Caveat petition is defined as the precautionary measure taken by an individual who holds a great fear or nervousness that some or the other case against him or her are going to be filed in the court of law related to any manner. The caveat is generally a Latin phrase which means ‘let a person beware’.
A caveat petition is a precautionary measure which is undertaken by people usually when they are having a very strong apprehension that some case is going to be filed in the Court regarding their interest in any manner.
It can be made in an application already made or which is supposed to be made in future. Therefore, in case Mr Cyrus Mistry will approach the Supreme Court of India, Bombay High Court or National Company Law Tribunal then his case will not be heard without hearing the Tata Group due to the caveat exercised by them.
The caveat petition should consist of the information such as-