Torrent Pharma says promoters haven't pledged equity, NSE action not needed

Torrent said a pledge of shares is a security interest in favour of lenders and can be enforced by sale of such shares in event of default

Torrent Pharma has said that its promoters have not pledged any equity shares they hold in the company for any purpose, and a surveillance action by stock exchanges was not warranted.

The promoters are obligated to hold a minimum 26 per cent shares and management control of Torrent Pharma during the period of loans the company has taken, it said.

The company was commenting on reports of the National Stock Exchange shortlisting five companies, including Torrent Pharmaceuticals, with higher levels of pledged shares by promoters for surveillance action.

"The promoters of Torrent Pharma have not pledged any equity shares they hold in TorrentPharma