The Supreme Court today dismissed review petitions filed on behalf of Cyrus Investments Pvt. Ltd. and Sterling Investments Pvt. Ltd. against the Final Order and Judgment dated 26.03.2021.
The genesis of the dispute can be traced to the removal of Mr. Cyrus P. Mistry as Executive Chairman of Tata Sons in 2016. Thereafter, the investment companies of Mr. Mistry, Cyrus Investments Pvt. Ltd. and Sterling Investments Pvt. Ltd., which are shareholders of Tata Sons filed a petition before the National Company Law Tribunal (NCLT), Mumbai Bench, alleging oppression and mismanagement of Tata Sons by Tata Trusts and Mr. Ratan N. Tata. However, the NCLT ruled against Mr. Mistry and dismissed all the said contentions. The National Company Law Appellete Tribunal (NCLAT) had overturned the decision of the NCLT and it is against this judgment of the NCLAT that Tata Sons had moved the Hon’ble Supreme Court which had allowed the appeal filed by Tata sons on 26.03.2021. The Review Petition which was filed on 24.04.2021, came up today in open court and was dismissed.
In a separate application for expunction of remarks, the Court has agreed to expunge certain remarks made against Mr. Cyrus Mistry but has also directed that certain offensive paragraphs directed against the Court made in the application for expunction be deleted/withdrawn by Mr. Mistry.
Appearing on the Tata side were Mr. Harish N. Salve and Dr. A.M. Singhvi, Ld. Sr. Advs., assisted by Mr. Dhruv Dewan and Avishkar Singhvi, Ld. Advocates briefed by a team from Karanjawala & Co. Advocates led by Ms. Ruby Singh Ahuja, Senior Partner, Ms. Tahira Karanjawala and Mr. Arjun Sharma, Principal Associates and Mr. Ashutosh P. Shukla, Senior Associate.
Appearing for the side of Mr. Cyrus Mistry and his investment companies were Mr. C.A. Sundaram and Mr. Shyam Divan, Ld. Sr.Advocates and Mr. Somasekhar Sundaresan, Ms. Rohini Musa, Mr. Rohan Jaitley, Ms. Samiksha Godiyal, Mr. Abhishek Venkataraman, Mr. Ravi Tyagi, Mr. Jaiyesh Bakhshi and Ms. Rini Badoni, Ld. Advocates.