%

17.02.2023

1.

The present suit has been instituted for a declaration that the

sale of shares pledged by the plaintiff under the Pledge Agreement

dated 07 March 2021 in terms of a Recall Notice dated 17 November

2022 was illegal, invalid and void. The suit also lays a claim for

damages.

2.

The Plaintiff and Defendant No.1 executed a Debenture Trust

Deed dated 07 March 2021 in terms of which the Plaintiff issued and

allotted 40,000 unlisted and non-convertible debentures of the

nominal value of Rs.1,00,000 each and thus aggregating to Rs.400

crores in seven series to Defendant Nos.2 and 3. The Plaintiff in terms

This is a digitally signed order.

The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

The Order is downloaded from the DHC Server on 29/01/2024 at 03:14:39

of the said Agreement appointed Defendant No.1 as the Debenture

Trustee for the benefit of and to act on behalf of Defendant Nos.2 and

3, debenture holders. In order to secure the financial facility granted

to Defendant Nos.2 and 3, the Defendant No.1 executed a Pledge

Agreement in terms of which the shares came to be pledged in favour

of Max Finan