The Supreme Court on Wednesday deferred the hearing on a cross appeals filed by Tata Sons and Cyrus Investments against the National Company Law Appellate Tribunal (NCLAT) order which had restored Cyrus Mistry as the executive chairman of Tata Group.
The matter was listed for final hearing on December 2, however, the bench having regard to the paucity of time discharged the board and said that it will hear the matter exclusively on a nonmiscellaneous day where only the present matter will be listed on the board.
The bench comprising Chief Justice S.A. Bobde, Justices A.S. Bopanna and V. Ramasubramanian said it will hear the cross appeals filed by Tata Sons and Cyrus Investments against the NCLAT order on Tuesday next (December 8).
Tata Sons had moved the Supreme Court on September 5, seeking to restrain the Mistry group from raising capital against their shares and to prevent the Shapoorji Pallonji Group from creating any direct or indirect pledge of shares.
Thereafter the bench on September 22, restrained Shapoorji Pallonji and Cyrus Investments Pvt Ltd from pledging their shares of Tata Sons Pvt Ltd.
On January 10, 2020, the Court had stayed the NCLAT order of December 18, 2019 thereby granting relief to the Tata Group. The bench had observed that the NCLAT order suffered from various ‘lacunas’.
The cross appeal filed by Mistry Investments Pvt Ltd has sought remedies for the various ‘lacunae’ in the NCLAT order which also include the Tribunal overlooking at the alleged oppression of minority shareholders and the conversion of Tata Sons into a private limited company.
The Mistry Group has also alleged that though the Tribunal had found the conduct of Tata Sons prejudicial, the Tribunal failed to provide the necessary reliefs that would have put an end to the oppressive behaviour of the majority shareholders.