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
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
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
intended to invoke
only the shares pledged vide the unattested pledge agreement dated
27.12.2019. Nowhere in the Invocation of Pledge Notice dated ... been aware of this position on 22.05.2020 when it
sent its Invocation of Pledge Notice. This, in turn, would have found a
mention
COMM) 102/2020 Page 9 of 65
threatened invocation of the pledged shares, from time to time, in the
months of March and April ... provision for prior notice. The only condition
imposed on invocation of pledge by the pledgee under Regulation 58 (8)
is the same being required
Corporate Guarantee and
invoke the pledge on the Pledged Shares in terms of the Pledge
Agreements.
FAO (OS) (COMM) Nos. 75/2020, 76/2020 ... respondent No.1/IDBI TSL from acting on the Pledge Invocation
Notices as also on the Corporate Guarantee Notice. The learned
Single Judge considered
Restrain the Respondent No.1 from acting on the Pledge
Invocation Notice against the Petitioner, including from
invoking the pledge and / or selling the pledge ... also states that till the next date of hearing, the Pledge Invocation
Notice dated June 12, 2020 shall not be acted upon. The statement
Restrain the respondent No.1 from acting on the Pledge
Invocation Notice against the Petitioner, including from invoking
the pledge and / or selling the pledge ... also states that till the next date of hearing, the Pledge Invocation
Notice dated June 12, 2020 shall not be acted upon. The statement
