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Drugmaker Wockhardt said that Guardian Finance Private Limited has clarified on the wrongful invocation of 20 lakh shares of the former’s promoter entities.
The invocation was without malafide intent and the 20 lakh shares would be reinstated to the promoter’s demat account(s), Wockhardt told the BSE, citing a clarification letter from Guardian Finance. Further, it said, the NBFC had assured that no such action would take place in future, without prior confirmation in writing from concerned parties.
‘Not in real sense’
The Guardian Finance letter disclosed on BSE said, “…yesterday we have transferred 20 lakh pledged shares to our account for securitisation purposes in favour of Fund, without your prior consent and any default from your side. Thus we hereby confirm you that there was no invocation by us of your shares in real sense but legally it may be termed so.”
Earlier in the day, Wockhardt had said that Guardian Finance had wrongfully invoked a pledge on 20 lakh shares, before the disbursal of any amount pursuant to the loan agreement and without a notice or intimation of any default under the loan or invocation of pledge to the borrowing entities.
Some members of Wockhardt’s promoter group had entered into an agreement for a loan against share facility and had accordingly pledged certain shares of Wockhardt Limited with Guardian Finance, an NBFC registered with the Reserve Bank of India.
According to a letter seeking a reversal on the action, the promoter entities said, “The loan was partially disbursed (₹7.42 crore out of the sanctioned ₹57 crore) on 26th and 27th of July 2023. The Lender invoked the pledge on 24th July 2023 prior to disbursement of any amount of the loan.”
The promoter entities include Humuza Consultants, Lysithea Consultants and Amalthea Consultants.
“The invocation of pledge of shares valued at approximately ₹48.80 crore (as on July 24) without even disbursing any amount is clearly unjustified, disproportionate and a material breach of the loan disbursed and in gross violation of the loan agreement and potentially with malafide intentions.” the promoter entities letter had said.
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