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
NIPL, promoters of the Target Company had
pledged 1,42,88,700 shares ("the Pledged
Shares" for convenience) of the Target
Company ... their rights in respect of
pledged shares.
e) Consequent to the invocation of pledge,
1,42,88,700 shares were transferred to the
demat account
taken. As
per the press release, details of pledge of shares and release/sale of
'pledged shares' were to be furnished ... promoter group is required to
disclose to the Company details of invocation of pledge of shares of that
Company which are pledged by the promoter
acquisition. Since appellant was under a bonafide belief that sale
after invocation of pledge was not required to be disclosed under PIT
Regulations, AO ought
