were pledged in favour of Appellant in 2014 itself and
that, subsequently, vide the impugned 2016 Pledge Agreement, the CD
pledged the remaining 15% shares ... make any
reference to the Alleged 2014 Pledge Agreement either in the pledge
invocation letter or in its Claim Dorm and only relied upon
Pledge Deed. 'MHPL'
has alleged that the value of the 'Pledged Shares' at the time of creation of
pledge ... claim had been satisfied as on
the insolvency commencement date by invocation of pledge.
14. The Appellant challenged the aforesaid decision before the Adjudicating
Authority
under pledge, the peldgors (the appellants) were their
beneficial owners and the only effect of the pledge was that the shares under pledge could ... transfer by which the shares came to the banks
upon invocation of pledge and by no process of reasoning can it be said that
appellants by virtue of the non- disclosure of the pledges in question. In
nutshell, the submission is that no loss was caused ... general public. Apart from the
aforesaid phenomenon, creation of pledges and invocation of pledges clearly amount
to price sensitive information. As such this information
appellants by virtue of the non- disclosure of the pledges in question. In
nutshell, the submission is that no loss was caused ... general public. Apart from the
aforesaid phenomenon, creation of pledges and invocation of pledges clearly amount
to price sensitive information. As such this information
Pledgee/ lender
deems fit in its sole discretion. However, such
invocation of pledge will not amount to sale of
share to the lender ... deems fit in its sole discretion. It
further provided that such invocation of pledge would not
amount to sale of shares to the lender
further invoked the Deed of Pledge and acquired a
total of 14, 02, 991 equity shares which approximately amounts to 7.21% of
the total equity ... already informed that they
have issued LRM and has done pledge invocation. The
company has taken stay from high Court on the ground that
submitted that DLF and
Chinsha despite having received the notice of invocation of pledge dated
05.08.2023, did not come forward to redeem the pledged shares
sole purpose of effectuating a prospective sale upon the
invocation of the pledge. Neither the Depositories Act nor the DP
Regulations envisage or contemplate ... exercise of proprietary
rights by a Pledgee upon invocation of a pledge, since the recording
as "owner" is only for the purpose
shares was suspended. Indiabulls, however, stated before the Appellate Court that invocation of pledge of shares will be undertaken in a completely transparent manner ... Court noted this stand of the Indiabulls and observed that any invocation of pledge would be open to challenge before the Court.
19. During
