TATA v MISTRY

Hearing to resume in Supreme Court today at 2 pm before a Bench of Chief Justice of India SA Bobde and Justices AS Bopanna and V Ramasubramanian. Senior Counsel CA Sundaram to continue his arguments.

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@tatatrusts @TataCompanies
TATA v MISTRY

Bench assembles, hearing begins.

CA Sundaram continuing with his submissions.

@tatatrusts @TataCompanies
TATA v MISTRY

My shareholding is 18.5 percent. It is 1.5 lakh crore according to us and 80k crore according to them: Sundaram

You don't worry about that. Your shareholding is large enough for us to what you: CJI SA Bobde.
TATA v MISTRY

Sundaram refers to counter filed by Ratan Tata in which Tata himself admits, according to Sundaram that Tata Sons is not a family company but a board managed company.

That is why it should not be considered as company managed by Tata Trusts: Sundaram.
TATA v MISTRY

Sundaram argues how Article 121 A was used by Tata Trusts to undermine the board.

NCLAT said Article 121A cannot be used by Tata Trusts to demand pre consultation. That is our argument - that TATA Sons should be a board managed company: Sundaram

@tatatrusts
TATA v MISTRY

The institution of independent directors was incorporated by way of 2013 Act to protect interests of minority shareholders: Sundaram

@tatatrusts
TATA v MISTRY

It is not mandatory to have these independent directors whose statutory function is to look after interest of minority shareholders: Sundaram

#SupremeCourt #tatasons
TATA v MISTRY

Do you have any judgment which states pre-consultation will affect the independence of the board?

Sundaram: I dont have any judgment to that effect. It is my submission.

@TataCompanies
TATA v MISTRY

CJI Bobde: How does board's independence get affected due to pre-consultation?

Sundaram: On this case the pre-consultation is not advisory but to convey the decision of the concerned majority shareholder.

#SupremeCourt
TATA v MISTRY

CJI Bobde draws comparisons with politics saying will a Chief Minister consulting with his party colleagues affect independence.

Sundaram: Politics is different from corporate world. The aim of political party is to come to power unlike that of a BoD.
TATA v MISTRY

The directors primary duty is towards the board.

The role of shareholders is to elect the directors. Thereafter, it is upto the board to manage the company and shareholders cannot interfere: Sundaram

#TataVMistry #SupremeCourt
TATA v MISTRY

If due to mismanagement, money is being lost the majority also loses money: CJI Bobde.

It is not an excuse to mismanage the company - that not just you (minority) but we majority shareholder is also losing money: Sundaram

@TataCompanies
TATA v MISTRY

But can you say bad decision is mismanagement? CJI Bobde.

We were being stopped from taking decisions: Sundaram.
TATA v MISTRY

Sundaram concedes that NCLAT did grant a relief which was not prayed for (as regards reinstatement of Mistry as Executive Chairperson).

"I think the NCLAT went by the labour law principles," Sundaram says.

@tatatrusts
TATA v MISTRY

Some of the aspects in this case has really shocked us and we say it with utmost humility, remarks CJI A Bobde.

#SupremeCourt #tatasons #TataVMistry
TATA v MISTRY

Conversion of company from public to private company after 2013 Act came into force was done by a stroke of pen by Registrar of Companies (RoC): Sundaram

#SupremeCourt #SupremeCourtOfIndia #mistry
TATA v MISTRY

After the 2013 came into force, a public company to become private company should apply to NCLT for reconversion to private company: Sundaram

Tata Sons had become a deemed public company. It had to follow the procedure for reconversion: Sundaram.
TATA v MISTRY

Bench rises for the day. Court will hear Senior Counsel Shyam Divan tomorrow.

@tatatrusts @TataCompanies @RNTata2000

#SupremeCourt #mistry

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TATA v MISTRY [Day 6]

Hearing to resume before Supreme Court in a short while from now.

@tatatrusts
@TataCompanies

#SupremeCourt Image
TATA v MISTRY

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@tatatrusts @TataCompanies Image
TATA v MISTRY

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