National Company Law Appellate Tribunal to reinstated ousted chairman Cyrus Mistry and held as illegal the appointment of N. Chandrasekaran as his successor
MUMBAI| On Thursday Tata Son’s Ltd moves to Supreme court against the reinstatement of Cyrus Mistry. Following the verdict of NCLAT a few weeks back Tata was asked to reinstate Cyrus Mistry as an executive chairman on immediate ground. Cyrus to be as director of the Tata sons and three group companies Tata Consultancy Services Ltd (TCS), Tata Industries Ltd and Tata Teleservices (Maharashtra) Ltd.
The petition is scheduled to be heard on 6th of January when the court reopens after the winter vacation. The petition seeking urgent relief ahead of TCS board meeting on 9 January, as the board is meeting to consider its third-quarter earnings and would need to decide on reinstatement of Mistry as a director.
The appeal made by National Company Law Appellate Tribunal (NCLAT) to reinstated ousted chairman Cyrus Mistry and held as illegal the appointment of N. Chandrasekaran as his successor. The appeals court had cited the haste in removal of Mistry as chairman of the Tata group’s holding company, ignoring the interest and oppression of minority shareholders, and mismanagement at Tata Sons as reasons for the ruling.
The happening took place in September 2017 when Mistry’s family firms to seek approval from the Tata Sons board to sell their shares. Firms of the Mistry family headed by billionaire Pallonji Mistry, namely Cyrus Investments Pvt. Ltd and Sterling Investments Pvt. Ltd own 18.4% of ordinary shares in Tata Sons.
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