The Supreme Court in its March 26 verdict had ruled in favour of the Tata Group.
Cyrus Mistry (Source: Getty Image)
The Shapoorji Pallonji Group has filed a review petition in the Supreme Court challenging parts of its verdict in the Tata Sons vs Cyrus Mistry case, sources with knowledge of the matter told Moneycontrol.
In a judgment dated March 26, 2021, the apex court had ruled in favour of the Tatas and set aside a December 2019 order of the National Company Law Appellate Tribunal (NCLAT), which had reinstated Cyrus Mistry as the Chairman of the diversified conglomerate.
According to the Supreme Court website, additionally, Cyrus Mistry in his personal capacity has filed an application seeking expunction (removal) of certain adverse remarks in the judgement of the Supreme Court.
NCLAT had held that the proceedings of the October 2016 Tata Sons board meeting, where it was decided that Cyrus Mistry will be removed as Chairperson, was illegal. Mistry had taken over as Chairman of the Tata Sons in December 2012.
Mistry had reacted to the verdict saying: “As a minority shareholder of the Tata Sons, I am personally disappointed by the outcome of the judgment with respect to our case. Although I will no longer be able to influence the direction of governance of the Tata group directly, I hope that the issues I have raised will cause deeper reflection and influence individuals concerned to catalyse change. I sleep with a clear conscience.”
The Mistry-family controlled Shapoorji Pallonji Group, which owns an 18.37 percent stake in the salt-to-steel conglomerate, had alleged oppression of minority shareholders and operational mismanagement in its allegations as part of the bitter boardroom battle.
Spokespersons from the Mistry Group and Tata Sons were unavailable for immediate comment.