sebi:WTM/RKA/ISD/97/2016
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Facts / Headnote
Allowed
Holding
SEBI allowed Mr Brij Bhushan Singhal and Mr Neeraj Singhal to receive credit of invoked Bhushan Steel Ltd shares from L and T Fincorp Ltd, L and T Finance Ltd and Family Credit Limited into their frozen demat accounts and to further pledge those shares to the consortium of banks/lenders.
Full text
______________________________________________________________________________ Order in respect of Master Trust Ltd, Mr Rajinder Kumar Singhania and Mr Harjeet Singh Arora Page 2 of 3 a. Pledge / Hypothecation form indicating pledge of shares in favour of L and T Fincorp Ltd, L and T Finance Ltd and Family Credit Limited
______________________________________________________________________________ Order in respect of Master Trust Ltd, Mr Rajinder Kumar Singhania and Mr Harjeet Singh Arora Page 3 of 3 Credit Limited, as the case may be, in their de-mat account and thereafter, further pledge these shares with consortium of banks/lenders.
b. Share Pledge agreement with SBICAP Trustee Company Ltd 4. I note that the revocation of invocation of pledge is purely a commercial decision between the two parties i.e financers being one party and Mr. Brij Bhushan Singhal and Mr. Neeraj Singhal being another party. The limited issue to be considered is the credit of these shares to the demat account of Mr Brij Bhushan Singhal and Mr Neeraj Singhal and thereafter further pledge of these shares with consortium of banks. Since the demat account of Mr. Brij Bhushan Singhal and Mr. Neeraj Singhal are frozen for debit and credit becoz of interim direction in force, they have sought SEBI's permission for the said transactions.
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Source: SecMarx — sebi:WTM/RKA/ISD/97/2016. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.