NCLAT restores Cyrus Mistry as executive chairman of Tata Group
The NCLAT has granted Tata Group four weeks to file an appeal against its judgement. The order restoring Cyrus Mistry as executive chairman will only be operational after this time period
- Dec 18, 2019,
- Updated Dec 18, 2019 5:21 PM IST
The National Company Law Appellate Tribunal has restored Cyrus Mistry as the executive chairman of the Tata Group. This judgement renders N Chandrasekaran's appointment as executive chairman of the company illegal. However, the appellate tribunal has granted Tata Group four weeks to file an appeal against its judgement. The restoration order will only be operational after that this time period
Cyrus Mistry has been engaged in a bitter legal battle with Tata Sons since his ouster from the board back in October 2016. Mistry, a member of the Shapoorji Pallonji family, had become the sixth executive chairman of Tata Sons after group's patriarch Ratan Tata hung his boots. Presently, Ratan Tata is the Chairman Emeritus of Tata group and heads the trusts that hold a majority stake in Tata Sons. The Shapoorji Pallonji family owns 18.4 per cent stake in the group.
Two months after his removal, Mistry's family-run firms Cyrus Investments Pvt Ltd and Sterling Investments Corp approached the National Company Law Tribunal as minority shareholders, against Tata Sons, Ratan Tata, and some other board members.
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The National Company Law Appellate Tribunal has restored Cyrus Mistry as the executive chairman of the Tata Group. This judgement renders N Chandrasekaran's appointment as executive chairman of the company illegal. However, the appellate tribunal has granted Tata Group four weeks to file an appeal against its judgement. The restoration order will only be operational after that this time period
Cyrus Mistry has been engaged in a bitter legal battle with Tata Sons since his ouster from the board back in October 2016. Mistry, a member of the Shapoorji Pallonji family, had become the sixth executive chairman of Tata Sons after group's patriarch Ratan Tata hung his boots. Presently, Ratan Tata is the Chairman Emeritus of Tata group and heads the trusts that hold a majority stake in Tata Sons. The Shapoorji Pallonji family owns 18.4 per cent stake in the group.
Two months after his removal, Mistry's family-run firms Cyrus Investments Pvt Ltd and Sterling Investments Corp approached the National Company Law Tribunal as minority shareholders, against Tata Sons, Ratan Tata, and some other board members.
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