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2020 (7) TMI 781 - HC - Indian LawsValidity of Pledge Invocation Notice and Corporate Guarantee Notice - seeking restraint on Respondent No. 1 from acting on the Pledge Invocation Notice against the Petitioner - restraint on Respondent No. 1 from acting on the Corporate Guarantee Notice against the Petitioner during the pendency of the present Petition and/or conclusion of arbitration proceedings - HELD THAT:- There is no binding arbitration agreement, it is agreed between the parties through their counsels during the arguments that the said contention be kept open to be decided at the appropriate stage. Their statements are taken on record and the issue is left open. According to Dr. Saraf, the equity holding pattern in the case of a listed company would change daily - I am in agreement with the submissions of Dr. Saraf. Firstly, no such stipulation exists in the pledged agreements. The plea is clearly an afterthought only to wriggle out from the liability. Rather it is represented in the agreement that the Dish TV shares are freely transferrable without any restriction under any law, regulation or orders of any authority. It is not the case of the petitioner that such an approval was taken by it when it, bought the shares/at time of allotment. That apart, the shares are being freely traded in the stock market. The prayers as sought for by the petitioners cannot be granted - Petition dismissed.
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