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NCLAT Restores Cyrus Mistry As Tata Group’s Executive Chairman

By Staff
|

The National Company Law Appellate Tribunal has restored Cyrus Mistry as executive chairman of Tata Group, PTI reported. The tribunal also held the appointment of N. Chandra as executive chairman illegal.

NCLAT Restores Cyrus Mistry As Tata Group’s Executive Chairman
 

Mistry, who belongs to the Shapoorji Pallonji family that owns a minority stake in Tata Sons, has been locked in a legal feud with Tata Sons and Ratan Tata after he was removed as chairman in October 2016.

Mistry had accused Tata Sons of mismanagement and oppression of minority shareholder interests. He also said that his termination from the position was not in accordance with the Companies Act. The group denies the charges.

NCLAT's two-judge bench said that Ratan Tata's actions against Mistry were oppressive and the appointment of a new chairman was illegal.

Tatas now have four weeks to file an appeal against the order as the restoration order will also become operational in four weeks.

Mistry had taken over as the chairman of the Tata Group after Rata Tata announced his retirement.

Shares of Tata Group companies fell at closing on Wednesday, following the order.

Read more about: tata tata group
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