Dragging the Tatas into the 21st century will take more time
While SP group sources said the verdict and debt rejig plans are unrelated, lenders said the group will be able to raise substantial sums if the SC allows it to pledge its shares in Tata Sons
The tribunal's corrigendum comes after it made strong remarks against Mistry while restoring the tax exemption of the three major Tata Trusts
SP Group chief Cyrus Mistry said the trustees of the Tata Trusts must introspect why they have deviated
The Mumbai bench of the income tax appellate tribunal has retracted the critical remarks it made on Mistry in its recent order
Former Tata Sons chairman censured for accessing and supplying records to I-T
The apex court had on January 10 granted relief to Tata group by staying the NCLAT order of December 18 last year by which Mistry was restored as the executive chairman of Tata Sons
The counsel appearing for SP Group firms told a Bench headed by Chief Justice S A Bobde about the importance of selecting the chairman of Tata Sons
The NCLAT perhaps wanted Mistry to continue as chairman of Tata Sons, the CJI remarked
Mistry counsel Sundaram says such a move is necessary under provisions of the new Companies Act of 2013
Mistry counsel Sundaram claims Ratan Tata was able to achieve this through the Tata Trusts-nominated directors on Tata Sons board
Based on current valuation ratio of listed holding companies, Tata Sons now valued at Rs 5.08 trn
Corporate lawyers said with such formidable legal teams fielded by both sides in the top Court, the fight between the two has become the most watched litigation war in recent times
Tata Sons' counsel, Harish Salve said the Mistrys are seeking division of assets including 18.4 per cent stake in Tata brand
Tata Sons counsel Harish Salve says all Tata companies are doing well, making money; Mistry must prove lack of probilty and impact on his rights while complaining
This is in response to Rs 1.78 trn sought by Mistry family; Tata Sons counsel says NCLAT judgement setting aside Chandra's appointment went beyond the scope of judicial review
The valuation disagreement marks the latest chapter in a four-year-old wrangle that started with a boardroom coup in 2016 at Tata Sons.
The top court had on September 22 restrained Shapoorji Pallonji (SP) Group and Cyrus Mistry as also his investment firm from pledging or transferring their shares of Tata Sons Pvt Ltd (TSPL)
A legal source said the Mistrys would have to sell shares in listed Tata companies to pay the tax (if Tata Group agrees to the Mistry plan) and lower their stakes in them
Hearing in the Tata versus Mistry case is likely to be adjourned to next month.