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A bench of Chief Justice SA Bobde, Justice AS Bopanna and Justice V Ramasubramanian sought to know from Cyrus Mistry and senior advocate CA Sundaram appearing on behalf of his firm that when the matter is already listed for final hearing, then again and again apply What is the justification of
When Sundaram said that he wanted to bring something new to the notice of the Supreme Court, the bench said, “Will not these issues come up in the final hearing?” All the issues being raised in these applications can be raised during the final hearing. The court listed the case for final hearing on December 2.
Tata Sons Pvt. Ltd. On behalf of the senior advocate Abhishek Manu Singhvi said that the court has listed the matter for final hearing only on 22 September. The court on 22 September barred Shapoorji Pallonji (SP) Group and Cyrus Mistry from pledging or transferring Tata Sons shares.
SP Group holds 18.37 per cent shares of Tata Sons. The SP group had said that Tata Sons filed a petition in the apex court for obstructing its plan to pledge these shares for arranging funds and it is a breach of minority shareholder rights.
Tata Sons filed a case in the apex court on September 5 requesting the Mistry group to stop pledging its shares to raise capital. Tata Sons, through this petition, wanted to prevent the SP group from directly or indirectly pledging the shares.
SP Group plans to arrange Rs 11,000 crore from various sources. In addition, it had signed a Rs 3,750 crore deal with a Canadian investor for a portion of its 18.37 per cent stake in Tata Sons. Earlier Tata Sons Pvt. Had told the apex court that it was not a two-group company and it and its Cyrus Investments Pvt. There is no ‘half-engagement’ between.