A division bench of Apex Court held as follows

From Para 14,

14. The contents of the FIR as well as the chargesheet would have to be read in light of the ingredients mentioned in the aforesaid Sections and in light of the facts and circumstances of these cases. The FIR as well as the charge-sheet have invoked Sections 406, 419, 420, 467, 468, 471 and Section 120B of the IPC. The aforesaid Sections are reproduced above. We fail to understand as to how the allegations against the appellants herein could be brought within the scope and ambit of the aforesaid sections.

From Para 17,

17. On a reading of the FIR as well as the charge-sheet, we do not find that the offences aforestated is made out at all. We do not find any criminal breach of trust nor any cheating by impersonation. There is also no cheating and dishonestly inducing delivery of property, nor has any documents referred to any forgery or security or any forgery for the purpose of cheating. There is no reference to any document which has been forged so as to be used as a genuine document and much less is as there any criminal conspiracy which can be imputed to the appellants herein in the absence of any offence being made out vis-a-vis the aforesaid Sections.

From Para 19,

19. On a careful consideration of the aforementioned judicial dicta, we find that none of the offences alleged against the Accused-Appellants herein is made out. In fact, we find that the allegations of criminal intent and other allegations against the Accused-Appellants herein have been made with a malafide intent and therefore, the judgment of this Court in the case of Bhajan Lal and particularly sub-paragraphs 1, 3, 5 and 7 of paragraph 102, extracted above, squarely apply to the facts of these cases. It is neither expedient nor in the interest of justice to permit the present prosecution to continue.

From Paras 21-23,

21. We find that in recent years the machinery of criminal justice is being misused by certain persons for their vested interests and for achieving their oblique motives and agenda. Courts have therefore to be vigilant against such tendencies and ensure that acts of omission and commission having an adverse impact on the fabric of our society must be nipped in the bud.
22. We say so for the reason that while the second respondent-complainant has made grave allegations against the appellants herein and on whose behalf a charge-sheet has also been filed against such allegations has failed to appear before this Court to justify the same. Such acts would not only cause deep fissures and mistrust between people and also unnecessarily burden the law courts and the criminal justice system.
23. We are constrained to make the aforesaid observations particularly having regard to the fact that the second Respondent complainant having made the allegations against the appellants and others has failed to appear before this Court to justify the same. The non-appearance of the second respondent before this Court is indicative of his prejudicial attitude and temperament and his inability to justify any of the allegations against the appellants herein and therefore his absence in this proceeding.