India’s top two private banks, HDFC Bank Ltd and ICICI Bank Ltd, on Tuesday fought to lay their hands on client shares that Karvy Stock Broking Ltd had pledged with them, seeking to recover ₹1,000 crore they had lent to the brokerage.
The case will require the Securities Appellate Tribunal (SAT) to address a core dilemma: who owns these shares — the client who bought the shares, or the lender who advanced money against them without verifying their actual ownership?
