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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. ....