Today, the Supreme Court remained an NCLAT order to restore Cyrus Mistry as Tata group’s executive chairman, reported India’s Press Trust. The court agreed to hear the appeal from Tata Sons challenging NCLAT order to restore Cyrus Mistry as Tata group’s executive director.
Tata Sons is the holding company of the Tata family of $110 billion in salt-to-software. In 2016, Mistry was fired from the top job in the holding company’s helm. He has since been engulfed in a legal battle claiming oppression and mismanagement of minority shareholders. The family of Mistry owns about 18% of Tata Sons.
Tata Trusts, a public charity group, owns a 66% stake. This is in the Tata Sons holding company. It chairs by Ratan Tata.
Tata Sons challenged the decision of the National Company Law Appellate Tribunal (NCLAT) on December 18, which brought Cyrus Investment Pvt Ltd and Mistry great relief and restored him to the position of TSPL’s executive chairman.
After the dismissal of Mistry, the December order came. That is of the National Company Law Appellate Tribunal (NCLAT). It declares N Chandrasekaran’s appointment unconstitutional.
Mistry had said earlier this month after NCLAT’s order. He would not attempt to retake his board seats. Also, serve as the Tata group’s executive chairman.
“I will not be pursuing the executive chairmanship. This is of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries.”
He said in a statement.
So, Mistry said his firm, the diversified group of Shapoorji Pallonji, will seek to nominate a member on Tata Sons ‘ board.
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