Wockhardt Ltd today claimed that Guardian Finance Pvt Ltd, an NBFC registered with Reserve Bank of India, with whom some members of the Promoter Group of the Company had entered into an agreement for availing loan against share facility and had accordingly created pledge on certain shares of Wockhardt Ltd, wrongfully invoked pledge on 20,00,000 such shares on 24th July 2023, even before disbursal of any amount pursuant to the loan agreement and without giving any notice or intimation of any default under the loan or invocation of pledge to the borrowing entities.
As per the Company, till date, Guardian Finance Pvt Ltd has only partly disbursed a portion of the total loan amount on 26th July and 27th July, i.e., only after the invocation of pledge.
The Promoter entities that had signed the loan agreement have initiated various steps seeking clarification for such action and recovery of the wrongfully transferred shares. They are also contemplating formal complaint to all relevant Regulatory Authorities including Reserve Bank of India for the breach, in addition to all possible remedies and reliefs available to the Pledgor and Borrowers under contract and law.
The Company claimed the Promoters were confident that the shares wrongfully transferred by Guardian Finance would soon be reversed back to the original owners. Any dealings with these shares would be subject to litigations and prospective purchasers of these shares would be strictly dealt with in accordance with law and contract.
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