notice to pledgor
prior to effecting sale, Regulation 58 provides for notice
post invocation and on which invocation beneficial
ownership of pledged shares changes from ... distinction drawn in the Letters of Pledge aforequoted
between invocation of pledge, whereupon the beneficial
ownership in pledged shares, under Regulation 58 , was to
stand
outstanding amount of Rs.
616,09,48,616/-.
iii. Pledge Invocation Notice
dated 12th June, 2020
thereby invoking ... pledged shares under the
Share Pledge Agreement to
recover the amounts due
and payable by Essel.
iv. Invocation of Corporate
Guarantee Notice dated
12th June
pledged in favour of Financial Creditor. On
19.09.2022, a Share Pledge Agreement was entered into
pursuant to MoU. On 29.11.2022, a pledge invocation notice ... sole discretion of
Financial Creditor to invoke the shares and pledge invocation was noticed
on 29.11.2022 and thereafter shares were realized and the amount, which
Respondent No. 2 further clarified that on 19.05.2016, a
notice for Invocation of Pledge was issued to the Respondent No. 1 and its
Promoter/pledgor ... Rules framed thereunder for effecting transfer of shares,
requirement of notice for invocation of pledge etc. under the Contract Act , were
not made and accordingly
Respondent No. 2 further clarified that on 19.05.2016, a
notice for Invocation of Pledge was issued to the Respondent No. 1 and its
Promoter/pledgor ... Rules framed thereunder for effecting transfer of shares,
requirement of notice for invocation of pledge etc. under the Contract Act , were
not made and accordingly
Respondent No. 2 further clarified that on 19.05.2016, a
notice for Invocation of Pledge was issued to the Respondent No. 1 and its
Promoter/pledgor ... Rules framed thereunder for effecting transfer of shares,
requirement of notice for invocation of pledge etc. under the Contract Act , were
not made and accordingly
determined by SBI Capital Markets
Limited at the time of notice of invocation dated 19th May, 2016 which
was Nil. Token amount ... September, 2006; (iii) Notice Invoking Pledge dated 19th
May, 2016; (iv) Subordinate Loan Agreement dated 29th September, 2006; (v)
Notice of Invocation of Subordinate debt
from the `Lender Consortium', in time, and this was not noticed by the
`Adjudicating Authority, at the time of passing of `impugned order ... Corporate Debtor', and after the
`Issuance of Notice', for `Invocation of Pledge', dated 26.02.2019,
40.38% of the `Equity Shares
June 17,2019)) as on the date of
invocation of the pledge i.e., June 17, 2019, in line
with the decision of the NCLAT ... Resolution Professional on the ground of
invocation of Shares of the Corporate Debtor Pledged to the Appellant as
noticed above. As noted, the reduction
Promoters, invocation of pledge
is not in dispute before any forum. It was submitted that with invocation of
pledge, the Appellant became equity shareholder ... option because debt was satisfied by
invocation of pledge and the Appellant issued notice on 15th April, 2018 for
redemption contrary to Clause
