Thread by @barandbench

VERDICT ALERT: TATA vs CYRUS MISTRY

CJI SA Bobde led bench to shortly deliver judgment  in the dispute between Tata Group’s holding company, Tata Sons Limited and Shapoorji Pallonji Groups’ Cyrus Mistry

#SupremeCourt
@TataCompanies @CyrusMistrySupt

Both Tata Sons and Mistry have challenged a December 18, 2019 order of National Company Law Appellate Tribunal (NCLAT) which had ordered reinstatement of Cyrus Mistry as the Chairperson of Tata Sons Limited.

The NCLAT, in its December 2019 judgment, had held that the proceedings of the Board meeting of Tata Sons held on October 24, 2016 removing Cyrus Mistry as Chairperson was illegal.

#NCLAT
#SupremeCourt

CJI: Question of law

Whether companies affairs are being conducted are being conducted and in tune with the principles of NCLT.

Whether the reliefs granted by Nclat by reinstating Mistry was correct

CJI: Whether characterisation of NCLAR of voting rights is justified when challenge is given up expressly

Whether recoversion of TATA Sons from public to private company is in consoncance with the companies Act

CJI: the answers we have given is

CJI: all the questions of law are liable to be favored for TATA group
The appeals are allowed by TATA group.

CJI: we cannot adjudicate on the question of compensation and they can take route under Article 75. Order of NCLAT is set aside. Appeal by TATA group is upheld. Appeal by SP group is dismissed. Appeal by Cyrus Investments is dismissed

CJI: We leave it to Tata Sons, Mistry to take legal route to resolve issue of shares. Value of Tata Sons shares depends on equity
#SupremeCourt

[BREAKING] Supreme Court sets aside NCLAT order which had reinstated Cyrus Mistry as Chairperson of Tata Sons

#SupremeCourt #CyrusMistry #TataSons

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