The Supreme Court Thursday reserved its verdict on the cross appeals filed by Tata Sons Pvt Ltd and Cyrus Investments Pvt Ltd against the appellate tribunal NCLAT order which had restored Cyrus Mistry as the executive chairman of the over USD 100 billion salt-to-software Tata conglomerate. A bench comprising Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian asked the parties to file compiled written submissions and subject index in the matter. During the hearing conducted through video-conferencing, Shapoorji Pallonji (SP) Group claimed that there was breach of Articles of Association and provisions of the Companies Act in the removal of Cyrus Mistry as the chairman of Tata Sons in October 2016.
Updated Dec 17, 2020 | 18:20 IST
The Supreme Court on Thursday reserved its verdict in the case between Tata Group’s holding company, Tata Sons Limited and SP group Tata vs Mistry case: Supreme Court reserves verdict; asks all parties to file written submissions in a week
New Delhi: The Supreme Court on Thursday reserved its verdict in the case between Tata Group’s holding company, Tata Sons Limited and Shapoorji Pallonji Groups’ Cyrus Mistry. Further, the apex court asked all parties to file written submissions in a week.
During the hearing conducted through video-conferencing, Shapoorji Pallonji (SP) Group claimed that there was a breach of the Articles of Association and provisions of the Companies Act in the removal of Cyrus Mistry as the chairman of Tata Sons in October 2016.
SC Reserves Judgement in Tata-Mistry Case, Parties Asked to File Compiled Written Submissions in Matter
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The Supreme Court Thursday reserved its verdict on the cross appeals filed by Tata Sons Pvt Ltd and Cyrus Investments Pvt Ltd against the appellate tribunal NCLAT order which had restored Cyrus Mistry as the executive chairman of the over USD 100 billion salt-to-software Tata conglomerate. A bench comprising Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian asked the parties to file compiled written submissions and subject index in the matter.
During the hearing conducted through video-conferencing, Shapoorji Pallonji (SP) Group claimed that there was breach of Articles of Association and provisions of the Companies Act in the removal of Cyrus Mistry as the chairman of Tata Sons in October 2016. The Tatas denied the allegations and claimed there was no wrong doing as they were well within their rights to remove Mistry. The apex court had on Ja
Synopsis
Bobde sought to know from the Mistry side during the proceedings why it was wrong for the head of the family to seek information.
A three-judge bench led by Bobde is hearing the suits at length before it adjudicates on all the complicated legal issues involved.
New Delhi: Chief justice of India SA Bobde likened the Tata Group to traditional family-run business houses such as those of the Birlas and the Modis and asked the Shapoorji Pallonji (SP) Group why the head of the family can’t seek information or seek to control the outcome of business decisions of group companies.
Tata vs Mistry case | Supreme Court draws analogy between politics and corporate on issue of interference
The top court was hearing on the fifth day the cross appeals filed by Tata Sons and Cyrus Investments against appellate tribunal NCLAT s order which had restored Cyrus Mistry as the executive chairman of the over $100 billion salt-to-software Tata conglomerate. PTI
Supreme Court of India.
The Supreme Court Tuesday drew an analogy between politics and the corporate governance to question Shapoorji Pallonji (SP) Group s allegation of interference by trustees in running the affairs of Tata Sons, saying whether pre-consultation with party colleagues by a Chief Minister before a cabinet meeting amounted to loss of independence. The SP Group alleged that there was interference by the stakeholder trustee directors in the running of the Tata Sons, the act, which is best left for the board of directors.