Tata Investment has pledged the shares as security for the Zero Coupon Convertible Bonds (ZCCBs) issued,which are fully convertible into equity shares of TICL. Hence,the pledge cannot be invoked as no payment obligations arise from the issue of the ZCCBs,it added. For the quarter ended December 2008,Tata Sons held 29.27 per cent stake in Tata Steel,while TICL held 0.43 per cent. The total promoter holding in Tata Steel was close to 34 per cent at the end of December quarter,according to shareholder information available on BSE.