further observed, inter alia, that all documents relating to the
invocation of the pledged shares shall be placed before the Single
Judge. The Division Bench ... fair valuation of shares and ensure
transparency with respect to invocation of the pledged shares of
Shipra Group companies. However, the mala fide conduct
Exclusive Pledge Agreement and the Pari Passu Pledge
Agreement for invocation and sale of shares pledged to IFIN
under the Pledge Agreements dated 27th March ... which
would be evident from the Notice of Invocation and Sale of
Shares issued by IFIN on 2nd July, 2020.
(iv) The pledge of shares
Pledged
Shares (the entire paid-up and equity shares of Kadam) as well as by
mortgage of the Property. The invocation of pledge in respect ... Pledged Shares and the invocation of security interests in the Property
are not mutually exclusive. Thus, the question whether sale of the
Pledged Shares
March,
2021 against the loan advanced thereunder.
4. The impugned invocation of shares has apparently been effected
on the basis of a Pledge Agreement dated ... March, 2021 is also justified.
22. Prima facie, therefore, the invocation of the shares of Plaintiff
No. 1 as held by Plaintiff
stated on behalf of Indiabulls that "the invocation of pledge of shares will
be undertaken in a completely transparent manner, on a fair evaluation ... also clear that in such an event,
the Pledged Shares (shares of Kadam) do not become valueless, as their
value would depend on the realizable
which the respondent has
threatened to sell the shares of the petitioner. The notice of invocation is under
Section 176 of The Indian Contract ... Birla Tyres
contrary to the terms of the invocation letter. The date of sale of such shares is
shown to be 30.07.2021. Counsel also places
single issue of disallowance of Long Term Capital Loss on invocation
of shares. These grounds have become academic as there is no profit
admitted by the appellants. On non-disclosure of
the pledged shares and the invocation of those shares a
penalty of Rs.2 lakhs has been
subsidiaries, including the complainant-company,
pursuant to invocation of the shares pledged by them and other promoter
entities with various banks. After their exit from
invocable only when the
consideration for issue of shares exceeds the face
value of shares and not when they are issued at
face value ... face
value of shares issued.
9. For that the Commissioner of Income Tax
(Appeals) having accepted that the shares have
been allotted at face value
