The Supreme Court on Friday allowed the appeals of Tata Sons against the National Company Law Appellate Tribunal (NCLAT) order restoring Cyrus Mistry as the executive chairman of the group. The order is being cited as a victory for the Tatas.
Senior Advocate Harish Salve appearing for Tata Sons while resuming his submissions before the bench led by Chief Justice of India SA Bobde said the respondents had challenged Article 86 as an oppressive Article.
The Supreme Court bench comprising Chief Justice S.A. Bobde, Justices A.S. Bopanna, and V. Ramasubramanian on Tuesday heard the cross-appeals filed by Tata Sons and Cyrus Investments against the National Company Law Appellate Tribunal’s (NCLAT) order which had restored Cyrus Mistry.....
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.
Tata Sons has put a spanner in Cyrus Mistry’s attempt to pledge some Tata shares to raise money to urgently repay some outstanding debt. Mistry is a prominent holder of Tata stocks through his family company Shapoorji Pallonji (SP).
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