Home / Companies / News /  SC to hear final arguments of Tata-Mistry case on 8 December

SC to hear final arguments of Tata-Mistry case on 8 December

SP group is bucketing Tata Sons in three – listed companies, unlisted companies and brand value. (Photo: Mint)Premium
SP group is bucketing Tata Sons in three – listed companies, unlisted companies and brand value. (Photo: Mint)

  • SC was expected to take on record the 29 October plea by the two investment firms for separation from Tata Sons as part of additional relief in its minority oppression case. The SP group has said the obligation of protecting the rights of largest non-Tata shareholder has been broken

NEW DELHI: The Supreme Court on Wednesday deferred hearing final arguments in cross appeals filed in the case of alleged mismanagement and oppression of minority investors at Tata Sons Ltd. The hearing was adjourned as new applications were filed by the parties involved.

Chief Justice SA Bobde said, “We kept the case for final hearing, but everyone kept filing applications, we also want to enjoy vacations like you do."

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The apex court bench said the matter will be now heard on 8 December and will be the only matter to be listed that day. Senior Advocate Harish Salve will open arguments.

The apex court was expected to take on record the 29 October plea by the two investment firms for separation from Tata Sons as part of additional relief in its minority oppression case. The Shapoorji Pallonji group had, in its plea, said that the basic obligation of protecting the rights of largest non-Tata shareholder has been broken.

It had added that Tata group would go to any lengths to prejudice the rights of SP group and its interest would not be protected. As part of separation proposal for selling its 1.5 trillion stake in Tata Sons, SP group suggested a share swap. Instead of Tata group shelling out this large sum in one-go, the SP group sought that it should be given shares of Tata group’s listed companies.

SP group is bucketing Tata Sons in three – listed companies, unlisted companies and brand value. For unlisted companies, SP group is seeking independent valuation, payable in cash and or in listed securities and for brand value payable by cash or listed securities. SP group’s arguments in favour of this proposal include – won’t saddle Tata Sons with additional debt, easier and quicker to implement, disagreement over valuation will be minimised and provide liquidity to Tata group companies.

Tata group lawyers were expected to argue on the minority oppression case and raise objections or agreeability on the SP group's suggested share swap.

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