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2020 (3) TMI 1359 - BOMBAY HIGH COURTSeeking grant of ad-interim relief in favour of plaintiffs - restraint to defendant no.2 from taking any steps for selling the shares in the market - HELD THAT:- It is to be noted that when Debenture Trust Deed was executed, market value of the shares were ₹ 350 per share and because of COVID-19, share market has collapsed and per share comes below ₹ 100. Considering the present situation of market and COVID-19, it is opined that plaintiffs are required adinterim protection till next date - it is declared that the Mandatory Redemption Event Notices dated 11 March 2020 and 13 March 2020 (Exhibits D-I and D-2 hereto), and the Event of Default Notices dated 17 March 2020 (Exhibits E-1 and E-2 hereto) and Notices of Sale dated 18 March 2020 (Exhibits F-1 and F-2 hereto), are all illegal and/or invalid and/or improper - a permanent injunction restraining the Defendants from acting upon and/or giving effect to and/or implementing, directly or indirectly, in any manner whatsoever is granted.
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