Mistry camp exploring all options

Our Bureau Mumbai | Updated on March 26, 2021

The Mistry family is exploring all options, including filing a review petition and seeking a legal recourse, to determine the value of the stake they hold in Tata Sons.

“All options are being discussed. There is a view that the Supreme Court may not have addressed all the questions raised by Cyrus Mistry in his petition. On the other hand, a review petition is very rarely upheld,” said a source close to the Mistry camp. A decision of the Supreme Court or High Court can be reviewed in a review petition, and under the apex court’s rules it has to be filed within 30 days of judgment. The petition can be filed if there is prima facie evidence of glaring errors in the judgment, legal experts said.

Further, the petition will have to be submitted without oral arguments to the same Bench that pronounced the order. “As of now, it looks like full and final settlement of the case, which started in 2016. To file a review petition is difficult, but not impossible,” said one of the lawyers.

Separately, even after the dismissal of a review petition, the Supreme Court would consider a ‘curative petition’ in order to prevent abuse of law and gross miscarriage of justice.

Stake valuation

Sources said the Mistry family’s focus could be more on the valuation of the stake held on Tata Sons.

Sushmita Gandhi, Partner, IndusLaw, said: “The valuation of the shares of SP Group depends upon the value of the stake of Tata Sons in listed equities, unlisted equities, immovable assets etc., and also perhaps the funds raised by SP group on the security/pledge of these shares. Therefore, it is to be seen what recourse SP Group would take to cause Tata Group to buy them out at this juncture.”

Published on March 26, 2021

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