Lawstreet Journal

[DAY1] “Articles of Association give power to outvote and hence it is not oppression": Harish Salve in Tata Mistry Case

Lawstreet Journal 9 Dec 2020 10:39pm

Image courtesy: Lawstreet Journal Business [DAY1] “Articles of Association give power to outvote and hence it is not oppression": Harish Salve in Tata Mistry Case

The Supreme court has started the final hearing in the dispute between Tata Group’s holding company, Tata Sons Limited and Shapoorji Pallonji Groups’ Cyrus Mistry.

The case has been going on for four years, shifting from the National Company Law Appellate Tribunal to the Supreme Court. 

Both Tata Sons Pvt. Ltd and Cyrus Mistry  challenged a December 18, 2019 order of the National Company Law Appellate Tribunal which had ordered the reinstatement of Cyrus Mistry as the Chairperson of Tata Sons Limited.

The Supreme Court had on January 10, 2020, stayed the NCLAT order. The NCLAT, in its December 2019 judgment, had held that the proceedings of the Board meeting of Tata Sons held on October 24, 2016, removing Cyrus Mistry as Chairperson was illegal.

Senior counsel Harish Salve commenced the arguments on behalf of Tata Sons stating “Chairmanship is not a post but a designation”.

He further stated that the Tata Sons which was created in 1917 was always been a private company.

Pointing to an unusual provision in the Articles of Association of the company which bars the transfer of it’s share, the senior council argued that this provision was overlooked by the Tribunal. 

He further clarified that appointment of Cyrus Mistry as Executive Chairman was not a lifetime appointment and it was only up until March 2017.  After March 2017, he had no right to seek re-appointment. 

In response to Harish Salve saying that Mistry wrote an email with scathing comments against Ratan Tata and Tata Sons, supposedly for Board, but was leaked to media,… Continue Reading...

Tagged: Tata-Mistry  
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