(1.) The primary legal issue which arises for consideration in this appeal is whether the Depositories Act, 1996 read with the Regulation 58 of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 (For short, '1996 Regulations') has the legal effect of overwriting the provisions relating to the contracts of pledge under the Indian Contract Act, 1872 (For short, 'Contract Act') and the common law as applicable in India. To facilitate analysis, this judgment has been divided into Sec. as follows:
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