Companies

SP Group files review petition before Supreme Court

Rajesh Kurup Mumbai | Updated on April 26, 2021

Cyrus Mistry

Case likely to be mentioned before the new CJI Justice NV Ramana next week

 

The Shapoorji Pallonji Group (SP Group) has filed a review petition before the Supreme Court asking the apex court to look into the Tata Sons-Cyrus Mistry case, which was ruled in favour of Tata Sons.

The filing of the review petition came before the expiry of the 30-day deadline, which falls on April 25, and after the retirement of Chief Justice S A Bobde on April 24. The case is expected to be mentioned before the new CJI Justice NV Ramana next week.

 

“We are seeking clarifications on certain points of law in the judgement. The Supreme Court may not have addressed all the questions raised by Cyrus Mistry in his petition, and in the petition SP Group is asking to address these issues,” sources close to SP Group told BusinessLine, but did not divulge the details.

On March 26, the apex court had set aside a National Company Law Appellate Tribunal (NCLAT) order that re-instated Cyrus Mistry as Executive Chairman of Tata Sons, ruling in favour of the multi-billion dollar salt-to-software conglomerate Tata Group. SP Group had a 30-day deadline to filed a review petition, before the apex court.

 

 

Earlier, sources had told BusinessLine that SP Group was exploring all options, including filing a review petition and seeking legal recourse to determine the value of the stake they hold in Tata Sons. A decision of the Supreme Court or High Court can be reviewed only through a review petition, and under the apex court’s rules it has to be filed within 30 days of judgement.

The petition can be filed if there is prima facie evidence of glaring errors in the judgement, legal experts said.

Mistry, scion of Shapoorji Pallonji Group, a minority shareholder in Tatas Sons, was initially only removed from the post of executive chairman following a boardroom coup.

However, his subsequent actions, including the leaking of a confidential mail to the media to create a “sensation” and passing on information to the Income-Tax authorities while claiming to be a “law abiding citizen”, was an open declaration of “all-out war” against the Tatas. These led to his removal as a director, the apex court said in its March 26 order.

Published on April 25, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.