Tata Sons vs Cyrus Mistry : Live Updates From Supreme Court Hearing

Salve : A person who was from a group having 18% shares now must have full run of the Tata Group. That is how absurd the order is.

Salve : Mistry was not a minority. He was an Executive Chairman appointed by the Selection Committee.

The NCLAT order now means that the minority in the rule removing the majority.

Salve : The Tribunal held that since the Articles allow Tata Trust to interfere, it was oppression of shareholders. This was missing woods for the trees.

Salve : The NCLAT made unwarranted remarks calling the Trustee nominees 'puppets' 'stooges' etc.

Salve : The NCLAT has virtually restrained the operation of various Articles going beyond the scope of judicial review.

Salve : During the times of JRD and Ratan Tata, the representative of Tata Trust was the Chairman of the Tata Sons. Therefore, there was cohesion between the company and the trust.

Salve : Mistry wrote an en email supposedly for the Board but before the Board could set its eyes, the media got it.

CJI : This happens in corporate world also?

Salve : In fact, this was invented by the corporate world and spread to other fields.

Salve : NCLT can appoint Director but the appointment must be pro-term. The Shareholders have the right to appoint. The corporate democracy must be respected. This fundamental principle has been overlooked.

CJI Bobde : Does NCLT has power to appoint Director?

Salve : They do. If they have reasons to do so.

Salve : Chandrashekharan was not connected with the promoters or the shareholders. He was selected for his merit.