Lawstreet Journal

[DAY2] Highlights of Tata-Mistry case hearing, Harish Salve Argues fiercely on behalf of Tata Sons

Lawstreet Journal 11 Dec 2020 4:51pm

Image courtesy: Lawstreet Journal Business [DAY2] Highlights of Tata-Mistry case hearing, Harish Salve Argues fiercely on behalf of Tata Sons

Tata Sons and Cyrus Mistry have challenged order passed by National Company Law Appellate Tribunal on 18th December 2019, wherein the tribunal had ordered the reinstatement of Cyrus Mistry as the Chairperson of Tata Sons Limited

The Bench headed by Chief Justice of India SA Bobde will continue hearing the matter on 9th December . 

Harish salve continued his arguments on 9th December wherein he specifically argued on following points:

  • Legitimate expectation.
  • English jurisprudence pertaining to honouring of agreements, legitimate expectation and the extent to which a Court can interfere in the matters of a Company
  • Principle of “Complying with your contract”
  • “Good faith”
  • Referring to the cross appeal filed by Mistry, wherein they had claimed a valuation of 1.5 lakh crores.
  • History of how Pallonji Mistry joined the company and in 2006, Cyrus Mistry joined.
  • Just and Equitable reasons grounds which would warrant interference by court with the affairs of company.

Salve relied on Saul Harrison judgment of Court of Appeal on the scope of breach of "legitimate expectations' of members of company.

While arguing on English positions Harish Salve says that “where Articles of Association do not fully reflect the relationship between shareholders, then the burden lies on the concerned shareholder to prove that there was special relationship with the company beyond the Articles.”

While commenting on disputed the mismanagement allegations, he stated that the valuation of SP Group's stake in Tata Sons rose from Rs 1 lakh crore in 2017 to Rs 1.75 lakh crore in 2020.

Salve further stated that the SP Group's cross-appeal in which they claimed to have a… Continue Reading...

Tagged: Tata-Mistry  
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