SEBI norms and clause 35 of listing agreement don't require promoters to make disclosure of encumber

SEBI : Neither any regulation framed by SEBI nor clause 35 of the Listing Agreement cast an obligation on promoter/promoter group to make disclosures of shares encumbered to listed company, and in absence of such disclosure made by promoter/promoter group, SEBI would not be justified in directing listed company to disclose to Stock Exchanges details of shares which are 'otherwise encumbered' by promoter/promoter group