applicant under sub--regulation (3)-- (a) record in its books, the invocation of pledge, hypothecation or lien and transfer of the securities in favour ... transfer form, notice of pledge, hypothecation or lien, confirmation of pledge, hypothecation or lien, application for cancellation or invocation of pledge, hypothecation or lien
2020
1. The challenge in these petitions is to a Pledge Invocation
Notice ('Pledge Invocation Notice' for short) dated June 12, 2020
issued ... pledged
shares is 'honestly and properly done' and that the 'sale
proceeds are applied to the debt'. By the Pledge Invocation
Clause 2.6.2 of the Share Pledge
Agreement, in furtherance of pledged invocation the
Corporate Debtor transferred 3912402331 shares owned
by IPC L, in the Demat ... effecting sale, Regulation 58 provides for notice
post invocation and on which invocation beneficial
ownership of pledged shares changes from that of the
pledgor
maturity of the underlying external commercial borrowing; (ii) in case of invocation of pledge, transfer shall be in accordance with these Regulations and directions issued ... Reserve Bank in this regard. (c) In case of invocation of pledge, transfer of capital instruments of an Indian company or units shall
pledge shares are simply
marked as "pledged" by the Depository
Participant („DP‟), which prevents the
borrower from transferring the pledged shares.
The shares ... referable to pledge or lien, where shares are
encumbered with a view to secure indebtedness. When a pledge is
created, the pledged shares continue
could not claim ownership of shares without providing accounts, since
the invocation of pledge qua the plaintiff is only arising out of the
Guarantee provided ... escrow account to pledge and invoke the
CS (OS) No.1771/2011 Page 12 of 70
pledge, but the said invocation of the pledge
subject to the
provisions of the pledge document‖ , ―invoke the pledge‖ and
mandates the depository to ―on such invocation‖ i.e. by the pledgee,
―register ... effecting sale, Regulation 58
provides for notice post invocation and on which invocation beneficial
ownership of pledged shares changes from that of the pledgor
Consequence of Invocation:
3.2.1 Irrespective of anything contained in this Agreement, on
invocation of pledge, the shares comprised in the Collateral will
not become ... effecting sale,
Regulation 58 provides for notice post invocation and on which
invocation beneficial ownership of pledged shares changes from that
of the pledgor
acquire equity due to operation of law
subsequent to invocation of pledged shares and partial conversion of debt into
shares. The Respondent No. 2 submitted ... that the implementation of Scenario II was
envisaged by way of invocation of pledge in favour of various consortium
lenders, and exercise of the conversion
acquire equity due to operation of law
subsequent to invocation of pledged shares and partial conversion of debt into
shares. The Respondent No. 2 submitted ... that the implementation of Scenario II was
envisaged by way of invocation of pledge in favour of various consortium
lenders, and exercise of the conversion
