The Shapoorji Pallonji Group has urged the Supreme Court to review its March 26 judgment in the fracas between Tata Sons and Cyrus Mistry. The Court ruled in favour of autos-to-steel conglomerate Tata Group in its long-drawn legal tussle with former chairman Mistry whose family firm owns an 18.37 percent stake in the group holding company, Tata Sons.
On March 26, the apex court had set aside the NCLAT order from December 2019 asking the Tata conglomerate to reinstate Cyrus Mistry as the executive chairman of the company. A bench headed by Chief Justice SA Bobde and Justices AS Bopanna and V Ramasubramanian answered all legal questions involved in the favour of Tata Sons.
"We find all the questions of law are liable to be answered in favour of the appellants, Tata Group and the appeals filed by the Tata Group are liable to be allowed and Shapoorji Pallonji group is liable to be dismissed," the Supreme Court had ruled.
Notably, as per rules, the review petition is heard inside the chamber and before the same bench, which had passed the judgment in the case.
At that time, Mistry had said he was ‘disappointed’. "As a minority shareholder of 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," Mistry had said in a statement.
The Mistry-family controlled Shapoorji Pallonji Group had alleged oppression of minority shareholders and operational mismanagement in its allegations as part of the bitter boardroom battle.