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Ahmedabad-based high net-worth individual (NHI) investor Seetha Kumari has won an arbitral award worth Rs33.64 crore against Bajaj Finance Ltd for breach of contract and selling her pledged shares at a low price, says a report from Economic Times. The arbitration award would affect the dealing between brokers and investors regarding loans against securities (LAS) and share pledges.
The Ahmedabad-based investor had alleged wrongful recall of margin loan (against shares) by Bajaj Finance during the pandemic-triggered market crash in early 2020. Stocks worth over INR45 crore were sold off for a pittance despite several pleas by the investor. Former CJI Dipak Misra, who was the arbitrator, held that the recall was defective.
These companies range across sectors like textiles, healthcare and automotive