share transfer

when A company gives collateral security  for B company by lodging  its shares, and when B company defaults in making payment or buyback of shares orignally pledged on the grounds that B company has become sick and is pending before the BIFR,

and if such financial institution appraoches Company A to transfer the shares in the name of the financial institution,

what is the status of company A, does it has any protection or transfer has to be effected?