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SC Dismisses Review Plea of SP Group Against Tata Sons Judgment

Shivani Thakur

Published on: May 19, 2022 at 20:11 IST

The Supreme Court dismissed the Petition filed by Shapoorji Pallonji Group (“SP Group”) challenging the Apex Court order that allowed Tata Son’s appeal against the NCLAT order to reinstate the ousted Chairman Cyrus Mistry.

“Sorry review not entertained. Dismissed”, Chief Justice of India (CJI)said.

As regards the application of Cyrus Mistry to expunge the remarks, the Bench took objection to the remark in the application that “the judgment is worse than a press statement”.

Senior Advocate Harish Salve, appearing for Tata Sons, conceded that some remarks could be expunged.

“As an act of grace, you may delete one or two observation”, Salve told the Court.

We’ll confer and delete some sentences”, the CJI said while concluding the hearing.

On last occasion, when the Review Petitions were placed before the Bench the majority had agreed to hear the review and had directed the Supreme Court Registry to list the matter for open Court hearing. Justice Ramasubramanian had however dissented observing that there was no valid ground for review.

The present petitions filed by Shapoorji Pallonji Group under Sections 241 and 242 of The Companies Act 2013 alleging oppression and mismanagement in Tata Sons. These Petitions were filed in the wake of Mistry’s removal.

The Top Court did not find merit in the Company Application initially filed by SP Group under Section 241 and 242 of The Companies Act, 2013 before the National Company Law Tribunal (NCLT) alleging oppression of minority shareholders and mismanagement.

While dismissing the Plea, the Apex Court stated that the valuation of shares of SP group depends on the value of stake of TATA Sons in listed equities, unlisted equities, immovable assets, etc and also perhaps the funds raised by SP Group on security pledge of the shares.