Supreme Court Reserves Judgement In Tata-Mistry Case


The top court on May 29 had issued notice to Tata Sons and others on a cross-appeal. (File)

New Delhi:

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 SA Bobde and Justices AS 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 top court had on January 10 granted relief to Tata group by staying the National Company Law Appellate Tribunal (NCLAT) order of December 18 last year by which Mistry was restored as the executive chairman of the conglomerate.

Mistry had succeeded Ratan Tata as chairman of Tata Sons in 2012 but was ousted four years later on October 24, 2016.

The top court on May 29 had issued notice to Tata Sons and others on a cross-appeal filed by Cyrus Investments Pvt Ltd.

Newsbeep

Tata Sons had earlier told the top court that it was not a ”two-group company” and there was no ”quasi-partnership” between it and Cyrus Investments Pvt Ltd.

Tata Sons had made the averments in an affidavit filed in the top court while responding to the cross-appeal filed by Cyrus Investments seeking removal of alleged anomalies in the NCLAT order for getting representation on the TSPL”s board in proportion to the stakes held by his family.

Mistry had also filed an affidavit to the top court saying the Tata Group had an adjusted net loss of Rs 13,000 crore in 2019 — the worst losses in three decades.

In his reply to the Tatas’ petition challenging his reinstatement by the NCLAT last December, Mistry had also demanded that group chairman emeritus Ratan Tata should reimburse all the expenses to Tata Sons since his departure in December 2012 in keeping with best global governance standards.

Mistry is seeking representation in the company in proportion to the 18.37 per cent stake held by his family, the cross-appeal has said.
Reinstating Mistry as the chairman, the NCLAT had also termed the action of the Registrar of Companies to allow conversion of Tata Sons into a private limited company illegal.



Source link

Latest articles

Amit Shah is headed for Bengal this week, his 2nd visit in one and a half months. (Representational)New Delhi: The BJP is...
Read more

Supreme Court Reserves Judgement In Tata-Mistry Case

The top court on May 29 had issued notice to Tata Sons and others on a cross-appeal. (File)New Delhi: The Supreme Court...

PM Modi Wishes French President Emmanuel Macron Speedy Recovery After He Tests COVID-19 Positive

"Wishing my dear friend Emmanuel Macron a speedy recovery," PM Modi said. (File)New Delhi: Prime Minister Narendra Modi on Thursday wished a...

Tom Cruise’s abuses on Mission Impossible 7 set make five crew members quit: Report

Hollywood star Tom Cruise recently lost his cool on the crew members of his upcoming film. Mission Impossible 7, for...
44.1k Followers
Follow
Previous articlePM Modi Wishes French President Emmanuel Macron Speedy Recovery After He Tests COVID-19 Positive
Next articleMicro-Level Teams Deployed For Poll-Bound Lok Sabha Constituencies

Related articles

Leave a reply

Please enter your comment!
Please enter your name here