A bench of Justices Dalveer Bhandari and A K Patnaik suspended the jail term after Fouzia’s advocate P Nageshwar Rao informed the court that she had reached an out-of-the-court settlement with her creditor Rajesh Malhotra of Chennai.
Fouzia is the grand daughter of Sir Mir Osman Ali Khan Bahadur, the seventh Nizam.
She will pay about Rs 1.02 crore along with interest to Malhotra, who had made an advance payment for a land deal.
As Malhotra’s counsel G Sivabalamurugan too confirmed Rao’s statement, the bench set aside the jail term imposed by a court in Chennai.
Sivabalamurugan said according to the compromise reached between Fouzia and Malhotra, she was expected to transfer two or three pieces of her landed properties in Hyderabad to his client.
As a cheque signed by Fouzia bounced, she was asked to pay a compensation of Rs 10 lakh to Malhotra and was also awarded a year-long jail term by the Chennai court.
Fouzia had approached the apex court against this ruling, but before her petition could be taken up for hearing, she reached an out-of-the-court settlement with Malhotra.
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