SC restrains SP group, Mistry from pledging or transferring Tata Sons shares

New Delhi:Supreme Court restrained Shapoorji Pallonji group and Cyrus Mistry from pledging or transferring Tata Sons shares owned by them till October 28.

The Apex Court bench, headed by Chief Justice of India  (CJI) S A Bobde, ordered that a Status Quo will be maintained on raising Capital over shares held by Mistry's in Tata Sons. 

The Top Court said they won't take any further action on the shares they have already pledged for raising money, and will hear the Tata-Mistry tussle on October 28.

Mistry told the SC that Tata Sons stopping pledging of shares.When the SC asked, when the  final hearing can be conducted, to it, the Tata Sons, Mistry sought early disposal of case.

"We will conduct final hearing in 4 weeks," the Top Court said.

Harish Salve, senior lawyer appearing for Tata, said, "tomorrow if Warren Buffett comes and tries to buy, we will have to pay 30%. Mischief conducted by Mistry," he urged the Apex Court to stop sale of shares.(UNI)