Business
Big Win For Tata Group As SC Dismisses Pallonji Group’s Plea
The Supreme Court on Friday quashed the NCLAT’s decision of 18 December 2019 in which they appoint Cyrus Mistry Cyrus Mistry as the acting chairman of the Tata Group.
A bench of Chief Justice SA Bobde and Justices AS Bopanna and V Ramasubramaniam accepted the Tata Group’s appeal. The bench said in its order, “The National Company Law Appellate Tribunal (NCLAT) order of 18 December 2019 is quashed.”
Tata Sons Private Limited and Cyrus Investments Private Limited had filed a cross-appeal against the decision of the National Company Law Appellate Tribunal (NCLAT), on which the verdict of the apex court has come. The order further said, “The Tata group’s appeal is accepted, and the SP group’s appeal is dismissed.”
Ratan Tata, the honorary chairman of the Tata group, on Friday welcomed the Supreme Court’s decision which quashed the NCLAT’s order to re-appoint Cyrus Mistry as the acting chairman of the Tata group. He called the verdict a seal on the integrity and ethics of the Tata group and thanked the court.
Tata responded to the decision and tweeted, “I appreciate the Supreme Court’s decision and I am grateful to the court.” He further wrote, “It is not a matter of defeat and victory. Constant attacks were made on my honesty and moral conduct of the group. The verdict has stamped the values and ethics of the Tata group, which have always been the guiding principles of the group. ” He said that this decision has strengthened the fairness of the judiciary.
News Source: Youtube
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
%20(2).jpg "Ratan Tata, industry titan and national icon, dies at 86")
%20(1).jpg "A priest recites prayers during a final viewing for the public to pay their respects to the former chairman of Tata Group Ratan Tata, in Mumbai, India.")
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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