February 2019 plaintiffs received messages from NSDL informing
them that the pledge in respect of 596,99,119 shares of RPL had been
invoked ... alienating or encumbering in any manner
whatsoever the unsold pledged securities pursuant to the invocation
notices or otherwise.
What plaintiffs are seeking is to stop
reference was made to the reply
dated 02.08.2014 concerning the pre-arbitration notice dated
04.07.2014, served by HSPL and TAQA on NCCL ... inter alia, to its
creditors, who had given notice of invocation of the pledge. The
communication was also marked to HSPL and a prospective transferee
DIRECT RESPONDENTS TO CONDUCT THE BIDDING
PROCESS FOR THE PLEDGED SHARES STIPULATED IN
THE INVOCATION NOTICE AT ANNEX-G IN A FAIR AN
RESONABLE MANNER
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
invoked the pledge of 39,82,000 shares on 3
October 2012. On 5 October 2012, soon after the invocation of
the pledge, the first ... under Regulation 58(8) of the Depositories
Regulations, on the invocation of the pledge, the depository is
liable to register the pledgee as beneficial owner
took action to comply with Notices issued by the original Petitioner on
29.08.2017 read with Notice dated 05.09.2017. These Respondents
claimed that the CCDs were ... taken steps to stop recalling/invocation which had already been
done and when original Petitioner had invoked the pledge, it had become
major shareholder
Performing Asset (NPA).
8. On 21.11.2017, SBI issued Notice of Enforcement of Pledge on
the shares of PPGCL held by JPVL wherein it was made ... PPGCL informed UPPCL about Pledge Invocation letters by
lenders and lenders proposing to undertake a Competitive Bidding
Process for selection of a new entity
failed to make the
3
necessary disclosures regarding creation / invocation / release of
certain pledge transactions and off-market transactions / purchase of
shares in the company ... known as S. Kumars Nationwide Ltd.
Accordingly, a show cause notice was issued indicating that the
appellants being promoters of the company had carried
Share Pledge Agreement dated 30th August, 2010.
12. In spite of service of notice, the Respondents in both the appeals have
not appeared. Notices returned ... Adjudicating Authority has failed to
appreciate the fact that the invocation of pledged shares could not have
taken place before the default. Repayment clause
Committee Of Creditors Of Essar Steel ... vs Satish Kumar Gupta on 15 November, 2019
Equivalent
