https://www.taxtmi.com/caselaws?id=297081 A pledgee's contractual and statutory discretion to enforce pledged shares on default under the Indian Contract Act was not curtailed by COVID-19 market volatility or the possibility that a private placement might yield a better price. The Court held that judicial interference is unwarranted unless the sale process is dishonest or improperly conducted, and the application of proceeds to the debt remains the key fairness test. A further challenge based on alleged prior regulatory approval for the shares was rejected, as the approval plea was treated as an afterthought and did not override the pledge arrangements or bar enforcement of the corporate guarantee. The petitions were dismissed. en-us Fri, 03 Jul 2020 00:00:00 +0530 Wed, 18 Aug 2021 09:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297081 A pledgee's contractual and statutory discretion to enforce pledged shares on default under the Indian Contract Act was not curtailed by COVID-19 market volatility or the possibility that a private placement might yield a better price. The Court held that judicial interference is unwarranted unless the sale process is dishonest or improperly conducted, and the application of proceeds to the debt remains the key fairness test. A further challenge based on alleged prior regulatory approval for the shares was rejected, as the approval plea was treated as an afterthought and did not override the pledge arrangements or bar enforcement of the corporate guarantee. The petitions were dismissed. Case-Laws Indian Laws Fri, 03 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297081