In its assessment petition filed in April final 12 months, the Mistry group had asserted that the Supreme Courtroom incorrectly interpreted firm regulation provisions, diluting company governance requirements and leaving giant swathe of minority shareholders remediless. The Supreme Courtroom ruling laid down contradictory authorized propositions that aren’t solely irreconcilable but additionally opposite to the corporate regulation statute, the Shapoorji Pallonji Group’s assessment petition mentioned.
This was towards the apex court docket’s judgment which had dismissed all allegations of oppression and mismanagement at Tata Sons. It overturned the decision by the Nationwide Firm Regulation Appellate Tribunal that had directed the reinstatement of Mistry, scion of the SP Group, as govt chairman of Tata Sons—a place he was abruptly faraway from in October 2016.
The highest court docket had answered all of the authorized questions in favour of Tata Sons.
The arguments earlier than the highest court docket touched upon the ideas of board independence; what would qualify as oppression of minority shareholders; method of removing of Mistry in 2016 in addition to the conversion of Tata Sons from a public restricted to a non-public firm.
The assessment petition will probably be heard in an open court docket on March 9.
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