The Bombay High Court in South Mumbai, India. (Photo: BloombergQuint)
Last week, we critiqued an interim order of the Bombay High Court restraining IDBI Trusteeship from selling the shares of Future Retail Ltd. The shares were pledged by the promoters of the Future Group as security for the bonds issued by one of the Future Group companies. The main ground for such restraint was that the price of the shares of Future Retail Ltd. had collapsed by more than 60% since the onset of the nationwide lockdown.