Tata Sons

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.

In the hearing in the Tata Sons vs Cyrus Mistry case on Wednesday, the senior counsel said the lack of probity is much broader than financial irregularities in this case

On being asked by the parties to submit their objection, Senior Counsel Harish Salve said that he was also a part of the case and had no objection to CJI hearing the case.

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.

This is a horrible calculation which has increased the value from 1.5 then to 1.50 and now 1.75 lakh crores” submitted Salve

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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Today Supreme Court in Tata-Mistry Case directed all parties to complete their pleadings within four weeks.