Expressing surprise at the Shapoorji Pallonji Group’s notice for damages against Tata Sons board members for allegedly blocking the Cyrus Mistry family from raising funds.
The Mistry family run firms — Cyrus Investment and Sterling Investment Corporation — stated that Tata’s application to block funding in the Supreme Court, after definitive documents were signed with a global investor (to raise `3,750 crore), showed the “vindictive, prejudicial and oppressive nature.”
Under the Companies Act, the independent directors on the Tata Sons board were duty bound to protect the interests of minority shareholders, the notice stated.
The Tata group and SP group are involved in a bitter legal battle after Mistry was sacked as the chairman of Tata Sons in 2016.
The Tata group and SP group are involved in a bitter legal battle after Mistry was sacked as the chairman of Tata Sons in 2016.
The Supreme Court had in May sought response from the Tata group and its patriarch Ratan Tata on the cross-appeal by the Mistry-run family firms seeking proportionate representation for the SP Group on the Tata Sons’ board.
