Thread by @barandbench

TATA vs MISTRY:

Supreme Court Bench headed by CJI SA Bobde is hearing a plea by Tata Group challenging the pledging of its shares by Cyrus Mistry's Shapoorji Pallonji group in order to raise funds.

#SupremeCourt

Senior Counsel Aryama Sundaram for Mistry tells the Court that in the present application, Tata is attempting to stop SP group from pledging the shares.

Sundaram: This creating extreme havoc

#SupremeCourt #TataVsMistry

SC asks Senior Advocates appearing for all the parties when the matter can be heard for final hearing, proposes taking up the case after four weeks for final hearing.

Senior Advocate Janak Dwarkadas for Cyrus Mistry argues that the application needs to be heard.

Dwarkadas highlights that salaries of employees and migrant workers need to be paid and disbursed.

Sundaram for SP group argues that the sole ground for Tata Group challenging the pledging of the shares by SP is one Article in the Articles of Association which bars transfer of shares without giving Tata a Right of First Refusal.

Sundaram: We are pledging, the shares are not being transferred.

CJI Bobde: This argument has been made several years ago also in relation to leases.

(Dwarkadas also backs Sundaram's arguments)

CJI Bobde: We have seen pledging is limited transfer.

Senior Advocate Harish Salve for Tata Group: There is a mischief they are playing. They want to sell the shares, if they want to sell, I am ready to buy, but then they say they want to hold on to the shares.

Salve: If they pledge the shares and Bank places them on the block and a potential buyer offers a premium, then I will have to match that price. This is the mischief they are playing.

#SupremeCourtOfIndia #TataVsMistry

CJI Bobde: We are only asking you all to wait for 4 weeks and make the arguments then

(Sundaram informs the Court that the restructuring of the company is scheduled for Thursday)

CJI Bobde: If Mr. Sundaram and Mr. Dwarkadas are not ready to hold their horses and are not agreeable to wait for four weeks, then we will have to hear Mr. Salve and Dr. Singhvi.

#SupremeCourt #TataVsMistry

Sundaram requests for an order of status quo if the matter is posted for later.

Salve requests for status quo as regards drawing of monies also, says that their liabilities are going up.

Senior Advocate Abhishek Manu Singhvi argues supporting Salve's submission.

#SupremeCourt directs for status quo to be maintained as regards transfer and pledging of shares of Tata Sons by Shaporji Pallonji Group.

SP group not to take further action as regards the shares already pledged.

Hearing at length in the case to be conducted on October 28.

Tata v. Mistry: Supreme Court asks Shapoorji Pallonji Group to maintain status quo on pledging of shares in Tata Group
@TataCompanies @tatatrusts @RNTata2000 #CyrusMistry

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