Tribune News Service
New Delhi, September 22
The Supreme Court on Tuesday restrained the Shapoorji Pallonji Group and Cyrus Mistry from pledging or transferring their shares in Tata Sons Pvt Ltd.
A Bench headed by Chief Justice of India SA Bobde directed the Tata Sons and the SP Group to not take any additional motion on the shares already pledged until the following date of listening to.
While posting the matter for last disposal on October 28, the Bench stated, “In the meantime, the parties shall maintain status quo regarding transfer and pledging of shares and further action in regard to the transfer and pledging of shares already made.”
The order comes at a time when the SP Group was planning to lift Rs 11,000 crore from numerous funds. It had signed a take care of a marquee Canadian investor for Rs 3,750 crore within the first tranche towards a portion of its 18.37% stake in Tata Sons. The SP Group shareholding within the nation’s largest enterprise home is valued at over Rs 1 lakh crore. The SP group, which owns 18.37% in Tata Sons, had stated TSPL moved the highest court docket to dam its plan to pledge shares for elevating funds, complaining about oppression of minority shareholder rights.