New Delhi: Shapoorji Palonji group is unlikely to take the sacking of Cyrus Mistry as Chairman of Tata Sons lying low. The former Chairman of Tata Sons Cyrus Mistry has filed four caveats at National Company Law Tribunal against Ratan Tata, Tata Group and Sir Dorabji Tata Trusts.
As per CNBC-TV18 report, Shapoorji Pallonji has moved the Company Law Board and filed a case under the “oppression of minority shareholders and mismanagement” Section of Companies Act 397.
The report added that Shapoorji Pallonji will argue that public shareholders of Tata companieswere also impacted and may use a little known clause governing votes of Trusts. In the process Shapoorji Pallonji may also ask Public Trustee to abstain.
Tatas have also filed caveat in the Supreme Court, Bombay High Court and National Companies Law Tribunal to prevent Cyrus Mistry from getting ex-parte order against his sacking.
It appears that the Shapoorji Pallonji Group wants to protect the 18.5 percent stake in Tata Sons.
As per the report, high profile legal eagles Karanjawala, P Chidambaram, Kapil Sibal have been approached by Tatas, while Iqbal Chagla, Janak Dwarakadas and Somashekhar will fight for Mistry; Harish Salve, Manu Shinghvi have been paid to sit out.. Both the companies are looking at a 1-2 year battle ahead of them.
Earlier in the day the Shapoorji group issued a press statement on Tuesday which said, “Events of the past 24 hours obviously involve an element of sensitivity if not surprise. They need time for being assessed. As and when a public statement becomes necessary, it would be made.”
“Neither the SP Group nor Mr Cyrus Mistry has made any statement yet. While the circumstances are being studied, there is no basis to media speculation about litigation at this stage.”
Some reports attributed to a senior lawyer close to Mistry appeared on Monday that his elimination was against the norms of the Articles of Association of Tata Sons, and that Mistry is likely to challenge his ouster in Bombay High Court.
Bureau Report
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