2020
1. The challenge in these petitions is to a Pledge Invocation
Notice ... Pledge Invocation Notice' for short) dated June 12, 2020
issued to the petitioners herein and additionally Corporate
Guarantee Notice ('Corporate Guarantee Notice
invoke
only the shares pledged vide the unattested pledge agreement dated
27.12.2019. Nowhere in the Invocation of Pledge Notice dated
22.05.2020 did the respondent contemplate ... aware of this position on 22.05.2020 when it
sent its Invocation of Pledge Notice. This, in turn, would have found a
mention in the invocation
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
contended that even otherwise, the invocation Notices dated
09.03.2020 and 11.03.2020, which resulted in sale of pledged shares are
ex-facie illegal and contrary ... there is no provision for prior notice. The only condition
imposed on invocation of pledge by the pledgee under Regulation 58 (8)
is the same
notices, failing which it threatened to initiate appropriate
action for enforcement of the pledged securities under the various
Pledge Agreements. By a separate notice dated ... respondent No.1/IDBI TSL from acting on the Pledge Invocation
Notices as also on the Corporate Guarantee Notice. The learned
Single Judge considered
Restrain the Respondent No.1 from acting on the Pledge
Invocation Notice against the Petitioner, including from
invoking the pledge and / or selling the pledge ... also states that till the next date of hearing, the Pledge Invocation
Notice dated June 12, 2020 shall not be acted upon. The statement
Restrain the respondent No.1 from acting on the Pledge
Invocation Notice against the Petitioner, including from invoking
the pledge and / or selling the pledge ... also states that till the next date of hearing, the Pledge Invocation
Notice dated June 12, 2020 shall not be acted upon. The statement
Restrain the Respondent No.1 from acting on the Pledge
Invocation Notice against the Petitioner, including from
invoking the pledge and / or selling the pledge ... also states that till the next date of hearing, the Pledge Invocation
Notice dated June 12, 2020 shall not be acted upon. The statement
Avantha Holdings Limited vs Vistra Itcl India Limited on 14 August, 2020
Author: C. Hari
Notice of Invocation of
pledge, to bolster up the submission that, post the invocation of the pledged
shares, the Plaintiff has declared its animus that ... Laying emphasis on the aforesaid assertion in the notice of invocation
of pledge, Mr. Amrut Joshi strenuously urged that this claim of exercise
