The Supreme Court bench led by Chief Justice of India is hearing the appeal filed by Tata Sons Pvt Ltd against the NCLAT direction to reinstate Cyrus Mistry as the Executive Chairman of the company.Live Updates from the hearing available here...
The Supreme Court bench led by Chief Justice of India is hearing the appeal filed by Tata Sons Pvt Ltd against the NCLAT direction to reinstate Cyrus Mistry as the Executive Chairman of the company.
Live Updates from the hearing available here :
The bench rises. Arguments over for the day. Hearing to continue tomorrow.
CJI : We would like not to 'mismanage' this case and not to cause 'oppression'.
Lawyers laugh.
CJI : We would like the arguments not to be repetitive.
Singhvi says he would need 2 hours at least. Shyam Divan says he will take a couple of hours. C A Sundaram says he might need four hours.
CJI : Mr. Salve, how much more time you will take?
Salve : I will take at least one hour more.
Salve : It should come out of the acts of the management and the acts should be inconsistent with the Articles of Association.
CJI : This is another point we need to consider. Can there be a finding of oppression or mismanagement because of Articles of Association or it should come out of the acts of management?
Salve : Their (Mistry's) complaint is that the company is being run in accordance with the Articles of Association and the Articles are unfair.
CJI : So the situation should be so bad that the Court should be find that the company must be wound up.
Salve : We (Tata Sons) are miles away from that.
CJI : Because you have done so well.
The conduct must be "burdensome", "harsh", and "wrongful". It should involve at least a lack of probity or fair dealing : Salve quotes from the Harmer's case.
Lack of confidence springing from the oppression of the minority by the majority involving lack of probity is needed : Salve quotes from the Harmer's case.