Supreme Court on Friday stayed the NCLAT (National Company Law Appellate Tribunal) order restoring Cyrus Mistry as executive chairman of Tata group. Last week, Cyrus Mistry announced that he is not interested in getting back to the Tata Group at any cost.
The Supreme Court will hear on January 10 the petition by Tata Sons Private Ltd (TSPL) challenging the NCLAT decision restoring Cyrus Mistry as executive chairman of the Tata group.
Cyrus Mistry on January 05 released a statement, saying that he is humbled by the NCLAT order and does not intend to pursue executive chairmanship of Tata Sons.
Tata Sons Private Limited (TSPL) is likely to mention in the Supreme Court on Monday its petition challenging the NCLAT decision restoring Cyrus Mistry as the executive chairman of the group and saying the verdict "undermined corporate democracy" and the "rights" of its board of directors. A lawyer associated with the matter said the petition would be mentioned for urgent hearing.
Cyrus Mistry on Sunday said he is not interested in getting back to the Tata Group in any capacity at all, ahead of the Supreme Court's hearing on an urgent petition seeking to set aside the NCLAT order reinstalling him as the group chairman and also in the board of group companies.
Ratan Tata on Friday filed a petition in the Supreme Court seeking to quash a company law appellate court order directing Tata Sons to rehire the chairman it had fired in 2016, saying the judgment was "wrong, erroneous and contrary to the record of the case".
The National Company Law Appellate Tribunal (NCLAT) order issued on December 18 directed the conglomerate to reappoint Cyrus Mistry as chairman of Tata Sons and three group companies – TCS, Tata Industries and Tata Teleservices (Maharashtra).
Tata Sons on Wednesday said it will take appropriate legal recourse against the NCLAT judgement to reinstate ousted Chairman Cyrus Mistry, while stating it was not clear how the order sought to over-rule decisions taken by its shareholders and those of listed group firms at 'validly constituted shareholder meetings'.
Life seems to come full circle for Cyrus Mistry. He was restored as executive chairman of Tata sons on Wednesday with the NCLAT terming the appointment of N Chandrasekaran as the head of the holding company of salt-to-software conglomerate as "illegal."
As National Company Law Appellate Tribunal (NCLAT) on Wednesday ordered reinstatement of Cyrus Mistry as Executive Chairman of Tata Sons, Twitter users voiced their views on the issue.
In a big win for Cyrus Mistry, the National Company Law Appellate Tribunal on Wednesday ordered restoration of him as the Executive Chairman of Tata Sons. NCLAT also held appointment of N Chandra as Executive Chairman illegal.
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