Bench headed by Chief Justice of India SA Bobde assembles.
Hearing commences.
@tatatrusts @TataCompanies
TATA v MISTRY
Hearing to resume today in Supreme Court. Senior Advocate CA Sundaram to continue arguments on behalf of Shapoorji Pallonji firms.
Follow this thread for live updates from court.
@tatatrusts @TataCompanies
#SupremeCourt #tatamistry
Bench headed by Chief Justice of India SA Bobde assembles.
Hearing commences.
@tatatrusts @TataCompanies
CJI SA Bobde announces that over the weekend he discovered his son who is practicing in Mumbai has been appearing for the last 2 years in a slum rehabilitation matter for a subsidiary company of Shapoorji Pallonji group.
@tatatrusts
CJI asks whether Harish Salve, Dr Singhvi or CA Sundaram has any objections to CJI hearing the matter.
None of them object. The same is recorded by the Court.
Hearing continues.
#SupremeCourt
CJI says such issues could cause potential problems in future.
Sundaram continues with his arguments.
@tatatrusts @TataCompanies
Sundaram citing Articles of Tata Sons to show the supremacy of the Board.
Article 121A was introduced to ensure that certain matters had to necessarily have Board approval.
#SupremeCourt #TataSons
SP group also voted in favour of A 121 due to the relationship of trust they had with Tata Sons.
SP group could not have conceived that the article would be used against them: Sundaram.
#tatasons #SupremeCourt
Discussion on interest that Ratan Tata had in Ola/ Uber
Sundaram says he had a personal interest in Ola
CJI Bobde: Does it mean he had business interest
Dr. Singhvi says he wanted to have Tata cars used in Ola and Uber and not just Ola as suggested by Mistry
CJI Bobde: Mr. Sundaram, you must bear in mind that this is a private company. Our experience with such companies is that they have heads of families controlling, giving directions etc. Birlas, Tata all have such structures.
Your SP Group might also have it.
CJI Bobde: What is wrong in head of family wanting information or wanting to control decisions.
@tatatrusts
@TataCompanies
Sundaram: This company owns many listed companies running to 65 lakh crores with public shareholders. So there should be some kind of independence in decision making.
If they wanted to keep a family affair, they should have remained so instead of making it public
A public charitable trust cannot legally run such companies. That is why it needs it be "board run": CA Sundaram.
@tatatrusts @TataCompanies
#SupremeCourt
They cannot use the Articles to claim that they have absolute right over affairs of the company: CA Sundaram
Bench rises. Hearing to continue tomorrow.
@tatatrusts
#TataSons #SupremeCourt
#TataSons @tatatrusts @TataCompanies @RNTata2000
#cyrusmistry
https://t.co/gMD5CxzO66
More from Bar & Bench
More from Law
1/ After a good night's sleep, I have a few thoughts on the impending Ripple lawsuit.
Less schadenfreude, more "what now?" https://t.co/a0oTwblBHB
2/ First of all, the USG is going to lose.
I don't even need to read the complaint. They might force a settlement, but they're outclassed on legal.
Remember Ripple engaged former SEC Chair Mary Jo White in a civil matter in 2018. A hint of their
3/ Second, the USG should lose.
The SEC restrictions on non-accredited investors; the ridiculous Howey test; 80 year old securities law like the "40 Act" all need to die in fire. They are un-American and completely outdated.
I hope Ripple wins. (WUT?)
4/ Third, it's incumbent upon industry to self-police and hold the moral high ground.
I give certain individuals A's and others F's, but as a whole, the most powerful people and companies generally take a Swiss neutrality stance on assets.
So we're effectively in this together.
5/ We're "in this together" to draw lines of regulatory demarcation.
XRP as a "security" further hurts the U.S. businesses while global comps will continue to make these markets.
XRP as a security also means other assets will meet the same fate. At least Ripple has $ to fight.
Less schadenfreude, more "what now?" https://t.co/a0oTwblBHB
BREAKING: The @SEC_News intends to sue @ripple over its sale of XRP, alleging the cryptocurrency is an unregistered security according to @bgarlinghouse.@nikhileshde reportshttps://t.co/7Z3KSWk7dn
— CoinDesk (@CoinDesk) December 22, 2020
2/ First of all, the USG is going to lose.
I don't even need to read the complaint. They might force a settlement, but they're outclassed on legal.
Remember Ripple engaged former SEC Chair Mary Jo White in a civil matter in 2018. A hint of their
3/ Second, the USG should lose.
The SEC restrictions on non-accredited investors; the ridiculous Howey test; 80 year old securities law like the "40 Act" all need to die in fire. They are un-American and completely outdated.
I hope Ripple wins. (WUT?)
4/ Third, it's incumbent upon industry to self-police and hold the moral high ground.
I give certain individuals A's and others F's, but as a whole, the most powerful people and companies generally take a Swiss neutrality stance on assets.
So we're effectively in this together.
5/ We're "in this together" to draw lines of regulatory demarcation.
XRP as a "security" further hurts the U.S. businesses while global comps will continue to make these markets.
XRP as a security also means other assets will meet the same fate. At least Ripple has $ to fight.
This is what he wants to do.
No matter how this trial plays out, the US will remain divided between those who choose truth, Democracy, and rule of law and the millions who reject these things.
1/
The question is how to move forward.
My mantra is that there are no magic bullets and these people will always be with us.
Except for state legislatures, they have less power now than they have for a while.
2/
The only real and lasting solutions are political ones. Get Democrats into local offices. Get people who want democracy to survive to the polls at every election, at every level.
It’s a constant battle.
3/
Maybe I should tell you all about Thurgood Marshall’s life to illustrate how hard the task is and how there will be backlash after each step of progress.
4/
Precisely. That's why Thurgood Marshall's life came to mind.
We are still riding the backlash that started after the Supreme Court decision in Brown v. Board of Education.
That's why I keep saying there are no easy
No matter how this trial plays out, the US will remain divided between those who choose truth, Democracy, and rule of law and the millions who reject these things.
1/
Wouldn't he just use this to repeat his Big Lie and have GOP echo him?
— Thel Marquez (@theljava) January 31, 2021
The question is how to move forward.
My mantra is that there are no magic bullets and these people will always be with us.
Except for state legislatures, they have less power now than they have for a while.
2/
The only real and lasting solutions are political ones. Get Democrats into local offices. Get people who want democracy to survive to the polls at every election, at every level.
It’s a constant battle.
3/
Maybe I should tell you all about Thurgood Marshall’s life to illustrate how hard the task is and how there will be backlash after each step of progress.
4/
Precisely. That's why Thurgood Marshall's life came to mind.
We are still riding the backlash that started after the Supreme Court decision in Brown v. Board of Education.
That's why I keep saying there are no easy
Yep. My relatives continue to support Trump and make false equivalencies as justification. I\u2019ve found it impossible to present factual information that changes minds. Trump\u2019s emotional appeal registers with them: that things were better before civil rights advances.
— Martha Brockenbrough INTO THE BLOODRED WOODS (@mbrockenbrough) January 31, 2021
