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Tata Sons urges Supreme Court to void pledges by Shapoorji Pallonji Group

On September 5, Tata Sons moved the Supreme Court challenging these pledges — that were created in December 2019 and April this year — as well as a fresh move by the Mistry family-owned SP Group to pledge shares in favour of Canadian PE firm Brookfield Asset Management.
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14 Sep 2020 3 Mins Read 0 comment
Tata Sons has charged the SP Group with not disclosing facts to the apex court. Agencies
Tata Sons has charged the SP Group with not disclosing facts to the apex court.
Mumbai: Tata Sons has asked the Supreme Court to invalidate the pledging of Tata Sons shares by the Shapoorji Pallonji Group in favour of Axis Trustee Services and IDBI Trusteeship Services, according to documents filed in the court. On September 5, Tata Sons moved the Supreme Court challenging these pledges — that were created in December 2019 and April
did not come forth and disclose these facts to the court while obtaining an order on January 10, 2020,” said the Tata Sons plea. “Instead, the respondent No. 1 deployed chicanery in raising a false apprehension of their shares being taken away by resorting to article 75 and induced the aforesaid undertaking (to the Supreme Court) from Appellant (Tata Sons).”
Mumbai: Tata Sons has asked the Supreme Court to invalidate the pledging of Tata Sons shares by the Shapoorji Pallonji Group in favour of Axis Trustee Services and IDBI Trusteeship Services, according to documents filed in the court. On September 5, Tata Sons moved the Supreme Court challenging these pledges — that were created in December 2019 and April did not come forth and disclose these facts to the court while obtaining an order on January 10, 2020,” said the Tata Sons plea. “Instead, the respondent No. 1 deployed chicanery in raising a false apprehension of their shares being taken away by resorting to article 75 and induced the aforesaid undertaking (to the Supreme Court) from Appellant (Tata Sons).”

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