Tata vs Mistry Case: SC Reserves Judgement In High-Profile Corporate Battle | Top Developments So Far

NCLAT had ordered Tata Group to restore Cyrus Mistry as the executive chairman of the over USD 100 billion salt-to-software Tata conglomerate.

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New Delhi: In the case of cross-appeals filed by Tata Sons Pvt Ltd and Shapoorji Pallonji group backed Cyrus Investments Pvt Ltd against the appellate tribunal NCLAT order, the Supreme Court on Thursday, reserved its verdict. Further, the apex court asked all parties to file written submissions within a week. The National Company Law Appellate Tribunal (NCLAT) had ordered Tata Group to restore Cyrus Mistry as the executive chairman of the over USD 100 billion salt-to-software Tata conglomerate. Here are the top development of the high profile case: 1. The Supreme Court on Thursday reserved its verdict in the case between Tata Group’s holding company, Tata Sons Limited, and Shapoorji Pallonji Groups’ Cyrus Mistry. 2. The bench comprising Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian asked the parties to file compiled written submissions and subject index in the matter. 3. The hearing was conducted through video-conferencing, in which, Shapoorji Pallonji (SP) Group claimed that there was a breach of the Articles of Association and provisions of the Companies Act in the removal of Cyrus Mistry as the chairman of Tata Sons in October 2016. 4. Denying the allegations, the Tata group claimed that the removal of Mistry from the post of Executive Chairman very well within their rights 5. Earlier in January, the apex court granted relief to the Tata group by staying the NCLAT order of December 18, 2019, in which Mistry was to be restored as the executive chairman of the conglomerate. 6. Tata Sons had earlier told the top court that it was not a ''two-group company'' and there was no ''quasi-partnership'' between it and Cyrus Investments Pvt Ltd. 7. According to the cross-appeal filed by Cyrus Mistry, the former chairman of Tata Sons is seeking representation in the company in proportion to the 18.37 per cent stake held by his family. 8. In 2019, Mistry filed an affidavit to the apex court saying the Tata Group had an adjusted net loss of Rs 13,000 crore, the worst losses in three decades. 9. Mistry has also demanded that group chairman emeritus Ratan Tata should reimburse all the expenses to Tata Sons since his departure in December 2012 in keeping with best global governance standards, in response to Tata Group’s petition challenging his reinstatement by the NCLAT in December 2019. 10. Mistry had succeeded Ratan Tata as chairman of Tata Sons in 2012 but was ousted four years later on October 24, 2016.