Tata vs Mistry case: SC to hear review petition of SP group on March 9

The Supreme Court will hear the review petition of Shapoorji Pallonji (SP) Group against the ouster of Cyrus Mistry on March 9, 2022, according to news agency ANI report.

The apex court has agreed to hear the arguments by a 2:1 majority.

In a big victory for the Tata Group, the Supreme Court had in March 2021 upheld removal of Cyrus Mistry as the executive chairman of the $100 billion salt-to-software conglomerate, bringing the curtains down on a bitter four-year long public and legal battle.

Setting aside the NCLAT's order, which had restored Mistry to the top post, the apex court in an unanimous 3-0 decision had also dismissed a plea of SP Group seeking separation of ownership interests in Tata Sons Pvt Ltd (TSPL). The SP Group owns 18.37 per cent shares in TSPL, and the next fight could be over its valuation.

Mistry had succeeded Ratan Tata, now chairman emeritus of Tata group, as the chairman of TSPL in 2012 but was dramatically ousted four years later, triggering one of the ugliest boardroom battle at the country's biggest business conglomerate that brought top lawyers face to face in the apex court.

Responding to the verdict by SC, Mistry had expressed disappointment, but asserted that his conscience was clear and he had no doubt about the direction he took regarding the generational change in leadership during his tenure.

''Every member of society looks to institutions such as courts to validate and endorse the appropriateness of his or her actions and beliefs. As a minority shareholder of Tata Sons, I am personally disappointed by the outcome of the judgement with respect to our case,'' Mistry had then said in a statement.