It is a Non disposable undertaking, not a pledge. This question is already covered in some other thread. It simply means promoters can’t sell the stock till the co.'s loans are repaid. What should one look here is whether the loan is taken by the company or the promoters. If the loan is taken by the company and the promoter’s shares are encumbered, there is no worry. You worry only if you believe the co. will not pay loan. If the shares were encumbered for personal loans of promoters, they you had to worry.
Earlier also NDUs used to happen but only pledge was mandated to be reported, not NDUs. Now the SEBI has mandated that even NDUs/Encumbrance needs to be reported in the pledge column.
Thanks