A Supreme Court bench headed by Chief Justice of India NV Ramana has allowed a petition filed by Cyrus Investments Ltd for review of an earlier decision in favor of Tata on the removal of Cyrus Mistry as the executive chairman of Tata Sons. .
Ramana and Justice AS Bopanna, who incidentally were part of the previous bench that decided the matter, said they were allowing applications for oral hearing of review petitions.
But the third judge on the bench, who was also a party to the original decision, V. Ramasubramaniam, disagreed with his view.
He said he did not find any valid reason to review the decision and it should be dismissed.
The court had heard the review in the chamber on February 15 but the order was uploaded only today.
Cyrus Investments Pvt Ltd had sought a review of the March-2021 decision, rejecting all the arguments of the Shapoorji Pallonji Group on Mistry’s removal. Mistry has also filed a review petition.
A bench headed by former Chief Justice of India SA Bobde had in March last year rejected all his pleas for reinstatement of the SP group led by Mistry.
The National Company Law Appellate Tribunal had ordered the reinstatement of Mistry in December 2019, overturning the NCLT order refusing to do so, but the apex court quashed the NCLAT order.
The top court had also rejected Mistry’s claim of violation of rights of minority shareholders.
Justice Bobde has since demitted office. Therefore, the review, which always goes to the same bench, was placed before a bench headed by Raman.
order for Mechanic The reinstatement was illegal, the apex court had conducted in March last year.
The stage for high-stakes litigation was set in October 2016 when Mistry was ousted by a majority vote of the board of directors of Tata Sons. N Chandrasekaran was then brought in as the working president.
Mistry, in his review petition, argued that the decision was fraught with errors and had virtually destroyed the rights of minority shareholders guaranteed by the Companies Act.
There were many contradictions in the judgment and it should be reviewed, the review petition said.
The Egyptians hold an 18.4% stake in Tata Sons, the holding company of the Tata Group.
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