The order of the NCLAT last month, reinstating Cyrus Mistry as the chairman of Tata Sons Ltd. came as a shocker to the Tata camp, not just because their rival had been reinstated and the appointment of N. Chandrasekharan as his successor was held illegal, but also for the scathing remarks of the court in respect of stark violations of corporate governance by the haloed Tata Group. As expected, the Tata Group has rushed to the SC challenging the NCLAT orders, seeking its stay and set aside and its hearing is expected to commence from today, if the Supreme Court permits. In an interesting turn of events, though not wholly unexpected, Cyrus Mistry issued a statement yesterday, saying that he was not interested in pursuing being reappointed as chairman of Tata Sons Ltd. and director of three other Tata Group companies, including TCS, as ordered by the NCLAT. It’s a huge relief of sorts for the Tata Group, in as much as that its an olive branch extended by the Mistry camp to the Tata camp, at a time of a dangerous vaccum at the top with N. Chandra’s appointment as the chairman of the Group having been held illegal by the NCLAT.
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