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
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
said oral agreement also, purportedly, agreed
for transfer of the pledged shares of CGP, in the name of the
Debenture Trustee, with the understanding that ... SEBI Regulations‖), regarding invocation, to the effect that the
Respondent, as the Debenture Trustee, had invoked the pledge, of the
shares of CGP, held
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
between
the parties is pending before the Single Judge, the invocation of
pledge would obviously be open to be challenged before the Single
Judge ... pledgee can invoke the pledge "subject to the provisions of
the pledge document". Thus, in terms of the Pledge Agreement herein,
Indiabulls
account of
any invocation/ enforcement of such guarantee or security provided, as the case
may be (including the invocation of pledge over shares of Electrosteel ... consideration the pledge invocation notices all dated
27th July, 2018 cannot be invoked and enforced.
The invocation of the share pledge agreement was for realization
pledged shares i.e the Pledge created by the
Appellant over the pledged shares under the SPA and the pledge created
over the NOVA pledged ... notice for invocation' as
required under the terms of the Transaction Documents. This notice
constitutes a notice for invocation of collateral pledged shares
