Allow Grants for Role

The inclusion of 'author' and 'all' grants in this module was reluctantly added because if this is the only nodeaccess module enabled, it kills the default drupal author/all grants.
This module is not intended to be your one-stop nodeaccess shop. You're supposed to use another nodeaccess module to set up your admin grants according to whatever criteria you like. See the project page for a link to such modules. Many solutions exist, and it is bad practice to duplicate the functionality of those modules.

I still think this would be nice feature otherwise content could be only accessible to
Two users ie author and user who is referenced.
or
All users

As op mentioned only way this way can be accomplished is by granting Bypass content access control to particular role.
example use case could be conference system where guide1(author) and student(user ref) are the two users and other users(role guide) can also view/edit.

So in other words, you have a requirement on your project that you are trying to solve, so you find a module that is vaguely related but doesn't actually do what your client needs, but you've already decided someone else is going to do some free work for you, and even though it has been pointed out that this feature is out of scope for the module you won't take no for an answer.

Though on a side note, I'm in favour of this which would also solve the problem https://www.drupal.org/node/1540090