The appropriate process was not done and like a highway robber NSDL through illegal directions from SEBI transferred the pledged shares which were fungible, to the clients of Karvy which action was without any authority of law.
Bombay High Court: The Division Bench of G.S.Patel and Madhav J Jamdar, JJ. dismissed an appeal ruling that lenders are entitled to
Supreme Court: The bench of MR Shah and Sanjiv Khanna*, JJ has held that mere exercise of the right by the pawnee
Delhi High Court: The Division Bench of Rajiv Sahai Endlaw and Asha Menon, JJ., held that the pawnor, merely by his act