Divan on evolution of principles of Corporate Governance. He referred to the Roman Statute. "Between 1964 and 2000, as per the earlier companies act, there was a special regime across India for trust holding shares (Tata Trust in the case). The Central Government appointed an officer called Public trustee. If you wanted to vote on the shares, it was this trustee who would vote. The voting couldn't have been done by Tata trust. But only on his directions this trustee would vote. Imagine you had shares but didn't have the rights to vote. It was in these circumstances that the Tata trust required a reliable party and therefore it sold shares to SPG with whom it had relationship which was very old"