Shapoorji group, Cyrus Mistry restrained by SC from pledging & transferring Tata Sons shares.

The SC had restrained the Shapoorji Pallonji (SP) group and Cyrus Mistry from pledging or transferring their shares in Tata Sons Pvt Ltd (TSPL) till October 28th. Chief Justice S A Bobde, Justices A S Bopanna and V Ramasubramanian comprising the bench had directed the Tata Sons and the SP Group not to take any further action on the shares which have already been pledged till October 28 which is the next date of hearing.

In a hearing conducted via video conferencing, the court said that “it would hear the plea after four weeks and in the meantime, parties shall maintain status quo regarding pledging/transfer of shares. We will say status quo on transferring/pledging and any further action with regard to transfer/pledge already made.”

On one hand, Senior advocate C A Sundaram, representing the SP group, said “they were being stopped from pledging the shares and it is creating havoc for me.” On the other hand, senior advocate Harish Salve, representing TSPL, said “the point was something else as the TSPL has a right to buy the share at market price, but the SP group was pledging them.”

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