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
actions taken, by Respondent No.2 against the Appellants, for an
invocation of Pledge Agreements, of 2,14,92,908 shares of the face
value ... Impugned notices dated 25 August 2016, of the
Respondents are for invocation of Pledge of shares as per the
Agreements, as there were consistent defaults
Promoters (namely Rishi Agarwal and ABG
International Private Limited), agreed to pledge 15% of the
shareholding of ABG in favour of the Security trustee, namely ... scheme.
19. The applicant has emphasised that upon invocation of the
pledge, Plaintiffs have become part owners/share holders of
Defendant no. 1 whereas
title pledged with the mortgagee and therefore to
that extent the property would remain under the cloud
for which even invocation of Section
Arbitration Agreement between STCI and
respondent nos. 2 and 3, invocation of arbitration against them was without
any basis and bad in law.
12. Insofar ... also allowed
as the Arbitrator held that mere reference of the Share-Pledge Agreement
in the Facility Agreement and vice-versa, did not establish that
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