Share Pledge Requires Disclosure: Appellants Violated Rules by Not Revealing 16.77% Shareholding Pledge for Financing.

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....Acquisition of shares accounted for 16.77% of the total shareholding - The case of all the appellants in this regard is that they had not “acquired” shares. - They executed agreement for pledge of the shares with these two appellants as a security towards finance to be raised. - Rule requires, disclosures even in case of pledge to private individual - Violation of rules established.....