WATCH: Cyrus Mistry reinstated as executive chairman of Tata Group by NCLAT
Cyrus Mistry has been restored as the executive chairman of Tata Group. The National Company Law Appellate Tribunal (NCLAT) on Wednesday gave a decision in favour of Mistry saying that it won't be right to remove Mistry from Tata Sons.
Cyrus Mistry has been restored as the executive chairman of Tata Group. The National Company Law Appellate Tribunal (NCLAT) on Wednesday gave a decision in favour of Mistry saying that it won't be right to remove Mistry from Tata Sons. Famously, former chief Ratan Tata had led the fight to unseat Cyrus from his top post over various differences that emerged over the way the business was being run. Notably, the tribunal, today, has also held the appointment of N Chandrasekaran as executive chairman illegal.
The judgement was pronounced by a two-member NCLAT Bench headed by chairperson Justice SJ Mukhopadhaya. The decision came on petitions moved by Mistry and two investment firms challenging his removal from the group. The appellate tribunal had reserved its order in July this year, after completing its marathon hearing over the issue.
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Mistry is a member of the Shapoorji Pallonji family that owns a minority stake in Tata Sons. He got involved in a legal battle after being removed as the Chairman in October 2016. Since then, Tata Sons and Mistry have been involved slugging it out. Cyrus had accused Tata Sons of mismanagement apart from opressing minirity stakeholder views.
Earlier, the Mumbai Bench of the National Company Law Tribunal (NCLT) had dismissed the petitions filed by two investment firms — Cyrus Investments Pvt Ltd and Sterling Investments Corp — challenging Mistry' removal. Mistry had also personally approached the NCLAT over the NCLT order.
Mistry was appointed as the chairman in 2012 and was the sixth chairman of Tata Sons.
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