asked the corporate
guarantor to make payment within two business days. Pledge
invocation dated 12th June, 2020 was challenged in Hon'ble High
Court ... thereby invoking the
pledged shares under the
Share Pledge Agreement to
recover the amounts due
and payable by Essel.
iv. Invocation of Corporate
Guarantee Notice
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
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
payment within the stipulated time. Since the entire shares
were pledged, the invocation was made and the same were transmitted into
a Dematerialisation Account ... duly admitted on
November 7, 2009 with categorical finding that invocation of pledge did not
amount to discharge of debt. The aforesaid fact was disclosed
shareholders in favour of PNB.
6. Petitioners have specifically assailed the invocation of pledge by PNB
under the SPAs. Clause 17.11 of the SPA contains ... cede their shareholding in the JHL under the garb of the invocation of
pledge.
13. It was contended by the DLF that it had accepted
shareholders in favour of PNB.
6. Petitioners have specifically assailed the invocation of pledge by PNB
under the SPAs. Clause 17.11 of the SPA contains ... cede their shareholding in the JHL under the garb of the invocation of
pledge.
13. It was contended by the DLF that it had accepted
pledge created by the plaintiff under the SPA over his shares as
also the pledge subsequently created over the shares of Nova. These pledged
shares ... date is a defaulter and therefore, his plea that the invocation of the
pledged shares by defendant no. 1 is liable to be revoked
already informed that they have
issued LRM and has done pledge invocation. The company has
taken stay from high Court on the ground that
Subject to the provisions of the pledge document,
the pledgee may invoke the pledge and on such
invocation, the depository shall register the pledgee ... Regulation 58 indicates that
the pledgee may invoke the pledge and on such invocation the
depository shall register the pledgee as beneficial owner of such
Subject to the provisions of the pledge document,
the pledgee may invoke the pledge and on such
invocation, the depository shall register the pledgee ... Regulation 58 indicates that
the pledgee may invoke the pledge and on such invocation the
depository shall register the pledgee as beneficial owner of such
