Senior counsel Shyam Divan begins arguments on behalf of Shapoorji Pallonji group.
@tatatrusts @TataCompanies
TATA v MISTRY [Day 6]
Hearing to resume before Supreme Court in a short while from now.
@tatatrusts
@TataCompanies
#SupremeCourt
Senior counsel Shyam Divan begins arguments on behalf of Shapoorji Pallonji group.
@tatatrusts @TataCompanies
This case is about corporate governance. We have moved from corporate democracy to a much richer corporate governance under the amended Companies Act: Divan
@tatatrusts
The management of company is the board. The most crucial obligation imposed on Director now is that the director is a fiduciary. A fiduciary's allegiance is to the company alone: Divan
#SupremeCourt #tatasons
Lack of probity is much broader than financial irregularities.
The long relationship between the two groups developed over decades. It developed in the context of a statutory framework which restricted the role of private trust: Divan.
There was a beach of articles in the removal of Cyrus Mistry: Divan
#tatasons #tatamistry
Management has to be by the board as per the articles and the statute.
Termination of managing director has to be by a resolution. The same process as is followed for appointment has to be followed: Divan
Section 166 is very very important. It lays down duties of Directors.
If you are torn between allegiance to company and allegiance to something else, then you cannot act as a Director: Divan.
Director cannot abdicate or yield on his/her independent judgment. Director may consult or take advice but has to act independently and cannot be compelled or coerced: Divan
Two directors had praised Mistry for his performance as Executive Chairperson four months before his removal. Those two directors did not even file their response explaining their conduct: Divan.
#tatavmisrty #tata #mistry
Supreme Court says it is intending to make certain observations on the procedure to be followed by tribunals. This was in the context of whether plea before NCLAT should have been amended by way of amendment applications or additional affidavits.
@tatatrusts
The selection of Tata Sons chairperson is crucial. It affects so many companies and stakeholders across countries and continents: Divan
#SupremeCourt #tatasons #mistry
Ratan Tata is not subject to the discipline under Section 166 of the Companies Act. He ceased of be board member in December 2012 and did not attended a single board meeting till October 2016: Divan
Shyam Divan reading case laws on corporate governance and fiduciary duties of Director stating how the Companies Act moved from corporate majority to corporate governance.
Divan says TATA Trusts could not vote on its own shares between 1964 and 2000 due to statutory restrictions and it was a public trustee appointed by Central government who could vote on your shares: Divan
That was when Shapoorji Pallonji because of their relationship with Tata became a reliable partner who could vote and that is why Tata sold their shares to SPG. This continued till public trustee mandate was done away with in 2000 and Tata Trusts could vote : Divan
Divan giving history of Shapoorji Pallonji group's relationship with TATA group and how various SP group persons served on board of various Tata group companies.
The relationship is 5 decades old of which 4 was during public trustee regime: Divan
@TataCompanies
The relationship was of one utmost trust and good faith. The only thing we asked for was a place on the board which is recognised under Companies Act of 2013: Divan
Hence, the removal of Mistry was illegal, oppressive and against good faith and trust which Tata and Shapoorji Pallonji group shared: Divan
@tatatrusts
@TataCompanies
#SupremeCourt #tatasons
Bench rises for the day. Hearing to continue tomorrow.
#SupremeCourt #tatasons
@tatatrusts @TataCompanies @RNTata2000
More from Bar & Bench
More from Court
I've decided that I will not be spouting off an uninformed, kneejerk opinion on a topic I don't have enough information about. Instead I shall cast shame on the idiots who do, and bring further confusion to everyone.
We as a people have been defanged not only by being fed wheelbarrows full of raw unmitigated horseshit, but even the knowledge of where to go to find this information has been buried beneath obscuring layers of horseshit thicker than the planet's crust.
We do not live in a democracy, whose vital functions require a freeflow of information much like pure capitalism requires a completely informed consumer populace. We instead live in an oligopoly of knowledge, where important facts we need to know are denied to us and hoarded away
Much like how we do not live under true capitalism as knowledge we need to make informed decisions as consumers is locked away and hidden behind thicc layers of legal documents, denying us knowledge of our rights under the rules of commerce we allegedly agreed to.
This is how we are denied our rights. By denying us knowledge of our rights, and then by denying us pathways to seek said knowledge, and if not removing them then hiding them within websites hosted on fucking geocities servers and javascript written by lowest bidder.
What\u2019s your level of optimism on this election going to the Supreme Court
— Dr. Gulag inmate president elect 69420 (@ViewnComs) December 17, 2020
We as a people have been defanged not only by being fed wheelbarrows full of raw unmitigated horseshit, but even the knowledge of where to go to find this information has been buried beneath obscuring layers of horseshit thicker than the planet's crust.
We do not live in a democracy, whose vital functions require a freeflow of information much like pure capitalism requires a completely informed consumer populace. We instead live in an oligopoly of knowledge, where important facts we need to know are denied to us and hoarded away
Much like how we do not live under true capitalism as knowledge we need to make informed decisions as consumers is locked away and hidden behind thicc layers of legal documents, denying us knowledge of our rights under the rules of commerce we allegedly agreed to.
This is how we are denied our rights. By denying us knowledge of our rights, and then by denying us pathways to seek said knowledge, and if not removing them then hiding them within websites hosted on fucking geocities servers and javascript written by lowest bidder.
. @econbrkfst is seething a hole in the pavement as I type this.
Yes, it is a lovely meme. I'm glad you agree🍇
But he doesn't know who to attack.
Go after the weird Purp guy, or go after Mimosa Mariah?
And now he locked because he's a coward.
I'll remind Nicholas Lee of the advise he gave Zen. Locking on https://t.co/9HFtgB72RQ doesn't accomplish anything.
Delete your account 🍇
.@econbrkfst did I mention delete your account yet?
Here's an archive of nearly 3,000 @econbrkfst
Yes, it is a lovely meme. I'm glad you agree🍇
But he doesn't know who to attack.
Go after the weird Purp guy, or go after Mimosa Mariah?
And now he locked because he's a coward.
I'll remind Nicholas Lee of the advise he gave Zen. Locking on https://t.co/9HFtgB72RQ doesn't accomplish anything.
Delete your account 🍇
.@econbrkfst did I mention delete your account yet?
Here's an archive of nearly 3,000 @econbrkfst
1) God bless the State of Texas and @KenPaxtonTX What he has just done gives us every chance to save our Republic and our country.
Keep in mind that there are only a few instances where a party can file a direct lawsuit with the U.S. Supreme Court, a state claiming harm by
2) another state is one of those instances.
https://t.co/xvXGDdgDYh
Texas Attorney General @KenPaxtonTX has filed a lawsuit with the Supreme Court seeking and emergency injunction against Michigan, Wisconsin, Pennsylvania and Georgia “from taking action to
3) certify presidential electors or to have such electors take any official action including without limitation participating in the electoral college.”
@KenPaxtonTX argues that arbitrary changes made by the state’s governors, secretaries of states and election supervisors were
4) “inconsistent with relevant state laws and were made by non-legislative entities, without any consent by the state legislatures. The acts of these officials thus directly violated the Constitution.”
The lawsuit states: “these non-legislative changes … facilitated the casting
5) and counting of ballots in violation of state law, which, in turn, violated the Electors Clause of Article II, Section 1, Clause 2 of the U.S. Constitution.” […] “By these unlawful acts, the Defendant States have not only tainted the integrity of their own citizens vote, but
Keep in mind that there are only a few instances where a party can file a direct lawsuit with the U.S. Supreme Court, a state claiming harm by
2) another state is one of those instances.
https://t.co/xvXGDdgDYh
Texas Attorney General @KenPaxtonTX has filed a lawsuit with the Supreme Court seeking and emergency injunction against Michigan, Wisconsin, Pennsylvania and Georgia “from taking action to
The ONLY court that can hear the #TexasLawSuit is the Supreme Court of the United States. When a case is between two or more states, the Supreme Court holds both original and exclusive jurisdiction, and no lower court may hear such cases. SCOTUS does not have discretion to ignore
— Robert Barnes (@Barnes_Law) December 8, 2020
3) certify presidential electors or to have such electors take any official action including without limitation participating in the electoral college.”
@KenPaxtonTX argues that arbitrary changes made by the state’s governors, secretaries of states and election supervisors were
4) “inconsistent with relevant state laws and were made by non-legislative entities, without any consent by the state legislatures. The acts of these officials thus directly violated the Constitution.”
The lawsuit states: “these non-legislative changes … facilitated the casting
5) and counting of ballots in violation of state law, which, in turn, violated the Electors Clause of Article II, Section 1, Clause 2 of the U.S. Constitution.” […] “By these unlawful acts, the Defendant States have not only tainted the integrity of their own citizens vote, but
There won't be a rerun of Jan 6. The riot at the Capitol was unique in many ways: Trump called for it; it was the last chance to "overturn" the election; it was huge in scale.
The coming Trumpist events on Jan 17 and Jan 20 will probably be much smaller in scale, especially in DC. The MAGA crew can't buy another flight and take more days off work so soon after Jan 6.
Some of the Trumpist forums are actively suspicious of these events, claiming they're FBI or Antifa traps. A lot of people at TDW felt that the *design* of this flyer was too lefty to be real!
Unfortunately, that doesn't mean everything will be OK. The statehouse events on Jan 17 have the potential to turn violent, where a few hundred people could be enough to overwhelm local authorities.
MAGA anger at a lot of the GOP is high, as well as against Dems. Even red states could see problems, so I hope authorities are prepared.
The stuff I've heard in the last 72 hours\u2014from members of Congress, law enforcement friends, gun shop owners, MAGA devotees\u2014is absolutely chilling.
— Tim Alberta (@TimAlberta) January 10, 2021
We need to brace for a wave of violence in this country. Not just over the next couple of weeks, but over the next couple of years.
The coming Trumpist events on Jan 17 and Jan 20 will probably be much smaller in scale, especially in DC. The MAGA crew can't buy another flight and take more days off work so soon after Jan 6.
Some of the Trumpist forums are actively suspicious of these events, claiming they're FBI or Antifa traps. A lot of people at TDW felt that the *design* of this flyer was too lefty to be real!
Unfortunately, that doesn't mean everything will be OK. The statehouse events on Jan 17 have the potential to turn violent, where a few hundred people could be enough to overwhelm local authorities.
MAGA anger at a lot of the GOP is high, as well as against Dems. Even red states could see problems, so I hope authorities are prepared.
