Companies

Supreme Court to hear Tata Sons’ appeal against NCLAT ruling on December 2

Rajesh Kurup Mumbai | Updated on November 18, 2020 Published on November 18, 2020

The Supreme Court has fixed December 2 as the final hearing date on Tata Sons’ appeal against the last year’s National Company Law Appellate Tribunal (NCLAT) judgment, which had put ousted Chairman Cyrus Mistry back on the saddle.

Earlier on December 18, 2019, NCLAT ordered Tata Group to reinstate Mistry as executive chairman, a post from which he was ousted following a boardroom coup in 2016.

Read The Story: NCLAT puts Cyrus Mistry back on Tata Sons saddle; co can appeal

Later, Tata Sons moved the apex court, which is hearing the case now.

On its part, the Shapoorji Pallonji Group, which had earlier sought to part ways with the Tata Group, also filed details of proposed settlement deal with Tata Sons before the apex court today. The SP Group, which holds 18.37 per cent stake in Tata Sons, had earlier decided to part ways-- ending a 70-year partnership between the Tata and Mistry family-led groups.

Also Read: Shapoorji Pallonji Group to part ways with Tata Sons

The court didn’t find it necessary to consider SP Group’s plea about their recently filed applications, including about their demand for an exit from the company, at this stage, a source close to the Tatas said.

Sources close to the Mistry camp said that the apex court has also decided to also hear its petition seeking separation from Tata Group when the matter is listed for final hearing on December 2.

Also Read: SP Group to file details of proposed settlement deal with Tata Sons before SC this week

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Published on November 18, 2020
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