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SHEKHAR B. SARAF
Manav Investment and Trading Co. Limited – Appellant
Versus
DBS Bank India Limited – Respondent
ORDER :
Shekhar B. Saraf, J.
The present application being I.A. G.A. No. 1 of 2021 in C.S. No. 138 of 2021 has been preferred by the petitioner for seeking an order of injunction to restrain the respondent from dealing with or selling the securities pledged by the petitioner for securing certain financial facilities. After hearing the above application, an ad-interim ex-parte order dated August 3, 2021 was passed by this Hon'ble Court restraining the respondent from selling the pledged securities. Thereafter, a vacating application being I.A. G.A. No. 2 of 2021 in C.S. No 138 of 2021 has been preferred by the respondent in terms of the liberty granted in the order dated August 3, 2021. Both the applications were accordingly heard together.
2. The relevant facts to decide the present interlocutory applications are delineated as follows:
24. Point of Law : One notice in contradistinction to giving a shorter period in another notice for shares of the same company that are pledged with the defendant does not stand to reason and is acco....
The judgment emphasizes the requirement of reasonable notice for the sale of pledged goods and highlights the impact of the Depositories Act on the rights of redemption against third parties.
The main legal point established in the judgment is the interpretation and application of sections 176 and 177 of the Indian Contract act, 1872 in the context of the sale of pledged shares and the ri....
A pledgee has the unfettered right to invoke the pledge and sell pledged shares upon default, governed by the Indian Contract Act, regardless of prevailing economic conditions.
The invocation of pledge had become final and any dispute regarding the value of the shares could be adjudicated by the Arbitral Tribunal. The agreement to accept the consideration for the Property i....
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