Supreme Court agrees to hear open court review petition filed by Cyrus Investments Ltd
Highlight
- Supreme Court has agreed to open court hearing on a review petition filed by Cyrus Investments Ltd.
- The Apex Court Appellate Tribunal will hear the petition against its order quashing the NCLAT order
- tribunal NCLAT order reinstated Cyrus Mistry as executive chairman of Tata group
The Supreme Court has agreed to hear in open court a review petition filed by Cyrus Investments Ltd against the order quashing the order of the Appellate Tribunal NCLAT, which reinstated Cyrus Mistry as the executive chairman of the Tata Group. .
A three-member bench of Chief Justice NV Ramana, Justice AS Bopanna and Justice V Ramasubramaniam said the petitions would be heard in open court on March 9.
“Applications seeking exemption from filing of affidavit are allowed. Applications seeking oral hearing of review petitions are permitted. List the review petitions on Wednesday, March 9, 2022,” the bench said.
However, Justice Ramasubramaniam, in the minority dissenting judgment, held that the grounds raised in the review petitions do not fall within the parameters of review.
“With the utmost respect, I regret my inability to agree to the order. I have carefully gone through the review petitions and have not found any valid ground for reviewing the judgment.”
“The grounds raised in the revision petitions do not fall within the standards of review and therefore the applications seeking oral hearing are liable to be dismissed,” Justice Ramasubramanian said in an order dated February 15.
The apex court had, on March 26, 2021, quashed a National Company Law Appellate Tribunal (NCLAT) order reinstating Cyrus Mistry as the executive chairman of the USD 100 billion salt-to-software conglomerate.
The apex court had also dismissed the Shapoorji Pallonji Group’s plea seeking separation of ownership interests in Tata Sons Private Limited (TSPL).
Mistry succeeded Ratan Tata as the chairman of TSPL in 2012, but was ousted after four years.
The SP Group had told the apex court that the removal of Mistry as the chairman of TSPL in the board meeting held in October 2016 amounted to a “blood game” and “ambush”, which was a complete violation of the principles of corporate governance and widespread was a violation. of the Articles of Association in process.
The Tata group had strongly opposed the allegations and denied any wrongdoing, saying the board had the authority to remove Mistry as chairman.
read also , Co-promoter Gangwal resigns from IndiGo board; Will gradually reduce stake in the airline over 5 years
read also , Home Ministry to confirm background of Air India’s new CEO Ilkar IC
,