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Bombay HC gives relief to Future group against pledge invocation amidst Covid-19 pandemic

India city Mumbai covid-19 pandemic
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MUMBAI : In a major relief to Future group the Bombay High Court on Monday granted interim relief against pledge invocation by lenders till 4 May.

This decision by the Bombay High Court comes in the midst of share prices of future group companies being severely hit due to extreme volatility in the market following the COVID-19 pandemic.

This also comes as a major relief for BSE 500 companies whose value of pledged shareholding has fallen by more than 30% in the bloodbath of falling share prices.

The total value of pledged promoter shares of these companies has come down to ₹1.27 trillion as on 20 March, from ₹1.78 trillion on 31 December simply because the share prices have gone down drastically.

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