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Delhi HC intervenes for release of 73.59% Jindal India shares pledged with banks

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The Delhi High Court has ordered the release of 73.59% of Jindal India Thermal Power Ltd's shares pledged with a consortium of lenders led by Punjab National Bank. Jindal had filed a writ petition stating that it had fully paid the resolution amount of ₹2,450 crore ahead of the scheduled date, but the lenders refused to release the pledged shares. The court directed the lenders to hold a joint meeting to transfer 10% of Jindal's equity among themselves and release 64% of the pledged shares to the company. The court also instructed the banks to upgrade Jindal's account status and update it in the Central Repository of Information on Large Credits.

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