{"id":227765,"date":"2020-04-01T13:10:32","date_gmt":"2020-04-01T07:40:32","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=227765"},"modified":"2020-04-02T12:02:15","modified_gmt":"2020-04-02T06:32:15","slug":"bom-hc-idbi-restrained-from-selling-shares-pledged-by-fairprice-ltd-future-group-amid-market-collapse-due-to-covid-19","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/04\/01\/bom-hc-idbi-restrained-from-selling-shares-pledged-by-fairprice-ltd-future-group-amid-market-collapse-due-to-covid-19\/","title":{"rendered":"Bom HC | IDBI restrained from selling shares pledged by Fairprice Ltd. (Future Group) amid market collapse due to COVID-19"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Bombay High Court:\u00a0<\/strong>K.K. Tated, J., granted ad interim relief to Rural Fairprice Wholesale Ltd. from selling the pledged equity shares as the share market has collapsed due to COVID-19 and would have resulted in huge loss to the plaintiffs.<\/p>\n<p style=\"text-align: justify;\">In the present matter, applicant&#8217;s sought injunction against respondent&#8217;s notice dated 17-03-2020 and sale deed notice dated 18-03-2020 with regard to shares pledged by them with defendant 1 by Debenture Trust Deed.<\/p>\n<p style=\"text-align: justify;\">Senior Counsel for the plaintiffs submitted that outstanding loan payable to defendant 2 of about Rupees 610 crores.<\/p>\n<p style=\"text-align: justify;\">It has been stated that, as per the debenture trust deed as stated above 8% of equity shares was pledged. On the date of debenture trust deed, market value of share was Rs 350 per share.<\/p>\n<p style=\"text-align: justify;\">Due to COVID-19, the market value per share quoted in share market had gone down to below Rs 303.<\/p>\n<p style=\"text-align: justify;\">Relying on clause 6 of the said trust deed, the defendants are secured.<\/p>\n<p style=\"text-align: justify;\">Further it has been stated that if shares are sold in the present situation, it would cause an irreparable loss to the plaintiffs. Therefore Court be pleased to restrain defendant 2 from selling these shares in the market.<\/p>\n<p style=\"text-align: justify;\">Counsel for the defendant vehemently opposed the grant of ad interim relief.<\/p>\n<p style=\"text-align: justify;\"><strong>Decision of the Court<\/strong><\/p>\n<p style=\"text-align: justify;\">Bench noted that as the market has collapsed due to COVID-19, per share value has come below Rs 100.<\/p>\n<p style=\"text-align: justify;\">Thus looking at the present situation, ad interim relief till next date is to be granted to the plaintiffs.<\/p>\n<p style=\"text-align: justify;\">Matter to be listed on 04-05-2020. [Rural Fairprice Wholesale Ltd. v. IDBI Trusteeship Services Ltd., Commercial Suit (L( 307 of 2020, decided on 30-03-2020]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bombay High Court:\u00a0K.K. Tated, J., granted ad interim relief to Rural Fairprice Wholesale Ltd. from selling the pledged equity shares as the <\/p>\n","protected":false},"author":8808,"featured_media":74381,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,10],"tags":[40353,40012,39924,40355,40352,40354,32601],"class_list":["post-227765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-highcourts","tag-ad-interim-relief","tag-corona-virus","tag-covid-19","tag-debenture-trust-deed","tag-future-group","tag-idbi","tag-shares"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bom HC | IDBI restrained from selling shares pledged by Fairprice Ltd. 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Patel, J. directed its lenders to wait for the passing of interim award before taking steps to get their money back. In the instant case, a company was incorporated\u2026","rel":"","context":"In &quot;High Courts&quot;","block_context":{"text":"High Courts","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/highcourts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":377046,"url":"https:\/\/www.scconline.com\/blog\/post\/2026\/02\/28\/sc-pre-existing-dispute-irrelevant-for-section-7-ibc-admission\/","url_meta":{"origin":227765,"position":1},"title":"Pre-existing dispute irrelevant once debt and default proved: Supreme Court restores Section 7 IBC proceedings","author":"Ritu","date":"February 28, 2026","format":false,"excerpt":"Unapproved restructuring of loan facility not in compliance with the Debenture Trust Deed cannot defeat the admission of Section 7 IBC application once financial debt and default are established.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Section 7 IBC admission","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/02\/Section-7-IBC-admission.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/02\/Section-7-IBC-admission.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/02\/Section-7-IBC-admission.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/02\/Section-7-IBC-admission.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":239980,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/01\/bom-hc-can-court-revoke-a-conditional-gift-deed-on-non-compliance-of-an-undertaking-in-light-of-which-the-said-deed-was-executed\/","url_meta":{"origin":227765,"position":2},"title":"Bom HC | Can Court revoke a &#8216;conditional gift deed&#8217; on non-compliance of an undertaking in light of which the said deed was executed?\u00a0","author":"Bhumika Indulia","date":"December 1, 2020","format":false,"excerpt":"Bombay High Court: A.K. Menon, J., addressed a matter wherein an arrangement was executed between the parties for taking care of the elderly mother in light of a conditional gift deed. The instant application was filed by the plaintiffs praying for urgent relief. Plaintiff 1 is not a resident of\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":230937,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/16\/force-majeure-the-sudden-apprising\/","url_meta":{"origin":227765,"position":3},"title":"Force Majeure \u2013 The sudden apprising","author":"Bhumika Indulia","date":"June 16, 2020","format":false,"excerpt":"by Prashanth Shivadass & Priyanka Yavagal*","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/force-majeure-copy.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/force-majeure-copy.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/force-majeure-copy.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/force-majeure-copy.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/force-majeure-copy.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":246394,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/02\/partition-suit\/","url_meta":{"origin":227765,"position":4},"title":"Madras HC | Daughters filed partition suit while disowning their registered release deed. As per S. 92 of Evidence Act, burden to adduce evidence sufficient to exclude written evidence will be on the daughters? Read on","author":"Bhumika Indulia","date":"April 2, 2021","format":false,"excerpt":"Madras High Court: G. Jayachandran, J., the instant suit was filed with regard to the relief of partition and permanent injunction from alienating or encumbering the suit property. Instant suit was filed for partition by daughters of Late Palanisamy Gounder against his sons was dismissed by the trial court while\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":271457,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/10\/sebi-issues-circular-on-enhanced-guidelines-for-debenture-trustees-and-listed-issuer-companies-on-security-creation-and-initial-due-diligence\/","url_meta":{"origin":227765,"position":5},"title":"SEBI issues Circular on enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence","author":"Prachi Bhardwaj","date":"August 10, 2022","format":false,"excerpt":"On 04-08-2022, the Securities and Exchange Board of India (\u2018SEBI') issued enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence to protect the interest of investors in securities and to promote the development of and to regulate the securities market. This circular is\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/227765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=227765"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/227765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/74381"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=227765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=227765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=227765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}