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Tata Nano Bleeds Money Of Shareholders: Cyrus Mistry’s Counsel

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Tata Nano Bleeds Money Of Shareholders: Cyrus Mistry's Counsel

The high court docket banned Shapoorji Pallonji Group from promoting the shares of Tata Sons held by the group.

The Supreme Court continued closing hearings within the dispute between Tata Sons Limited and Cyrus Mistry’s Shapoorji Pallonji Group.

Both events have challenged a December 18, 2019, order of National Company Law Appellate Tribunal (NCLAT) that had directed the reinstatement of Cyrus Mistry because the chairperson of Tata Sons.

The high court docket had on January 10, 2020, stayed the NCLAT order. The NCLAT, in its December 2019 judgment, had held that the proceedings of the board assembly of Tata Sons held on October 24, 2016, eradicating Cyrus Mistry as chairperson was unlawful.

The Supreme Court had additionally stated that Ratan Tata shouldn’t take any determination upfront that requires majority determination of the board of administrators of Tata Sons or a majority within the annual basic assembly.

The listening to is being held earlier than a bench headed by Chief Justice SA Bobde.

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C A Sundaram, the Mistry household’s counsel, advised the Supreme Court right now that the Tata group was not managed professionally by a board however by the Chairman of Tata Trusts, Ratan Tata, via the Trusts that nominated administrators on Tata Sons board.

Mr Sundaram stated Nano loses cash day-after-day. “Thousands of crores lost on Tata Nano. That’s how the company is losing money,” he stated. “As a result shareholders including minority shareholders are losing.”

Hearings revealed that Noel Tata, brother of Ratan Tata, is married to Cyrus Mistry’s sister.

A 3-judge bench headed by the Chief Justice of India is listening to the dispute day by day. Arguments will resume Wednesday.

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