The SP Group and Tatas have been engaged in a bitter legal battle ever since Cyrus Mistry was sacked as Chairman of Tata Sons in October 2016.
A bench comprising Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian also directed the Tata Sons and the SP Group not to take any further action on the shares.
The legal notice, sent on September 15 through the SP Group lawyers Desai & Diwanji on behalf of Sterling Investment Corporation and Cyrus Investments, has given them three days to respond.
Representatives of Mistry family, which holds 18.5 per cent stake in Tata Sons, also questioned recent investment decisions taken at Tata Sons, which according to them have gone into funding losses.
The group's former chairman also said that Tata Sons had a 282 per cent increase in operating losses in 2019 at Rs 2,100 crore, up from around Rs 550 crore in 2016.
The Shapoorji Pallonji Group is the single largest shareholder with over 18.37 per cent equity in Tata Sons and the relationship between the two groups is a century old.
The 45-page petition, filed before the Supreme Court on February 14, said the tribunal, after reviewing voluminous records, has clearly found the prejudicial conduct by Tata Sons.
The domestic carrier said that allegations regarding indirect foreign control in violation for norms were fully investigated by the Director General of Civil Aviation.
The CBI has registered a case against AirAsia Group CEO Tony Fernandes, Venkataramanan and other officials for allegedly trying to manipulate government policies to get international licence.
We have credible information that you have wrongfully and dishonestly taken movable property being confidential information, the letter from Tata Sons said.
Move comes a week after Mistry took Tata Sons to court, seeking to restrain Ratan Tata from attending board meetings.
Mistry has filed his claims under two sections of the Companies Act 2013 that deal with shareholder oppression and mismanagement.
Tata Group must also find an appropriate strategy to calm the discord --going to the courts will be detrimental for both sides, the advisory firm added.
The ousted chairman of Tata Sons stated that he didnot want to disrupt operation; indicates that he will take matter to court
His decision comes just ahead of slew of EGMs called by Tata Sons to oust him from Tata group boards.