\. ,~
~
..
:0 (I V
W'UV..2-.J . . '\[ 4/J .
- -t , .
"
;; )'.: "'1.0'
Posi tion as on 30.09.~O1.4 ( Am oun t in lacs') (As provided by Sh. Rahu l Gupta Ji!
e rund Based UmittJUoiled

CC'Availed ' 5,74 0.66 5.740. 66
'iPre '~hiPmel'lt availment 5.5·n.92 1.449.77 6.997.69
~Post shipment availment 4.618.07 2,827.11 7,44 5.17
'Personal tcaos take n as per tast sta reme nt
~ IAppy Oiam 350 .00 350.00
l RS 494.60 49 4.60
PPCT, 456.59 45 6.59
\-~ ",nds Based limit availed (el 6,090.66 10.165.99 5,228 .06
..
'
.:- 21.484.71"
Tota l of Above 35.144.76 IS.82L16 10,869.0 8 64.834 .99

. .j -.
----; ':
l l?ss, Current account balances firms ·9.OU 0.5 2 · 1.10 ·9.64
W$. other current account bal ,20.36 ' -{J.70 -22.94 ·19.24 ·63.24
I
tes s- FOR's -2,356.00 -2.62L77 -618 .22 -5,595 '.99
less- MTF Profit (Add- MTF IOS51'
t ess- Dome stic l C to be discount
I . .;386.22
~234.87
88.59 I
4 74.81
-234 .87
Add· Cost on diff in export & export 662.88 715:85 658 .77 2,037.50
Add· Income Tax 340.00 494.00 200.00 1.034.00
Add- Nolda p (duty) 69.51 175 .08 175.08
"
Add· Nai d a p (Vatl 17.00 17.00

l ess- Ohiren margin -701.00 -701.00
less, Sapie n E.c ~s -60.00 -60.00
l,ess- Multiplex e tc excess ·16.32 -16.32
l en- VAT refund to be !Aiken on Import ..209.68 -209.68
Grand Tota l in lacs 3Z.83S.21 17.560.40 11;306.26 -19.24 61,682.63
KG GrOllP
. PG.Group RahulGupta
-
-.
14,187.00
' ANNEXURE D
Position as on 30.09.2014 { Amount in Lacs ) (.As provided by 5h. Rohul Gupta 1i}
.
,.
J
Gold Loon Sanies
Scotia Bank
Particulars
l ess cash Margin w illlScoti.a Ban~

HDFC
l ess C~sh Margin with HDFC Bank
PPJ Pvt Ltd.
J<cs.
798 .00
28.00
Aml ( lacs)
19,864.12
-1..266.64
715.28
· 1.95
PPl Expo rts
ICgs.
SU)\)
AmI ( lacs]
1.968.01
"3.29
PPl De lh i
I(gs.
151
Amt ( l3csl
3.87 01.76
·1 .23
Others
Kgs ~
Total
1,030 .00
28.00
Amt (l3cs)
25,700.39
, ·1,271.16
715.28
' 1.95
581" Oome sUc gold incl duty..vat 50.00 1,424.77 50.00 1,424.77
,
Tobl gold IO:Jos liability (AI 876.00 20,735 .5S si.oo 1,954.72 151.00 3,873.53 1,108.00 26,573.8'1
B' To b~ E¥port os on dot~ Kgs. Kgs. Kgs. Kgs.

Gold loan banks 105.96 266.88 3.00 7.56 16.00 40.30 124.96 • 314.73
Import 194.87 490.82 121.95 307.15 316.82 797.97
Vat part on abolle r 25.91 48.39 33.73 108.03
-
Total liability against export (B] 105.96 292.79 197.87 546 .76 137;95 381.18 441.78 1,220.73
C oOmutlc u: Disc 110bllitles

AlQ3 .Bank 4,698.53 .:;- 4,698.53
COjriltion Sank 1,179.97 5,465.94 6,645.90
Domestic lC UabUity (e) 5,878.50 5,465.94 0.00 1l,344.43
0 Import rc O;sC'/iobllilTes USC usa USC USC

581 3,485,000.00 2,147.23 1,1<:0,000 .00 577 .75 2,2S0.0c0 .00 1.386.30 6,S35.0OO.OO 4.211.26
Import lC liability 10) 3.48S.~O.OO 2.147.23 1,100,000.00 677.75 2,250.000.00 1.386.30 6.835,000.00 4,211.28
,
"
.- ANNEXURE E
S. No. Despcriptlon of the property Value -,
KOI'mal Gupta
1 1/3rd share in Agricul tura l lands in Nazafgarh Area 69.00
2 H·5, Net,,/i Subhash Place. Pitarnp ura- Deihl 50.00
3 Gali NO. 2· 268 1/83 A. and 2547. Beadon pura- Karoi llag h 25.00
4 1178, Kucha Mahajanl and 420. balder all. Chandni Chowk 10.00
5 2129- 2130. Gurud wara Road. Karol BaRh-Qld (58.33%1 17.50
6 95. M odel Town 8.00
7 4262·4265. gaJibharon wall, jog iw ara Nai Sarak 8.00
8 Kolki1tta Office 6.00
9 Rajkot 0.40
10 Katrtl Naweb , Chandnl Chowk 0.50
11 Oarnlu r- KoJkalla 0.40
12 Paragat i Sheel Apptt. Sector 9, Rohini 1.00
13 Naida Big 2.00
14 u ee pak anna 0 .05
. 197 .85
M uk csh Gupta
1 1/3rd share in ARrlcult ura l Lands In Naza(garh Area 69,00
2 16/2699, Naiw ala/ Des Bandhu Gup ta Road, Karol Bagh 50,00
3 /l 15A/3. Ram lceljl Ground, Gurgaon 22.50
5 Plot No. 23 Derence 'col oliy 12.50
6 Plot No. 2. CC. Sector 3 Rohinl 25.00
4 94, Model Tow n ' \: 8.00
5 Kolkatta Flat 5 .00
6 Poddar Card 6.50
198.50
Mo hll Gupta
1 1/ 3rd share in Agricultural Lands In Nazafgarh Area 69.00
2 R-2. Green Park 20.00
. 3 83/31 , Easll'ark Road 50.00
4 Bomb ay 30.00
5 Plot No : 5. LaJpat Nagar 20.00 .
( €; Bahadurgarh· Factories·2 17.00
7 F...30.Secto r 18, Noida 13.00
8 674-67 5, Sadar Bazar 1.00
9 90, Mo del Town 8.00
10 Bombay Office Ganesh M arket · 1.50
" 229. 50
' ..
Ac. '
'
:, "
. ' t··..
.
. T . eopy
. ;.: .". "' '',If:
".
, S. No. Despcription of the property Valu lt
i:Z~
Rahul Gupt a
.-
50.00
1 PI' lnt ernatlonel School
2 AUPUR 1M. G. lluildmart Pvt. Ltd.) 17.00
~~?
3 QADIPUR (Purnima aUildmart Pvt. ltd.) 7 .50
/I aAKOlI (M. G. Buildcon pvt; Ltd.) 11.00
5 ~A\NTA (Glow Jewellerv Pvt. ttd.) 3.00
6 OAlJLATP UR (I' . G. Colonisers Pvt. Ltd.] 1.00
7 P/IPRAWAT (Maa Jagdamba Town Planners Pvt. Ltd.) 0 .50
8 Curj 10.00
9 Dubal 3.25
10 Ga rm e nt Unit i :l.OD
9!l.2S
J( ~
. D ,,~~_ .
~f:. ~~ .
. .(( e -L/ J.-.:-
~.
; .
..... -...
DocumentP4
Late Shri Mooa

LaIGupta
Pawan Kumar Kamal Kumar Govind Ram

Gupta Gupta GUPta
RenuGupta Piyush Gupta NehaKumar Veena Gupta Rahul Gupta slo MohltGupta Mukesh Gupta sanjeep Gupta Pardeep Gupta
w/o Mr.
Pawan siD Mr.Pawan dlo Mr. Pawan w/o Mr. Kamal Mr. Kamal s/o Mr. Kamal slo Mr. Govid siD Mr. Good slo Mr. Govid
Gupta Gupta Gupta Kumar Gupta Kumar Gupta Kumar Gupta RamGupta Ram Gupta Ram Gupta
I I
Pumima Gupta Shikh a Gupta Anshu Gupta Shobhik Gupta Urvika Gupta
w/o Mr. Rahul w/o Mr. Mohit WID Mr. slo Mr. Mu kesh dID Mr. Mukesh
Gupta Gupta Mukesh Gupta Gupta Gupta
I
Ra,hi Khemka I
Gupta w/o Mr.
Shobhlk Gupta
Company Master Data
Company Master Data DocumentP5

CIN U74899DL1993PTC052140
Company Name P.P. JEWELLERS PRIVATE LIMITED
ROCCode RoC-Delhi
Registration Number 052140
Company Category Company limited by Shares
Company SubCategory Non-govt company
Classof Company Private
Authorised Capital(Rs) 1250000000
Paid up Capital(Rs) 1214789120
Numberof Members(Applicable in case of company
withoutShareCapital) o
Dateof Incorporation 12/0211993
H-5 NETAJI SUBHASH PLACE, PITMPURA NEW DELHIDL
Registered Address
110006 IN
Address other than Rio where all or any books of account
and papers are maintained
EmailId svp@ppjeweller.com
Whether Listedor not Unlisted
ACTIVE compliance ACTIVEcompliant
Suspended at stock exchange
Dateof last AGM 31103/2021
Dateof BalanceSheet 31103/2020
Company Status(forefiling) Active
Charges
Charge Charge Date of Date of
Assets under charge Status
Id Amount Creation Modification
1800000000 0111212005 3111212014 OPEN
Book debts 20000000 28/1112003 CLOSED
Movable property (not being pledge) 25000000 29/1112003 CLOSED
400000000 05112/2009 CLOSED
Immovablepropertyor any interest therein; Book debts 135000000 29/05/2006 OPEN
60000000 3110712003 CLOSED
80000000 23/1112005 03/03/2006 OPEN
100000000 22/0912003 CLOSED
Book debts; Movable property(not being pledge) 174500000026/1112008 30/08/2016 OPEN
300000000 13/0112006 11/08/2011 OPEN
Bookdebts; Floatingcharge; Movable property(not being pledge);
400000000 11/1012011 28/12/2017 OPEN
FIRST PIP CHARGE-ENTIRE CURRENTAND FIXEDASSETS
Directors/Signatory Details
DINIPAN Name Begin date End date Surrendered DIN
00085846 PAWAN KUMARGUPTA 12/0211993
00086610 VEENAGUPTA 30/07/2005
00086918 KAMALKUMARGUPTA 06/0712009
)<{[II
rue Copy
69
Document P6 "
500Rs.
RETIREMENT CUM PARTNERSHIP DEED

OF
M/s. P.P.JEWELLERS (DELHO
OF RETlR,EMENT CUM PAI~TNERSHIP IS made at Delhi on this
Shri Kamal Kumar slo Late Munna lal residingat A-13,C.C. Colony, Partap Bagh , Delhi-
110007 and hereinafter referred to as the party of the First Part and
Shrimati Pooja Garg WID Sh, Balram Garg, residing at BD-23, Vishakha Enclave,
Pitampura, Delhi and hereinafter referred to as party of the Second part.
"
s. Shri Mukcsh Gupta Slo Shri Govind Ram RIo A-I3, C.C.Colony ,Delhi and hereinafter
referred to as party of the third part
'(
~ (Which expression shall unless otherwise repugant to the context or meaning thereof include
~~ l their heirs, executors, adrninstrators and assigns).
f FWIl ~REASthe parties hereto were carrying on' the business under indenture of partner hip
deed dated 1st day of April 1994 under the name and style afM/s. P.P.JEWELLERS (DELI-II)
at 1178, Kuehn Mahazani, Chandni Chowk, Delhi-II 0006 and admission cum retirement deed
of partnership dated 15s1 day of December, 1997 and
I
~ W~lcreas the-party of the s~eond 'part ha~, expressly desired to retire from the partnership with
~; effect from 01 .04.2005 which other parties have agreed thereto. '
~ ..Y- ~ ~\J) Contd..2
~ .' ,~ , t\.. V ~l 6.--1

r'-'\.. )(tt '
(I " True opy
AND WHEREAS the party of the third Part has expressly desired to join the business ofthe
Partnership with effect from 0] .04.05 to which the other parties have agreed AND now
therefore it has been deemed necessary for the purpose of avoiding any future disputes and
differences whatsoever among the partners to reduce the terms and conditions on which the
business of this partnership is to be carried on in writing.
OW TI·I/S IND ENTURE WITHNESSETH AND AGREE D AMONGST T HE PARTII:. HERETO

ASUNDER:
l . The partnership as evidenced by the deed of partnership dated 01/04/94 and as modified on
15.1 2.97 shall continue to carry on the business.
2. From the date of the joining the continuing parties shall be responsible for all the acts or
omission and commission and for all the liabilities assessed in future. whether quantified or
not quantified, ascertained or not ascertained relating to the activities of the firm carried on
after the date of joining .
3. That the mulling business with all its assets and liabilities, shall vest and be owned from
now onwards by the continuing parties and the retiring parties or their successors, heirs and
representatives shall have no claim, whatsoever, in the aforesaid business.
~ 4. That the retiring parties shall not make any use of the goodwill, finn's name, trademark, etc.
of the firm. Furthermore, they shall not represent the finn, directly or indirectly, before any
person or authority.
\ 5. All the parties are authorized to represent before the appropriate authorities for any legal or
assessment purposes relating to transactions made up to 31Sl March, 2005.
6 That none of the parties have received any amount due to the partnership except as recorded
In the books of accounts of the partnership and none of them has either contracted or
;5
( otherwise incurred any liabilities of such description, as may hereinafter affect the
partnership, directly or indirectly.
,,7. The parties hereto shall continue to carry on the business in partnership under the name and
style of Mis P.PJEWELLERS (DELHI) and/or under such other name as may be mutually
agreed upon between the partners. .
I 8. The business or businesses of the partnership shall be now carried on at 1178, Kucha
\ Mahazani, Chandni Chowk, De1hi-6 and/ or such other place or places as agreed upon the
~ parties hereto from time to time.
;,
r
'ontd ... .3
~
)<1~1
TrGe~OPy
1-1
9. The Partnership shall continue the business of Jewellery, Gold, Silver and Diamond and
articles of Gold, Silver and Diamond or any other trade or business as mutually agreed upon
by the partners.
10. The partnership shall be a Partnership "AT WILL".
11. That the Capital required for the business or businesses of Partnership shall be provided by
the parties hereto as mutually agreed upon from time to time. The same may carry interest,
out of the profits of the business, at the rate 12% per annum or at such higher or lower rate
allowed under the Income Tax Act. 1961.
12. (a) It is agreed by and between the parties hereto that the party of the First Part (hereinafter
referred to as "Working Partners") who is devoting his time and attention in the conduct of
the affairs of the finn as the circumstances and business needs may require, sball be paid
remuneration as mentioned below:
Shir Kamal Kumar Its. lOOOOO/-per annum or part of the year. ,

,~~. { t . . ,· : ~~· ,.~ f ~ "",".,'.. . {' ' 1" • • " c~. ~: l t l '
.: 1.. . ,..
:: I ; , : . ~
(b) The remuneration payable to the working partner as above shall he credited to his
capital account.
The partners shall be entitled to increase or reduce or waive the above remuneration and
may agree to pay remuneration to other partners or parties.
13. The bankers of the Partners shall be such bank or banks as may mutually agreed upon the
same and shall be operated upon jointly or severally by the partners or be such other person
or persons, as may be mutually agreed upon by the Partners.
C
;; 14. The partners can arrange for any cash credit, overdraft or loan with such banks or banks or
other party or parties, secured, or unsecured on such terms, as may be mutually agreed upon
'c"" ? by the partners.
~ The net Profit and loss of the business shall be divided amongst the Partners in the following
-- Proportions:-
1- Shri Kamal Kumar 75%

2 Shri Mukesh Gupta 25%
i2
~.
16 Goodwill account shall be created in the books of the firm as st
ciit'3'i
March,200S after
considering the trade mark, 'finn's name, brand name etc., and the same shall be credited to
the partner's capital accounts.
W ~
Contd . .. .4
l~
17. The partners shan be entitled to withdraw such money or money as may be mutually agreed
amongst themselves. However, the partners shall forthwith repay any amount which on
taking up all accounts appears to have been overdrawn by him.
18 The business of the partnership shall be looked after by all the partners or any of them on
behalf of the other or others as may be mutually agreed upon between the partners and they
shall act deligently and intelligently in the interest of the Partnership concern.
19. All necessary and proper books of accounts shall be kept by the finn. The accounting year
of the firm shall end on 31~t March every year. At the end every accounting year, an
account shall be taken of all the assets and liabilities and of the Profit and Loss of the
Partnership for that year and the same shall be signed by each partners and net profit or
-- losses including profit or loss or capital nature of the partnership shall be divisible between
~. them in accordance with provisions of this DEED.
\0 . The none of the partners can retire or withdraw from the partnership business without
o giving notice in writing of his intention to retire but the retiring partners shall be
responsible for all the liabilities in connection with the partnership business outstanding
up~o the date of retirement and shall have to payoff his share of such liabilities before his
\ retirement.
/
21. None of the partners/except party of third part shall be bound to devote his whole time and
attention to the business of the"partnership and will be at liberty to do any independent
service or to own or do any-other business.
22 . That none of the partners shall without the consent of the other partners sell, mortgage,
~ assign, or otherwise part with his share or interest in the partnership business or property or
,'- knowingly or will fully act, commit, or permit any act whereby the partnership is dislocated
?> or disturbed to the detriment of the other partners.
23. That in the event of the retirement of the partners , no allowance shall be made to the
retiring partner/s of the goodwill, trade name or contract value of the partnership business.
')4 . That the death, retirement or bankruptcy of any partner shall not lead to the dissolution of
the firm.
25. That the Partnership finn shall indemnity the Partners in respect of expenses incurred in the
ordinary course of business for protecting the partnership firm from any loss.
26 . Not withstanding anything stated or provided herein, the partner shall have full powers and
discretions to modify alter or vary the terms and conditions of THIS PARTNERSHIP DEED
in any manner, whatsoever, as they think fit, by mutual agreement.
IN WITNESS WHERE OF the parties hereto have hereinto set and subscribed their respective
hands the day and year herein above written.
SINGNED SEALED AND DELIVERED

By the withinnamed SHRl Kamal Kumar ,
the Party of the FIRST PART,
III the presence OL'? ..L : , .~~, ~. , 8AJ''' RA''1
1_ (qv~ c.. .ss- I/~ 'V..il0.'~ ~ ~-"Is"
2- ~ !OS7, ~~ 10, ':-~llJA~
~IGNED SEALED AND DELIVERED

...y the withinnamed SHRIMA1'1 Pooja Garg
the party ofthe SECOND PART, in the
Presence of . ..s . ..?,: .~ .. ~. ~~ I!'.ll, f)~
1- ~ c.- .5:>II~v.lW~~lAA-~~
2- ~ I 0 ot I !?~( :r e, /:'ARf bA8AL;:,
SIGNED SEALED AND DELIVERED

By the withinnarned SHRI Mukesh Gupta
the party of the THIRD PART, in the
Presence of ... S/S. : .~~!rt ~ R~;jp, ~tWJ
1- ~ e.-S0- v~~ \J.:MaPv,~~-'S-

..
•i
RETIREMENT CUM PARTNERSHIP DEED

OF
MIs. P.PJEWELLERS (EXPORTS)
/
'3 JJ1I§AJ?EED OF RETIREMENT CUM PARTNERSHIP IS made at Delhi on this

BETWE[N.:
1. Shri Kamal Gupta slo late Sh. Munnalal residing at A-I3, C.C. Colony. Delhi 110007
INDIAN inhabitant and hereinafter. called the party ofthe FIRST PART.
...." 2. Shrl Balram Garg, Slo Shri Balkishan Dass, residing at BD-23 Vaishakha Enclave.
Piunu PlII'U. Delhi • INblA:N inhabltunt and hcrelnuflcr called theparty of the SECOND
'1r
.~
IV
3.
PART.
Shrimati Veena' Rani wlo Sh. Kamal Gupta residing at A-l3, C.C. Colony. Delhi
. 110007 INDIAN inhabitant and hereinafter called the party of the Third PART.
'-
~
(Which expression shall unless otherwise repugnant to the context or meaning thereof
. include their heirs. executors, administrators and assigns).
Whereas the "parties hereto have been carrying on the business under indenture of
partnership deed dated 11 lh day of September 2000 under the name and style of MIs.
P.P. Jewellers (Exports) at 2681-83 A, Beadnnpura,
.\ .
Karol Bagh, New Delhi-5 and
\
Wlieteas the second party has expressly desited to retire from the partnership with effect
t!9..!.U 01:.Q.~~~.9~ S. to which other parties have agreed and
Whereas the third party has expressly desired to join the business with effect from
01.042005 to which other parties have agreed to induct him as partner for further
development and enhancement of business And . . Cont.. .2... .,.
/
~ . \
" ..: .
1- .
. Now therefore it has been deemed necessary for the purpose of avoiding any future disputes
and differences whatsoever among the partners to reduce the terms and conditions on which
the witness ofthis partnership is to be carriedon in writing.
NOW THIS INDENTURE WITHN ESSETH AND AGREED AMONGST THE PARTIES HERETO
ASUNDER :
1. The partnership as evidenced by the.deed of partnership dated 11109/2000 shall continue to

carry on the business. ."-:;
2. From the date of the joining the continuing parties shall be responsible for all the acts or
omission and commission and for all the liabilities assessed in future, whether quantified or
not quantified, ascertained or not ascertained relatingto the activities of'the firm camed on
afterthe' date of joining. I
f
• /t
That the running business with all its assets and liabilities, shall vest and be owned' from
now onwards by the continuing parties and the retiring parties or their successors, heirs and
representatives shall have no claim, whatsoever, in the aforesaid business.
4. That the retiring parties shall not make any use of the goodwill, fum's name, trademark, etc.
.
. -"
of the firm. Furthermore, they shall not represent the firm, directly or indirectly, before any
person or authority.
-_.
5. All the parties are authorized to represent before the appropriate authorities.for any' legal or
assessment purposes relatingto transactions made up to 3111 March, 2005. ~ .
".
, .
as
That none of the parties have received any amount due to the partnership except recorded
in the books of accounts of the partnership and none of them has either contracted or
:otherwise incurred any liabilities of such description, as -may hereinafter affect the
partnership, directly or indirectly.
The parties hereto sh~ll continue to carry o~ the business in parlnership under the name' and
style of Mis P.P.JEWELLERS (EXPORTS) and/or.under .such other name as may be
mutually agreed upon between the partners.
The business or businesses of the partnership shall be now- carried on at 26g1-83A~

Beadonpura, Karol Bagh, New DeIhi-S and! or such other place.or'places as agreed upon the
parties hereto from time to time.
9. The Partnership shall continue the business of Exports of Jewellery made of Gold, Silver
and Diamond and article of Gold, Silver and Diamond or any other trade or business as
I.,: mutually agreed upon by the partners.
I'
Contd....3
....
v .'~
.' .
i.·~
.'
-~-:-----_ . - _.- _ . - --,

..
" . i~-l!... L~
10. The partnership shall be a Partnership "AT WILL".
11. That the Capital required for the business or business of Partnership shall be provided by
the parties hereto as mutually agreed upon from time to time. The same may carry interest,
out of the profits of the business, at the rate of 12% per annum or at such higher or lower
rate allowed under the Income Tax Act. 1961;
12. TIle bankers of the Partners shall be such bank or banks as may be mutually agreed upon
and the same and shall be operated upon jointly or severally by the partners or be such other
person or persons, as may be mutually agreed upon by the Partners.
13. The partners can arrange for any cash credit, overdraft or loan with such banks of banks or
other party or parties, secured, or unsecured on such teflIlS, as may be mutually agreed upon
by the partner.
t,· 14, The net Profit and loss ofthe business shall be divided between the Partners in the following
Proportions ;-
,
" 1- Sbri Kamal Gupta 50%
2- Shrimati Veena Rani 50%
'J 15. Goodwill account shall be created in the books of the firm as on 31st March,200S after
;. ~ consideringthe trade mark, firm's name, brand name etc.. and the same shall be credited to
,"' . ... the partner's capital account.
.- ~
16. The partners 'shall been entitled to withdraw such money or money as may be mutually
agreed amongst themselves. However, the partners shall forthwith repay any amount which
ontaking up all accounts appears to have been overdrawn by him.
. .
The business of the partnership shall be looked after by all the partners or any of them on
behalf of the other or others as may be mutually agreed upon between the partners and they
shall act deligently and intelligently in the interest of the Partnership concern,
18. All necessary and proper books of accounts shall be kept by the firm. The accounting year
of the firm shall close on 31!l March every year. At the end every accounting year, an
account shall be taken of all the assets and liabilities and of the Profit and Loss of the
Partnership for that year and the same shall be signed by each partners and net profit or
..... :.
», losses including profit or loss or capital nature of the partnership shall be divisible between
~!:{~ . . them in accordance with provisions of this DEED. . ,
.. .. :...
~~
V(~vV Contd. .. .4
~/l~
," ;
~ (.:c. _
,r ,
Truf opy
",
1...:.....-
L none of the partners can retire or withdraw from the partnership business without
giving notice in writing of his intention to retire but the retiring partners shall be
responsible for all the liabilities in connection with the partnership business outstanding
upto date of retirement and shall have to payoff his share of such liabilities before his
retirement.
~o. None of the partners except party of third part shall be bound to devote his whole time and
t
'021.
attention to the business of the partnership and will be at liberty to do any independent
service or to own or do any other business.
That none of the partners shall without the consent of the other partners sell, mortgage,
assign, or otherwise part with his.share or interest in the partnership business or property or
knowingly or willfully act, commit, or permit any act wJ1ereby the partnership is dislocated
or disturbed to the detriment of the other partners.
That in the event of the retirement of the partners I no allowance shall be made to the
retiring partner/s of the goodwill, trade name or contract value ofthe partnership business.
23. That the death, retirement or bankruptcy of any partner shall not lead to the dissolution of
the finn.
24. That the Partnership finn shall indemnity the Partners in respect of expenses incurred in the
,.: ordinary course of business for protecting the partnership finn from any loss.
)(~{ lC\.
True tlopy
13
Aj lLti'-,
rue OPY
.
f
CIN U74899DL1994PTC060138
Company Name MANGLAM DEVELOPERS PRIVATE LIMITED
ROC Code RoC-Delhi
Class of Company Private
Number ofMembers(Applicable in case of
company without Share Capital)
o
Date of Incorporation 11107/1994
92, PRAGATISHEEL APARTMENT ROHINI SECTOR-9
Registered Address
DELHI North West DL 110085 IN
Address other than RIo where all or any books
of account and papers are maintained
Whether Listed or not Unlisted
ACTIVE compliance
Date of last AGM 29/09/2018
Date of Balance Sheet 3110312018
Company Status(for efiling) Active
Charges
Charge Charge Date of Date of Stat us
Assets under charge
Immovable property or any interest therein; 174500000028/11/2008 24/01/2017 OPEN
CORPORATE GUARANTEE OF THE COMPANY
DIN/PAN Name Begin date End date Surrendered DIN
00087092 MOHIT GUPTA 01112/2013
01390329 RENU GUPTA 01112/2013
Tru~OPy
CIN U74899DL1994PTC060 165

Company Name MAGNIFIClENT OVESEAS PRIVATE LIMITED
ROC Code RoC-Delhi
Class of Company Private
Number ofMembers(Applicable in case of
company without Share Capital)
o
Date of Incorporation 11/07/1994
Registered Address
DELHI North West DL 110085 IN
Address other than RIo where all or any books
Email Id svp@ppjeweller.com
Whether Listed or not Unlisted
ACTIVE compliance
Date oflast AGM 3011112021
Date of Balance Sheet 31/03/2021
Charges
Charge Charge Date of Date of Stat us
Assets under charge
Immovable property or any interest therein; 1745000000 12/1212008 24/0112017 OPEN
CORPORATE GUARANTEE OF THE COMPANY
00086835 MUKESH GUPTA 26112/2005
00087092 MOHIT GUPTA 01112/2013
/G ~:<Q .
True opy
Company Master Data
Document PIO
CIN U74899DL1994PTC060171
Company Name AAKASH NIRMANUDYOG PRIVATE LIMITED
ROC Code RoC-Delhi
Company SubCategory Non-govtcompany
Classof Company Private
Numberof Members(Applicable in case of
company withoutShare Capital)
o
Date of Incorporation 11/07/1994
Registered Address
DELHINorth WestDL 110085 IN
Address otherthan RIowhere all or any books
Whether Listedor not Unlisted
ACTIVE compliance
Date of last AGM 30/1112021
Date of Balance Sheet 31/03/2021
Charges
Charge Charge Date of Date of Status
Assets under charge
Immovable property or any interest therein 560000000 12/09/2007 CLOSED
Immovable property or any interest therein;
CORPORATE GUARANTEE OF THE 174500000028/11/2008 24/01/2017 OPEN
COMPANY
00987868 ANSHU GUPTA 01/12/2013
07771542 SANDEEP KUMARGUPTA 28/03/2022
,,-k~~
True \JOP
Document PII
$-
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Reserved on: 03rd June, 2022
Pronounced on: 5th July, 2022
+ O.M.P (I) (COMM) No.186/2022
PAWAN GUPTA .... Petitioner

Represented by: Mr. Maninder Singh & Mr. Sanjeev
Kumar Dubey, Sr. Advocates with
·M r. Prabhas Bajaj, Mr. Karan
: Khanna, Mr. Udit Malik, Mr.
'. ,Himapshu '. Satija, Mr. Harshit
I<.hahdujp;. Mr. Rajmangal Kumar, Mr.
I Ris~~b4 \ : Thakur, Advocates. .
KAMAL GUPTA & ORS. I
CORAM:
HON'BLE MS. JUSTICE MINI PUSHKARNA
LA. 942712022 (filed by the appellant exemption from filing true

typed copies of the dim and/or improperly formatted and/or certified
copies of the documents)
1. Exemption allowed, subject to just exception.
2. Application stands disposed of accordingly .
O.M.P (1) (COMM) No.186/2022 Pagel 0[17

O.M.P (I) CCOMMl No. 18612022
1. The petitioner has filed the present petition under Section 9 of
the Arbitration & Conciliation Act, 1996, (hereinafter, referred as "the
Act") interalia praying for urgent protective orders with reference to
implementation of a family settlement arrived at between the family
members, to its fullest extent and in the letter and spirit of the terms
and conditions agreed between them.
2. The disputes between,the parties have arisen in relation to oral
. ...
Family Settlement dated 30:09.20 ':4; which -as per the petitioner has
. . ' I
been recorded in the Fa~ly Settle e l~ 'I1eed dated 20.06.2015 and
" ( ,
Family Settlement DeedLMemorciitd m 6f Understanding dated
09.07.2019 executed by the faplily.memoers. The petitioner is seeking
urgent reliefs under Sectionl9 I tlie~
, ' t for preservation of assets
~,
which are falling to the peti!iqner'l$ ~lhfre under the binding family
.. !~. '0 ...
. .. " , . I· · '
settlement between the 'famil~~m~ijlb~r~., ft~r the family settlement,
,I .. " I -3 c·
the family is identified1.~~ . " ',gro1,p ': ~. i'wan Gupta (pG) Group
~, . •, .' 1 I ' . ?\
and Kamal Gupta (KG) 6rou~ .....".' I'.: ~ • fl~ ~ '

3. The petitioner is the founding member of the family business of
PP Jewellers Group, which is engaged prima iLy in the business of
• • ~ .' t' •
manufacturing and sale Qi~~go el, p~(ciOu _ \, tones and jewellery.

Subsequently, the business was joined by other family members
including petitioner's elder brother She Kamal Gupta, respondent no. 1
and his family. The family members have incorporated various entities
for operating this business through a number of showrooms and have
also acquired immovable properties as well as valuable movable
assets including stocks of silver/gold/precious
True''fopy
O.M.P (I) (COMM) No.186/2022 Page2ofI7
stones/diamonds/jewellery etc.
4. Certain differences arose between the family members in the
conduct of the family businesses. In order to resolve all such
differences between the family members, a family settlement for
distribution of the assets and liabilities of the family
businesses/properties etc had taken place on 30.09.2014. As per the
case of the petitioner, the family settlement arrived at between the
family members on 30.09.2014,
. .was
. recorded subsequently in the
family settlement deed dated 20.06.;2015. The family members in
. .' I' .' ,
continuation of the aforesaid falluly' se '~leJUeilt dated 30.09.2014 and
.. ( .
20.06.2015, also executed MOU/Deettdated'09.07.2019.
5.
New Delhi - 1J0006].

-
.
J , . •
. .
,. ~
• •
ii. Karol Bagh ShOWf.o0tn ~ 001 sh B ndhu Gupta Road].
iii. Sadar Bazar Showroom [Shop No. 674-675, Rani Jhansi
Road, Baratooti, Sadar Bazar, New Delhi].
iv. Chandni Chowk Showroom [1178 Kucha Mahajani,
Chandni Chowk].
7. Under the terms of the family settlement it was agreed that the
Karol Bagh showroom of PP Jewellers shall fall to the share of the
o.sc» (l) (COMM) No.l8612022 T )rt-( Q~ Page30f17

rue ceev
petitioner, while the other showrooms as on that date shall fall to the
share of his elder brother, respondent no. 1 herein.
8. It was also agreed under the family settlement that the stocks of
gold, precious stones, diamonds, jewellery etc of the family business
as on 30.09.2014 shall get distributed/apportioned between the family
members as per their respective shares i.e. 23% to the share of the
petitioner and 77% to the share of ~espondent no. 1 and his family.
I
The summary of stock h-eld by tHe tliree entit ies as on 30.09.2 014 was
as under:-
S.No. Entity as on
30.09.20 14 [as "per
Stock Summary]
1. Rs.2,65,71,33,4291-
2. Rs. 45,40,01, 1201-
3. Rs. 1,88,54,54,8891-
Rs.4,99,65,89,440/-
9. Aggrieved by the non-implementation of the terms of the

aforesaid family settJ,ement, the petitioner h ...:approached this Court
w ) " , ' .
alleging that the petitioiier~s 'dmir broth ep,"re'spondent no. 1 has been
acting with grave malice towards the petitioner and is engaging
himself in various acts of omission and commission thereby seeking to
deprive the petitioner of his share in the family business and to
obstruct him in operation of the Karol Bagh showroom.
10. Mr. Maninder Singh, learned Senior counsel appearing for the
petitioner submitted that till date, the stocks have not been distributed
Signature t\0)Verified
~i~~~liJf7 au» (1) (COMM) No.186/1012 Page 4 0/17
S[gning DUlc:05.07.2022
17:59:41 .:..J
o --t
.7'7
companies.
12. It has further been contended on behalf of the petitioner that
some of the loans of entities of PP Jewellers group with various banks
appear to have been settled. Thus, total loan of approximately ~ 584
crores as on 30.09.2014 appears to have been settled for an amount of
approximately ~ 200 crores. The benefit of the difference in these
Signat~re.~,Verified
i;e
Digitally
By:PREETl
O.M.P (I) (COMM) No.186/2022 Page 5 of 17
SigningDate:05.07.2022
17:59:41 .:.J
amounts will also flow to the family members including the petitioner
herein.
13. Post the family settlement on 30.09.2014 and pending its full
and complete implementation by the respondents, the petitioner
continues to be on the Board of Directors and having share holding in
the various joint family companies and share in the immovable
properties and businesses. However, the financial and administrative
,
control of all the family concerns are under the control and
Supreme Court in the case of Kale Vs Dy. Director of Consolidation,

(1976) 3 sec 119 with respect to the binding effect of family
settlement.
15. It was submitted that annexures to the MOD/deed dated
09.07.2019 reiterate the petitioner's share of immovable properties, as
determined and allocated as per the family settlement dated
Signal~re~oVerilied
Digi\;)lIyi;~ O.M.P (1) (COMM) No.186/2022 Page 6 of 17
By:PREE11
Signing Datc:05.07.2022
17:59:41 '.:...I
0•'"' '''t: 1
30.09.2014 and recorded in the Family Settlement Deed 20.06.2015,

as under:-
A. 2700, Desh Bandhu Gupta Road, Karol Bagh , New Delhi
B. A-19, Block 9A, Jasola Vihar, Delhi
C. Flat No. 89, Second Floor, Lok Vihar Cooperative Group Housing
Society, at Vikas Puri, New Delhi 110018
D. Plot No. 142A/17, NSEZ, Noida, UP-20 1305
E. House no 224-A New Eayalpur, Shahdara Delhi- 110051.
. ,
16. Attention of this Court• wasalso
r '
drawn to order dated 30.07.2021
passed by Division Bencli o'f this . d~4 in F-AO (COMM) 120/2Q21,
• ..'" ..( I • , '
wherein directions had been made fQ if.1\
torize the entire stock of raw
materials and jewellery lying in the ''Karol Bagh showroom by
', : ,.
appointment of a Local Corpqiiss'i9ner.
, :rhus, it was prayed that a Local
.
t • '
Commissioner may be appointed :\ in t the present case also for

... ~
inventorising the stocks o[o89*' :<tiam: -p.~ j ~'rVellery etc held by the three
I' ~ ,
•• ~ ~.\
.. ..;. - .1'0<1', .... .. , •
entities viz PP Jeweller~. Pvt. .~fd;'M{s ' ft a ~<t F. lers (Delhi) and MIs PP
':1) .. ~. J II !~ '"
,.~ '/...-. . ,
, I I
~ I ~
<. :Ii i~:b \.I., '., •
Jewe II ers (Exports.) ,,,
- " ( , _ I • ~1\, ! i i'
17. The learned senior': counsel···f6r the petitioner also referred to

document P-20, registered Sale Deed dated 13.10.2021 with respect to
~ ,.
industrial plot in Harya a. It was ~I.}bm :tte.,d. tb~tcthe said industrial plot
., .. ~ .I ~' '~ . r: ~ '\
was owned by MIs Shree Shiv Ie eHers Pvt. Ltd., which is a family
concern, of which the petitioner and respondent no. 3, are the only two
directors. In the said company, the petitioner and respondent no. 1 each
have 50% shareholding. The said plot has been sold at an undervalued
rate by way of Sale Deed dated 13.10.2021, without any information or
knowledge to the petitioner.
18. It was strenuously argued on behalf of the petitioner that the
S ignal~rc &0Verified
Digil'IIY~~ O.MoP (I) (COMM) No.186/2022
X {[.9-LO' ,- ,
Page 7 of 17
lly:PREIITJ
Signing Dalc:05.07.2022 True Copy
17:59:4 1 .;.J
respondent no. I had discharged loan of Mis PP Jewellers Pvt. Ltd
with Axis bank and title documents of the showroom falling to the
share of petitioner i.e. showroom at 2700, Desh Bandhu Gupta Road,
Karol Bagh, had been taken away by respondent no. 1 from the said
bank recently. Instead of handing over the title documents of the Karol
Bagh showroom, these documents have been retained by Sh. Kamal
Gupta for his ulterior motives.
19, Court for urgent
20.
'.
, t
21. On the other h.and,..M~. ~~~l ~ik~~ , ~~pip.~Advocate on behalf of

the respondents has dispu ed the de~a of ' 'f amily settlement dated
20.06.2015. It was argued that the said deed had been signed only by
Kamal Kumar Gupta and Mukesh Gupta and not by rest of the family
members. It was contended that there was no binding family
settlement of 2015. Senior Counsel for the respondents referred to
Para III of Family Settlement Deed/MOD dated 09.07.2019. He
SignUIU!C ~
N~l Verificd
DigltnllY~c
Dy:PRBEITI
O.MoP (.1J1 \'/COMMIJ No.18612022 Page80/17
Signing Dnld15.07.2022
17:59:41 ,;.j
submitted that it was clearly recorded in the MOD dated 09.07.2019
that only drafts of settlement had been exchanged and that there was
no final and binding settlement between the parties.
22. It was further contended that under the family settlement dated
30.09.2014 as recorded in the alleged family settlement dated
20.06.2015 and MOD/Deed dated 09.07.2019 there was reciprocal
discharge by the petitioner, which
, has not been satisfied by the
~
petitioner. Therefore, the petitioner

.. cannot take any advantage of the
aforesaid agreements. Learned Se~iqr eouns,el for the respondents
drew the attention of this. . o~rt t .1 th~ ~su~ary of borrowings as
recorded in the family s~ttlemen't - e:eti dated 20.06.2015. As per the
amount was to be p~id

, as.- soon
..
,.
,
as possible bY.'
. '
,.:-
f j · ....
0_
the petitioner and his
son to the respondent no. ,whL11' as fiert 'ee.h~aone. For convenience,
Clause 5 of the family settlement deed dated 20.06.2015 is reproduced
as below:-
U5. The party owning the liabilities in excess of the
amount for which he is liable in terms of the annexure
'Business' shall be entitled to receive the amount from
the other party who has owned the liabilities in short of
the liabilities coming to his share in cash as soon as
Signature ~o )Verified
~~~~i~ O.M.P (1) (COMM) No.186/2022 Page 90f17

Signing Dale:05.071 022
17:59:41 •.:.J
possible from the execution ofthis settlement deed. "
23. Further, referring to the said table to summary of borrowings, it

was submitted that total borrowing from the banks was 614 crores and
every group had taken some responsibility to pay the loans. However,
the petitioner had taken "nil" responsibility for repayment of the loan.
24. While referring to the aforesaid Clause 5, learned senior counsel
for the respondents further contended that 23% share in favour of the
I
petitioner not only referred : to...~~~ets) but also liabilities of the

r,
petitioner.
, I ' J
' "
I
. ,'
25. It was contended on -behalf of t.he-'fe~pondents that Clause 10 of
, , ' >
the family settlement deed dated

,
09:R7.2Q. 9 clearly stipulates that the
assets allocated to the members of the 'KG and PG group shall be
" J I
transferred to the members si&nat9 . :'to"this settlement, only upon

• l •• • t.
clearing of their respecyy.e sh.a .'~ of:habi) ttx. Clause 10 of the family
.' " '" _ 9 1 ..' .; • I ' . , : • ~.. .~ , '\1: I
settlement deed dated 09.01'.Zb 19: fiplJliites as fo llows»
~. ' ··...' i.' . ':'1 'C ,~ .1 I a!'\ I .
"10. That the p~btes. .'

~in, ·!/,;'th~i:!li'e,/4s~ets, mentioned in
·i. :i~I~'. CJI .,' "," t: -'" ¥
Annexures C, C-l . 'all " -"E;:" l(l¢filjfiedlallocated to the

members of KG .GnJUp "a;zc[ ' PG Group, shall be
immediately transferred to the member (s), signatory to
this settlement, upon clearing of their /f{spective share of
, bility
Ila 1 I .....
" . ',;.: ':, :~ '" '. .... ,
,.; ".. ',., ' I I ., ,'
II !i 1
~ J ~ i .. .:.
0'. '
-
· 0
", ' .., .... \. 0: :,...
26. Attention of the Court was also drawn to Clause 14(b) of the
Deed/MOU dated 09.07.2019 to contend that the loans had to be paid
both by the Kamal Gupta and the Pawan Gupta group (herein referred
to as "KG and PG group") for their respective share of liabilities,
which is reproduced for ready reference:-
"b. Loans, if any, existing as on 30.09.2014 (only and not
Signature ~oVerified
Digilnlly~i: O.MoP (1) (COMM) No.186/2022 Page lO of 17
Dy:PREIITI
Signing Dnl':p S,07.2022
17:59:41
any new loans availed thereafter) of any Bank, other than
mentioned in the six banks, referred hereinabove, shall be
paid by KG Group and PG Group for their respective
liabilities in the proportion of 77% and 23% to the said
bank from personal/other sources. If any group has taken
any loan or incurred any liability after 30.09.2014, the same
shall exclusively be liability ofthat group only. "
27. As regards the contention of the petitioner regarding payment of

loan to Axis bank and receiving the-title documents of showroom at
Karol Bagh, it was submitted ~p~ the said loan pertained to PP
• • f
Jewellers and not loanagainst the, 'salg Show.f~om. Since 77% share in
,
the liability was that of the .r~sppnd~rits; t»ey paid the said loan and
I • • • •
obtained the title documents of the,"!<aro. Bagh showroom being run

by petitioner. ',;
28.
120/2021 referred to inventory only in the showroom at Karol Bagh.

,
29. In rejoinder, he learned senio C9U~~~1 .
or the petitioner has
y ~
t; . -a"'.,
.I
Jt , "
•
contended that though the' stock .nveht ry 'was done in September

2014, however, 23% share of the petitioner in the said stock has still
not been given to him, thus fresh inventory has to be done. He referred
to the deed of family settlement dated 28.06.2015 in order to stress
that it was agreed among the parties that the stock of precious metal
and stones at various showrooms shall be allocated among the parties
Signature ~o)Veri fied

~~~~i~ O.M.P (I) (COMM) No.186/2022 Page 11 of17
Signing Dute:OS m .2022
17:59:41 I.;.J
in the respective ratio of the shares of the parties.
30. It has further been contended on behalf of the petitioner that the
loan amount was ~ 614 crores and 23% of the said loan amount
comes to ~ 141 crores . The respondents have settled the loan of 614
crores to the extent of ~ 200 crores. Therefore, 23% of ~ 200 crores
comes to ~ 45 crores. Thus, it was contended that the liability of the
petitioner is only to the extent of ~ 4? crores. It was further contended
31. Both the submissions at great

length.
32. It is trite to Court is not to
drafts of settlement exchanged between the parties; whether there was

reciprocal discharge by the petitioner or whether the petitioner has not
discharged his obligations under the family settlements dated
30.09.2014,20.06.2015 and 09.07.2019, and to what extent, before the
same could be acted upon, are subject matter of dispute to be decided
by the Arbitral Tribunal. This aspect cannot be examined in the
Signature ~N
?l Verified
Digillllly i ;", O.M.P (/) (COMM) No.186/20Z2 Page 120117
Dy:PRIillTI
Signing Dal::pS.07.2022
17::;9:41
present proceedings. This issue is left open to be agitated by the
parties before the learned Arbitral Tribunal.
34. It is seen from the documents on record that family settlement
deedlMemorandum of Understanding dated 09.07 .2019 was executed
between the parties. The said family settlement deed / MOU contains
an arbitration clause that stipulates that in the event of any dispute or
difference arising out or in relation t~ the interpretation of any clause
of the said MOU/agreement, the same shall be settled by a sole
Arbitrator to be appointed by mutua
. .l consent of the parties to the
. ' I
agreement. This Court has .entertaipe<;l t ,e present petition on the basis
of the aforesaid clause. v
35. A perusal of deed/MOU dated

e ibers have been categorised
states that the residential house at C-19, Rana Pratap Bagh, an

undivided common property, shall be distributed amongst the
'. . :. ~ .
parties in the following-s] at ~ : - ' ._- .~~
PG Group-25%, and
KG Group-75%
36. Further, the deed/MOU dated 09.07.2019 states as follows»
lI5. The net asset value of the immovable properties, as on
30.09.2014, were already determined and immovable
properties were earmarked and allocated amongst the KG
Group and PG Group, as on 30.09.2014 as mentioned in
Signature !:!~)Verified
~~~~~7 O.M.P (1) (COMM) No.186/102Z Page 130/17
Signing Dale:1l5.07.2022
17:59:41 '...l
37. Thus, it is clear that there are joint family properties in which
the petitioner also has share.
38. The respondents have not denied that the title documents with
respect to showroom in Karol Bagh, falling under the share of the
petitioner have been taken by them after clearing the loan of the Axis
Bank. The respondents have only sought to explain the same by
SignaturerPN?tVerified
Digilallyi;e O.M.P (I) (COMM) No.186/2022 Page 14 of 17
ny:PREETI
Signing Date:05.07.2022
17:59:41 I~
stating that the loan in question pertained to the company and was not
against the said particular showroom. Similarly, the respondents have
not denied the registered sale deed dated 13.01.2021, which the
petitioner submitted pertained to joint family property and petitioner
being 50% shareholder and director was not even aware of the said
sale.
39. exist between the parties with respect to
cause any
utilising the premises bearing no. 2700, Desh-Bandhu Gupta Road,

.. .. " • r , •._ _ --' • ~-t'
•
Karol Bagh, New Delhi,Jor oondtl t of)hi bu iness.

40. It is clarified that this order shall operate till such time the
Arbitral Tribunal decides the petitioner's application under Section 17
of the Act, if so filed. If no application under Section 17 is filed by the
petitioner within 4 weeks of the appointment of the Arbitral Tribunal,
the interim order shall lapse.
Signalurca>0Verified
DigitnlIY~~
8y:PREIIT
QM.P IjllCOMMIINo
• • 1'1 I '
186/2022 Page1Sof17
Signing Dale:05.07.2022
17:59:41 '.:.J
41. Mr. Ravi Sikri, learned senior counsel for the respondents has
rightly drawn the attention of this Court to Document P-13, P-14 and
P-15, which are the stock statement as on 30.09.2014 of the three
entities viz PP Jewellers Pvt Ltd., Mis PP Jewellers (Delhi) and Mis
PP Jewellers (Exports). Perusal of the aforesaid documents clearly
show that inventory of the stocks as on 30.09.2014 has already taken
place. Therefore, the interest of the _petitioner, if any, as regards his
, .
23% share in the aforesaid
. stock
. as inventorized on 30.09.2014, is
secured. Even otherwise, the re~pon.dent~ have denied the alleged
• I. ,1 .1 I
family settlement dated 2Q.06.20 ~.5 · ~~mftep.ding it to be only a draft.

Therefore, at this stage, it is not c~nsfq / i:t'appropriate to appoint any
Commissioner in the said case was directed in different circumstances

and in separate proceedings .pertaining to the .dispute between the
~ • • ; i.;'"
parties relating to u~e ~ ot th~·\tr defuar ' s7~ogos of the respondent
companies. Besides, perusal of the said order shows that the parties
themselves had agreed that entire stock of raw materials and jewellery
lying in the Karol Bagh showroom should be inventorised.
43. At this stage, it may be relevant to refer to the judgment in the
case of Arcelor Mittal Nippon Steel India Limited Vs Essar Bulk
Terminal Limited, (2022) 1 sec 712, wherein the Hon'ble Supreme
Signal~re?t0Verified
DigilnllY~c ,/(t'L c t-~ ·~
O.M.P (1) (COMM) No.186/2022 Page 16 of 17
Dy:PREETI
Signing Dald15.07.2022
17:59:41 .::J
True COP'Y
Court has held as follows:;
"63. To discourage the filing of applications for interim
measures in courts under Section 9(1) of the Arbitration
Act, Section 17 has also been amended to clothe the
Arbitral Tribunal with the same powers to grant interim
measures, as the Court under Section 9(1). The 2015
Amendment also introduces a deeming fiction, whereby an
order passed by the Arbitral Tribunal under Section 17 is
deemed to be an order of court for all purposes and is
enforceable as an order ofcourt. "
44. Accordingly, the present> petition allowed In the

I I
aforesaid terms, . . .
45.
be construed as an
expression disputes between the
parties.
JULY 05, 2022

c
.0,
~"
Signature Not Verified

Digjtally~~.J
D),:PREETlJ
O.M.P m 'COMM) No.186/2022
\..... I' Puge 170/17
Signing D:1ld15.071022
17:59:41 .:.J .AcL~ I
True Copy
I~
SPEED POST laA1L

July 08, 2022
To,
Mr. Kamal Gupta,
C-I9, Rana Pratap Bagh,
Delhi 110007
... Noticee No.1
Mrs. Veena Gupta,

Delhi 110007
... Noticee No.2
Mr. Mukesh Gupta,

Delhi 110007
... Noticee No.3
Mr. Mohit Gupta,

Delhi 110007
... Noticee No.4:
Mrs. Shikha Gupta,

Delhi 110007
... Noticee No.5
Mrs. Anshu Gupta,

Delhi 110007
... Noticee No.6
WITHOUT PREJUDICE
Subject: Notice under Section 21 of the Arbitration and Conciliation Act,

1996, for commencement of the Arbitration Proceedings and
Appointment of the Sole Arbitrator.
~-
011-43542057 G-l, LGF,JangpuraExtension, Delhi·110014 info@iurisconsultus.in 1
J(t.
True Copy
1b (
IURIS
CONSUlTUS
AdVOloles ond Legol Canlullonll
Reference: Oral Family Settlement dated 30.09.2014 as recorded in the
Family Settlement Deed dated 20.06.2015 and followed by the
Deed dated 09.07.2019.
Respected Sir / Ma'am,
That under the instructions of and on behalf of by my Clients, (i) Mr. Pawan
Gupta, S/o Sh. Late Sh. Muna Lal Gupta, and (ii) Mrs. Renu Gupta, wife of
Mr. Pawan Gupta, residents of C-19, Rana Pratap Bagh, New Delhi - 110007,
I hereby serve you with the following Notice under Section 21 of the
Arbitration and Conciliation Act, 1996,. It is stated as under:
1. That the present notice is being sent while invoking the arbitration
agreement between you, the Noticees, and my Clients, inter alia, under
clause 16 of the MoU I Deed dated 09.07.2019 which is reproduced as
under:
"In the event ofany dispute or differences arising out or in relation

to the interpretation ofany clause ofthis MOU/Agreement, the same shall
be settled by a Sole Arbitrator to be appointed by mutual consent ofthe
parties to this Agreement. If any group/partyfails to agree to the name of
a Sole Arbitrator, the same shall be appointed by the Hon 'ble Court of
Delhi at New Delhi in accordance with Arbitration and Conciliation Act.
1996 as amended. The place ofArbitration shall be at Delhi".
2. That as you are aware, my Client, Mr. Pawan Gupta, has also filed a Petition
under Section 9 of the Arbitration and Conciliation Act, 1996, before the
Hon'ble Delhi High Court, seeking interim reliefs qua the assets which are
subject matter of the Family Settlement and the MoU I Deed dated
09.07.2019. The said Section 9 Petition [ being a.M.p. (1) Comm. 186 of
2022 ] has been disposed of vide judgement I order 05.07.2022 of the
Hon'ble High Court, granting interim reliefs to my Client as recorded in the
said judgement I order dated 05.07.2022. That the contents of the said '
Petition, including the averments made therein and the documents relied
upon, as filed under Section 9 be treated as an integral part of the present
Notice and are not being repeated I reproduced for the sake of brevity.
3. Briefly stated, my Client, Mr. Pawan Gupta is the founding member ofthe
family business of P.P. Jewellers Group, a group engaged primarily in the
business of manufacturing and sale of gold, precious stones and jewellery.
~ Whi1e the business was started by my Client in the year 1980, it was
011-43542057 0-1, LOF,Jangpura Extension, Delhi-l10014 info@iurisconsultus.in 2

,A1z~
True oPY
.tM~~t~
subsequently joined by the other family members including his elder
brother Sh. Kamal Gupta [ Noticee No.1] and his family. Over the years,
the business has grown multi-fold under the experience I stewardship and
guidance of my Client. The family members have incorporated various
entities for operating this business, through a number of showrooms, and
have also acquired various immovable properties as well as valuable
moveable assets including stocks of silver I gold I precious stones I
diamonds I jewellery etc.
4. In the year 2014, on account of certain disputes arising between the family
members, it was decided to partition the assets I businesses etc. between the
family members, for arriving at a peaceful and amicable family settlement.
With respect to the disputes, the family settlement was arrived at between
the family members on 30.09.2014, which has been recorded in the family
settlement deed dated 20.06.2015.
5. The family members, in continuation of their family settlement dated

30.09.2014 recorded in the written family settlement deed dated
20.06.2015, have also executed the MoU I Deed dated 09.07.2019.
6. Under the terms of the family settlement, the share ofmy Clients [described
as the Pawan Gupta Group] has been decided as 23% in the family business
I assets I properties etc., while the share of the Kamal Gupta Group has
been decided as 77% in the family business I assets I properties etc..
7. My Client, despite being the founder of the business and being entitled to
at least 50% share in this business, only with a view to buy peace, larger
growth I prosperity to the entire family, and not to have any further dispute
with his elder brother and his family, has agreed to the lesser share of23%
in the family business.
8. Further, under the terms of the family settlement, it had been inter alia
agreed that the immoveable property at 2700 Desh Bandhu Gupta
Road Karol Bagh New Delhi i.e the Karol Bagh showroom of P.P.
Jewellers [as well as certain other immovable properties], would fall to the
exclusive share of my Client, while the other showrooms and certain other
immovable properties as on that date [i.e. as on 30.09.2014] such as
Pitampura, Chandni Chowk, Sadar Bazaar etc. shall fall to the share of the
Kamal Gupta Group.
011-43542057 o-r, LGF, Jangpura Extension, Delhi-ll0014 info@iurisconsullus.in 3

103
IURIS
CONSUlTUS
Ad.alalnand Lesal (onsullants
9. All family members shall be entitled to use the trademark and logos of"P.P.
Jewellers", "PPJUand "PP" for their respective independent business(es).
10. It has also been agreed under the family settlement that the stocks (of gold,
precious stones, diamonds, jewellery etc.) of the family business as on
30.09.2014 shall get distributed / apportioned between the family members
as per their respective shares - i.e. 23% to the share of Pawan Gupta Group
and 77% to the share of Kamal Gupta Group i.e. the Noticees herein.
Having regard to the lesser share in the family business, and only one
showroom (Karol Bagh showroom - at 2700, Desh Bandhu Gupta Road)
from various existing showrooms belonging to the family as on that date
becoming available to my Client under the family settlement, the quantum
of the liabilities assigned to the him is "NIL", while Sh. Kamal Gupta and
his family were to discharge the liabilities of the Banks in terms of the
family settlement.
II. That admittedly, the business at the Karol Bagh showroom (at 2700, Desh
Bandhu Gupta Road) which has fallen to the share of my Client from the
date of the family settlement, is being operated by my Client and his family,
independently.
12. That my Client has always remained sincerely committed for complete
implementation of the family settlement in letter and spirit.
13. Unfortunately, despite all efforts of my Client to not to engage in any

further disagreement / dispute between the family members, and
independently operate his business in terms of the family settlement, you
the Noticees, particularly Noticee No.1, Sh, Kamal Gupta, individually and
through your representatives / other family members / the entities controlled
by you, have been acting with grave malice towards my Client -
and engaging in various acts of omission and commission thereby seeking
/ attempting to deprive / prejudice my Client even with respect to the lesser
23% share agreed to by my Client for larger interest and growth of the
family, and also to obstruct him in operation of the Karol Bagh showroom
(at 2700, Desh Bandhu Gupta road) which has fallen to his share under the
family settlement.
14. You, the Noticees, alongwith your representatives and the entities
controlled by you, have refused to fully comply with your obligations under
the Family Settlement. Some of your breaches have also been highlighted
011·43542057 G·l, LOP, JangpuraExtension,Delhi-ll0014 info@iurisconsultus.in 4
~.~
True Copy
! CJl(
" ~M~~~~
in a.M.p. (I) Comm. 186 of 2022, the contents whereof, as mentioned
hereinabove, are an integral part of the present Notice.
15. That my Clients, on their part, have acted in the best interest of the family
and its businesses, and cooperated with, you, the Noticees, believing that
you shall also act upon and discharge your obligations as agreed under the
family settlement, including by handing over proportionate share of the
assets including the proportionate share in the stocks of the firms and
companies as agreed in the Family Settlement, as on 30.09.2014. However,
you the Noticees, have failed to fully act upon and discharge your
obligations under the family settlement, including by not providing my
Client's share in the stocks of P.P. Jewellers Pvt. Ltd., P.P. Jewellers
(Delhi) and P.P. Jewellers (Exports), as on 30.09.2014; and also by failing
to comply with your obligations in relation to the immoveable properties
falling to the share of my Clients under the Family Settlement. While
enjoying all benefits becoming available to you under the Family
Settlement, you the Noticees, are refusing to act upon your obligations in
relation to the shares of other family members including my Clients.
16. My Client has made all efforts and attempts, including mediation, for
achieving the complete implementation of the family settlement, however,
all such efforts have been in vain.
17. It is evident that various disputes including the dispute qua enforcement of
the MoU / Deed dated 09.07.2019 as well as the actual distribution of
Assets, including stock and immovable properties, have arisen between the
parties. In this background, my Clients are constrained to issue the present
Notice invoking the arbitration clause, for adjudication of all disputes
between the parties, through arbitration.
18. In view of the above, the present Notice under Section 21 of the Arbitration
and Conciliation Act, 1996, is being issued to you, the Noticees, on behalf
of my Clients.
19. That the arbitration clause stipulates for appointment of a Sole Arbitrator
through mutual consent, for adjudication of the disputes between the
parties. In furtherance thereof, my Client hereby proposes the names ofthe
following persons to adjudicate upon all disputes, as the Ld. Sole
Arbitrator:-
011-43542057 G-l, LGF,ll1ngpura Extension, Delhi-ll0014 info@iurisconsultus.in

Tt~"'foli~
5
««
a.
"l~~~l~
Hon'ble. Mr. Kurian Joseph (Fonner Judge of Supreme Court of
India);
b. Hon'ble Ms. Indu Malhotra Fonner (Fonner Judge of Supreme

Court ofIndia);
c. Hon'ble Mr. Justice Badar Durrez Ahmed (Fonner Chief Justice of

Jammu and Kashmir High Court).
20. You, the above named Noticees, are requested to furnish your consent to
anyone of the above-named persons to act as the Ld. Sole Arbitrator and
to adjudicate all the disputes and differences between the parties. Your
consent to anyone of the above-mentioned names, be shared expeditiously
and not later than 7 days from the date of this Notice, failing which it shall
be construed as an acceptance of the Ld. Sole Arbitrator who is appointed
by my Clients on behalf of all parties.
21. A copy of this Notice is also being sent to the following entities which are
under the control of and I or are being managed by the Kamal Gupta Group
and I or his family members:
a. Mis. P.P. Jewellers Pvt. Ltd.

Pitampura New Delhi - 110006
b. Mis. P.P. Jewellers (Delhi)

Mr. Kamal Gupta and Mr. Mukesh Gupta,
Chandni Chowk, Delhi - 110006
c. Mis. P.P. Jewellers (Exports)

Mr. Kamal Gupta and Mrs. Veena Gupta,
2681-83a, Gali No.2, Beadonpura,
Karol Bagh, New Delhi - 110005
d. Mis. Manglam Developers Private Limited

Rohini Sector-9,
Delhi - 110085.
c.---
) \&~
True oPY
011-43542057 G-l, LGP, Jangpura Extension, Delhi-ll0014 info@iurisconsultus.in 6
e. Mis. Magnificient Oveseas Private Limited
Rohini Sector-9,
Delhi - 110085.
f. Mis. Aakash Nirman Udyog Private Limited

Rohini Sector-9,
Delhi - 110085.
g. Mis. Shree Shiv Jewellers Private Limited

2681183, Gali No.2,
Beadonpura, Ajrnal Khan Road,
Karol Bagh, New Delhi - 110005.
22. That the present Notice is being issued without prejudice and my Clients
reserve the right to seek all reliefs available to them in law and under the
Family Settlement, including their right to make any additional or further
claims during the arbitration proceedings.
23. A copy ofthis 7-page Notice has been retained by my office for our records
and further action.
On behalf of Mr. Pawan Gupta, and Mrs. Renu Gupta:
~~Kh-ann-a,
Advocates,
New Delhi-l10024
Place: New Delhi kk@iurisconsultus.in;
Date: 08.07.2022 +919899858755
)0((
True Copy
01143542057 G-I, LGF, Jangpura Extension, Delhi-I 10014 info@iurisconsultus.in 7
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09/07/2022 18:31 :30 Delhi GPO Item Delivery Confirmed
09/07/2022 10:29 :07 Delhi GPO Out for Delivery
09/07/2022 08:46:24 Delhi GPO Item Received
09/07/2022 05:19 :45 New Delhi NSH Item Dispatched
08/07/2022 19:41 :29 Ladi Road HO Item Bagged
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09/07/2022 09:35:00 Saraswati Vihar SO Out for Delivery
09/07/2022 08:46:24 Delhi GPO Item Received
09/07/2022 07:41 :11 Saraswati Vihar SO Item Received
09107/2022 05:19 :45 New Delhi NSH Item Dispatched
09/07/2022 01 :35:56 New Delhi NSH Item Bagged
08/07/2022 18:01 :10 Lodi Road HO Item Booked
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M Gmail Karan Khanna <kk@iurisconsultus.in>
Reply to notice under section 21 of Arbitration and Conciliation Act

Tarun Singia <tarunsingla@yahoo.com> Sun, Ju117, 2022 at 12:58 PM
To: "kk@lurlsconsultus.ln" <kk@iurlsconsultus.ln>
Sir,
Attached is the reply to your notice dated 08.07.2022.
Regards
Tarun Singla
Advocate
Enrol. No. 0-650/2000
#79, Siddhartha Encalve, Ashram Chowk, New Delhi- 110014
#289, Sector 8, Faridabad - 121 006
Mobile 9810202014
~ Reply.pdf
633K
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True Copy
'Z>UCJUMf.~r p 13 12-1
TARUN SINGLA
Advocate & Solicitor
Enrollment No.D-65012000
Through Speed Post

Date: 16.07.2022
Mr. Karan Khanna,

Advocate
New Delhi-II 0024
My clients: (i) Mr. Kamal Gupta; (ii) Mrs. Veena Gupta; (iii) Mr. Mukesh Gupta;
(iv) Mr. Mohit Gupta; (v) Mrs. Shikha Gupta; (vi) Mrs. Anshu Gupta,
all residents ofC-19, Rana Pratap Bagh , Delhi-110007 .
Sir,
My clients have handed over your notice dated 08.07.2022 to me with instructions
to reply as under:-
1. At the outset my Clients dispute and deny the contents of your notice dated
8.7.2022. My Clients instruct me to inform that the validity, legal effect
and the legal status of Family Settlement deed dated 20.6.2015 and Family
Settlement Deed dated 9.7.2019, which documents have been referred in
your notice under reply, is presently sub judice in CS (Comm .) No. 1551
of 2021 pending in the court of District Judge, Commercial Court-Oo,
District Central, Delhi.
2. The issue of status of these Family Settlement document being an issue sub
judice and pending in a prior proceeding, your attempt to invoke arbitration
on the same issue is clearly barred by law.
3. My Clients have disputed the legal efficacy of and the alleged binding
status being accorded to the said documents and reiterate the same in
response to your untenable attempt to invoke arbitration.
4. Without prejudice to the foregoing, my Clients further instruct me to state

that they are not agreeable to the suggested names HMJ Kurian Joseph
(Retired) or HMJ Indu Malhotra (Retired) or ofHMJ Badar Durrez Ahmec
(Retired) for purposes of appointment as an arbitrator.
# 79 Siddhartha Enclave, Ashram Chowk, New Delhi-110014

1
# 289, Sector-B. Faridabad, Haryana:::121006

Mabile: 9810202014 Email: tarunsingla@yahaa.com
1
TARUN SINOLA
Advocate & Solicitor
Enrollment No.D-65012000
5. Without prejudice to the aforestated contentions, My Clients instruct me to

state that the issues/disputes which are subject matter of aforesaid
commercial suit cannot be subject matter of the arbitration being proposed
by you since you have waived your right to refer matters to arbitration.
6. In the circumstances you are hereby called upon to withdraw your Notice
dated 8.7.2022 with immediate effect under intimation to the undersigned.
Thanking you,
Yours faithfully
Tarun Singla,
Advocate
# 79, Siddhartha Enclave, Ashram Chowk, New Delhi-110014

# 289, Sector-B. Faridabad, Haryana-121006
Mobile: 9810202014, Email: tarunsingla@yahoo.com

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IN THE HIGH COURT OF DELHI AT NEW DELHI

ORDINARY ORIGINAL CIVIL JURISDICTION

ARBITRATION PETITION NO. OF 2022

IN THE MATTER OF:

PAWAN GUPTA & ANR.

KAMAL GUPTA & ORS .

s. No. Particulars Page No.

3. Court Fees along with One Time Process Fee 5-t;

11. Affidavit of Service with Proof of Service 79-82

PART-II (APPLICATION PART)

S.NO PARTICULARS PAGE NO.

Application under Section 151 of the Code of

S.NO PARTICULARS PAGE NO.

PART-IV (LIST OF DOCUMENTS)

S.N Details of Documents Original, Mode of Line of Page

5. Document- P4 Petitioner Typed Self- Petitioner

6. Document- P5 Petitioner Original MCA Petitioner

7. Document- P6 Respondent Photocopy Photocopy Respondent

8. Document- P7 Respondent Photocopy Photocopy Respondent

11. Document- Petitioner Original MCA Petitioner

12. Document- Petitioner True Copy Delhi High Petitioner

14. Document- Petitioner Original Speed Post Respondent

Through .i;Z\~O. 1 ~:nr.l~~

s. No. Particulars Page No.

Petition under Section 11 (5) of the

9. Statement of Truth 7-/- 7'1

11. Affidavit of Service with Proof of Service

IN THE HIGH COURT OF DELHI AT NEW DELHI

ARBITRATION PETITION NO. OF 2022

IN THE MATTER OF:

PAWAN GUPTA & ANR. ... PETITIONERS

KAMAL GUPTA & ORS. ...RESPONDENTS

Nature of the matter Petition under Section 11 of the

Statutes invoked Arbitration & Conciliation Act,

Through A\e~NO. 1~:n~ _

ti ioner No.1 I Petitioner No.2

imansh ~a and Harshit Khanduja,

ORDI NARY ORIGINAL CI VIL J URISDICTION

A R BITRATION P ETITION NO. O F 2022

IN THE MATTER OF:

PAWAN GUPTA & ANR. . . .PETITIONER

GOVERNMENT OF NCT OF DELHI

e-COURT F~E AMOUNT : f 200

ORDI NARY ORIGINAL CIVIL JURISDICTION

ARBITRATION PETITIONNO. OF 2022

PAWAN GUPTA & AN R. . . .PETITIONER

e- COU RT F EE AMOUNT : <2000

o 11111 111111111 11111111111111 1111111111111111111111111111111 0

Anvocates tor me Pentroners;":

ORDINARY ORIGINAL CIVIL JURISDICTION

ARBITRATION PETITION NO. O.F 2022

IN THE MATTER OF:

PAWANGUPTA&ANR. ... PETITIONER

KAMAL GUPTA & ORS. ...RESPONDENTS

Through p ~\:No. l l~31kuy.

s/o Late Shri Muna Lal Gupta

s/o Shri Govind Ram Gupta

"In the event ofany dispute or differences arising out or in relation

A. BRIEF BACKGROUND OF THE FAMILY

2. Mr.· Pawan Gupta, the Petitioner No.1 herein, is the founding

4. In the year 2014, on account of certain disputes arising between the

5. It is submitted that the Petitioner No. I, being the founder of the

6. It is respectfully submitted that the family members, in continuation