October 2023 offered to pay the entire
outstanding amount.
2.18 Invocation of pledge was illegal and in breach of the terms of
9/63
::: Uploaded ... Share Pledge Agreement and
Pledge Power of Attorney executed in favour of Vistra (D3). There
is no infirmity in either invocation of the pledge
October 2023 offered to pay the entire
outstanding amount.
2.18 Invocation of pledge was illegal and in breach of the terms of
9/63
::: Uploaded ... Share Pledge Agreement and
Pledge Power of Attorney executed in favour of Vistra (D3). There
is no infirmity in either invocation of the pledge
advocate's notice asserting existence of valid pledge. On
20 September 2021, Pledge Invocation Forms were issued by
Defendant No.1-Bank instructing ... duration of pledge and if indeed
pledge had come to an end on 31 March 2011 why and how the
pledge invocation form could
advocate's notice asserting existence of valid pledge. On
20 September 2021, Pledge Invocation Forms were issued by
Defendant No.1-Bank instructing ... duration of pledge and if indeed
pledge had come to an end on 31 March 2011 why and how the
pledge invocation form could
Pledge Agreement reads as under:
"1.7 During the continuance of the Pledge hereby
created all voting rights in respect of the Pledged
Securities shall ... fact sold the pledged security and realized the value thereof. A
mere stipulation in the agreement of pledge that after the invocation of the
Vishal
borrower.
39. Even the consequences which would emanate after the invocation of
pledge and sale of the shares have been distinctly provided for. In Clause ... coextensive and coexistent with the liability under the
agreement. Even after invocation of pledge, the defendant No.1 continued
to be liable to make
10089-2020.DOC
restraining IFIN from acting in furtherance of a pledge invocation
notice of 20th August 2020.
3. The background to the Petition ... crores
to Champion Agro World. This facility was secured by a pledge of
52,86,679 shares -- 60.7% of the share capital of Champion Agro
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
secure the optimum
price of the pledged shares, after the invocation of pledge,
carries any substance in view of the rights of the pledgee,
recognized ... unconditional leave to defend the suit.
22. The ground of non-invocation of pledged shares at an
opportunate time so that the pledged shares could
trust
benefciaries claim is that IndusInd Bank could never have invoked
the pledge or made any alleged appropriation because these shares
was always subject ... invoked a pledge of these shares. Puran
Associates & Chowdry Associates that it could not have efected any
such pledge invocation or consequent appropriation
