CH 63
CH 63
CH 63
2.
It is hereby recorded and confirmed that with a view to giving effect to the
said pledge, the Pledgor has, on execution hereof, given instructions to its
Depository participation to transfer the said shares to the Depository
Account of the Pledgee. Henceforth, the Pledgee alone shall be entitled to
the said shares as also to bonuses, rights, dividends etc. receivable on the
said shares including to all the benefits directly and/or indirectly attached to
the said shares in its own name subject to its rendering accounts thereof to
the Pledger.
3.
4.
The Pledgor hereby appoints the Pledgee as its attorney and authorizes the
Pledgee to act for and in the name of the Pledgor to do, at the cost of the
Pledgor, all acts and things required to be done under these presents and
generally to use the name of the Pledgor in the exercise of all or any of the
powers by these presents conferred on the Pledgee and available in law to a
Pledgee. The above authorization in favour of the Pledgee is irrevocable and
unconditional.
5.
In the event of any breach or default by the Pledgor of the terms of the said
Agreement of Loan or of the terms hereof or in the event of the security
created in favour of the Pledgee becoming enforceable for any reason
whatsoever or the occurrence of any circumstance diminishing and/or
endangering the security herein:(a) The Pledgee or its nominees shall, without any notice and without
assigning any reason and at the risk and expense of the Pledgor, and if
necessary as Attorney for and in the name of the Pledgor sell the said
shares or any of them in the manner it thinks appropriate and apply the
proceeds thereof firstly towards cost of the sale and balance towards
discharge of Pledgors liability under the said Agreement of Loan.
(b) The Pledgor shall accept the Pledgees account of sale and realization as
sufficient proof of amounts realised and relative expenses and pay on
demand by the Pledgee any shortfall or deficiency therein.
Provided also that the
responsible for any loss,
any reason and that all
caused shall be wholly
accordingly.
(c) If, after adjusting all the dues of the Pledgee in terms hereof as also
under the said Agreement of Loan, there is any surplus, the Pledgee
shall pay over the same to the Pledgor.
(d) In no case and circumstance, the Pledgor shall be entitled to dispute
the aforesaid acts, deeds and accounts of the Pledgee and shall accept
the same without questioning.
6.
Subject to all the rights of the Pledgee, the Pledgee, in ordinary course of
business, may from time to time, sell and repurchase the said shares or any
of them dependant on the nature, trend and circumstances of the stock
market and such decisions and acts of the Pledgee shall remain binding on
the Pledgor. However, all advantages, if any, arising out of such dealings
shall be for the benefit of the Pledgor and added to the value of the security.
7.
8.