The Supreme Court on Tuesday asked the Mistry family-owned Shapoorji Pallonji (SP) Group to maintain the status quo of pledging their shares in Tata Sons to raise capital.
A Bench led by Chief Justice of India Sharad A. Bobde ordered that no “further action” should be taken with regard to the shares that had been pledged.
The court fixed the case for hearing on October 28. The case would be listed for final hearing then, it said.
The SP Group owns 18.37% stakes in Tata Sons’, the salt-to-software empire. Pallonji group heir, Cyrus Mistry, was ousted as chairman of Tata Sons in 2016. The dispute, following a National Company Law Appellate Tribunal decision, is pending in the apex court.
Senior advocate Aryama Sundaram, representing the SP Group, said his client could not be prevented from pledging its shares.
‘A limited transfer’
Chief Justice Bobde orally remarked, “Pledging…