Sunday, November 27, 2022

Supreme Court rejects review petition by Cyrus Investments

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The Supreme Court today rejected a review petition by Cyrus Investments Pvt Ltd and other Cyrus Mistry promoted companies against the Supreme Court order that had upheld the removal of Cyrus Mistry from the position of executive chairman of Tata Sons.

A Supreme Court bench headed by Chief Justice N.V. Ramana said “dismissed” without elaborating further. A detailed order is awaited.

Justice A.S. Bopanna and Justice V. Ramasubramanian are other judges in the case. Justice Bopanna and Justice Ramasubramanian were also part of the original bench that heard the case along with then Chief Justice S.A. Bobde.

On March 26 last year, the Apex Court had upheld Tata Sons’ decision to remove Mistry as executive chairman, quashing the National Company Law Appellate Tribunal’s order that had reinstated him.

The Apex Court order had also exonerated Tata Sons from accusations of mismanagement and oppression of minority shareholders.

Meanwhile in another related case, the Supreme Court has agreed to remove certain remarks that Cyrus Mistry objected to in the Tata-Mistry order.

The Supreme Court said it will remove some remarks but did not specify which ones. The detailed judgement is expected to throw light on it. 

Appearing for Tata Group, Senior Advocate Harish Salve said he is not opposed to expunging remarks as an “act of grace”, and requested the court to state clearly that remarks have not been deleted on merits of the case.

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