Section 372A

Dear all,

A Private Co. X enters into a agreement with another party whereby it agrees to pledge its shares with the said other party as a consideration. Now, The Pvt. Co. X's shares are held by its shareholders. One of its shareholders is a Public Limited Company. In this regards, will the pledge of shares held by the said Public Limited Company to cover the debt of The Company X, will attract provision of section 372A  of the companies Act?

Regards,

Sagnik Sanyal