In a blow to the Mistry camp, the Supreme Court on Thursday dismissed review petitions filed by Cyrus Investments and Sterling Investments against the apex court’s final order and judgment of March last year, which had allowed Tata Sons to remove Cyrus Mistry as group chairman. In its verdict on Thursday, the court said no grounds were made for reviewing its previous judgment.
Mistry had succeeded Ratan Tata as executive chairman of Tata Sons in 2012, but was ousted four years later in October. In March 2021, the Supreme Court had backed the Tatas over the removal of Mistry and division of shares. The court, headed by then Chief Justice of India SA Bobde, had set aside an order of the National Company Law Appellate Tribunal that had upheld the reinstatement of Mistry after setting aside the National Company Law Tribunal’s ruling.
The court had also rejected the Shapoorji Pallonji Group group’s allegations of oppression and mismanagement against Tata Sons and its plea of separation of ownership interests in Tata Sons.
The SP Group had approached the Supreme Court in April 2021, seeking a review of its March 26 judgment.
The court also agreed to expunge certain remarks made against Mistry, but directed that certain offensive paragraphs directed against the court made in the application for expunction be deleted/ withdrawn by Mistry.
Hailing the Supreme Court’s verdict, chairman emeritus of Tata Sons Ratan Tata tweeted, “We would like to express our grateful appreciation of the judgment passed and upheld by the Supreme Court today. It reinforces the value system and the ethics of our judiciary.”
In a statement, Tata Sons welcomed the order with “humility”.
“It reaffirms, once again, Tata Group’s position which was upheld by a unanimous judgment last year. Tata Sons reiterates its commitment to work towards nation building, and maintaining standards of governance and ethical conduct that have guided Tata Group in all its businesses over the years,” the statement said.
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