Tata Vs Mistry: SP Group Files A Review Petition In Supreme Court
The Shapoorji Pallonji group has filed a review petition against the Supreme Court’s judgment which had dismissed all allegations of oppression and mismanagement at Tata Sons, a spokesperson for the Mistry group told BloombergQuint. The news was first reported by legal news website Bar and Bench.
In its order on March 26, the apex court overturned the verdict by the National Company Law Appellate Tribunal which had directed the reinstatement of Cyrus Mistry, scion of the SP Group, as executive chairman of Tata Sons—a position he was abruptly removed from in October 2016. On that ground and others the appellate tribunal had found oppression and mismanagement at the Tata Group holding company. Disagreeing with the NCLAT, the apex court concluded that removal of a person from directorship cannot be called as acts oppressive to minority shareholders.
Post the Supreme Court’s ruling, Mistry had issued a statement saying he had “no doubt or erosion of conviction about the direction I chose, the integrity behind my actions and their consequences”. Mistry’s family is the second largest shareholder in Tata Sons, with an 18.4% stake.
The power of review is very limited, and typically addresses an error on the face of the record in the judgement, Anand Desai, managing partner at DSK legal said in a comment emailed to media.
“It is usually decided without a fresh hearing, and by the same bench that passed the judgment against which the review is filed. It is pertinent to note that the bench that had passed the March 26 judgment included Chief Justice Bobde, who has just retired, and will not be part of the bench deciding the review,” Desai added.
The grounds for the review petition are not known yet.