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
SICOM had not intimated
to the Appellant no.6 about the invocation of pledge and in the absence of any
prior intimation the Appellant ... above contentions.
7. It is not in dispute that on invocation of pledge, the pledged shares have
been transferred from the demat account of Appellant
argued that only in respect of one
transaction i.e. invocation of pledge on February 15, 2012 relating to 34,528
shares there ... actually do not give the complete details. It does not disclose invocation of
pledge of large quantities of shares. Furthermore, the dates are not matching
under pledge, the peldgors (the appellants) were their
beneficial owners and the only effect of the pledge was that the shares under pledge could ... transfer by which the shares came to the banks
upon invocation of pledge and by no process of reasoning can it be said that
appellants by virtue of the non- disclosure of the pledges in question. In
nutshell, the submission is that no loss was caused ... general public. Apart from the
aforesaid phenomenon, creation of pledges and invocation of pledges clearly amount
to price sensitive information. As such this information
appellants by virtue of the non- disclosure of the pledges in question. In
nutshell, the submission is that no loss was caused ... general public. Apart from the
aforesaid phenomenon, creation of pledges and invocation of pledges clearly amount
to price sensitive information. As such this information
verification of ownership of securities pledged at the
time of creation of pledge and, therefore, the
invocation of the pledge by the appellants ... Subject to the provisions of the pledge
document, the pledgee may invoke the pledge and
on such invocation, the depository shall
register the pledgee
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
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
