https://www.taxtmi.com/caselaws?id=309546 A pledged share enforcement clause transferring voting rights did not amount to sale or realization of the security, so the defendant could not demand deduction of the pledged shares' value from the debt in the absence of proof that the shares had been sold or value recovered. Objection that the loan, guarantee and pledge documents were insufficiently stamped was treated as a technical defect; the court could impound the instruments for stamp adjudication while dealing with the summary suit. Because liability was admitted at least to the extent of the principal and interest due, unconditional leave to defend was refused and only conditional leave, subject to deposit, was granted. en-us Tue, 26 May 2020 00:00:00 +0530 Fri, 08 Sep 2023 22:19:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309546 A pledged share enforcement clause transferring voting rights did not amount to sale or realization of the security, so the defendant could not demand deduction of the pledged shares' value from the debt in the absence of proof that the shares had been sold or value recovered. Objection that the loan, guarantee and pledge documents were insufficiently stamped was treated as a technical defect; the court could impound the instruments for stamp adjudication while dealing with the summary suit. Because liability was admitted at least to the extent of the principal and interest due, unconditional leave to defend was refused and only conditional leave, subject to deposit, was granted. Case-Laws Indian Laws Tue, 26 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309546