Companies

Supreme Court to pronounce verdict in Tata-Mistry case on March 26

Our Bureau Mumbai | Updated on March 26, 2021

Cyrus Mistry (file photo).   -  PTI

The Supreme Court is slated to pronounce its judgement on the Tata-Mistry legal issue, the country’s biggest corporate war simmering since 2016, on Friday.

As the causelist uploaded on the apex court’s website, a bench headed by Chief Justice S A Bobde, who is set to retire on April 23, would pronounce the verdict.

Cyrus Mistry, the scion of the Shapoorji Pallonji family, had moved National Company Law Tribunal (NCLT) five years ago against Tata Sons after his ouster as executive chairman of the salt-to-software conglomerate. While NCLT dismissed his plea, Mistry then moved the National Company Law Appellate Tribunal (NCLAT), which ruled in his favour, while the case was escalated to the apex court.

In September, the SP Group had sought to part ways by selling its 18.37 per cent stake in Tata Sons as “mutual co-existence of both groups at Tata Sons would be infeasible”, signalling the end of a 70-year partnership. However, Tata Sons rejects SP Group’s demand for separation.

The two business groups — Tatas and the SP Group — have been in a protracted legal battle after Cyrus Mistry was ousted as Tata Sons’ Chairman in 2016.

Tata Trusts own 66 per cent stake in Tata Sons and that of Mistry family is at 18.4 per cent stake.

Published on March 25, 2021

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