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Tata Sons Move To SC Against NCLAT Ruling On Cyrus Mistry's Reappointment

By Staff
|

On Thursday, Tata Sons approached the Supreme Court challenging the 18 December verdict by the National Company Law Appellate Tribunal (NCLAT) to re-appoint Cyrus Mistry as the executive chairman of the group.

Tata Sons Move To SC Against NCLAT Ruling On Cyrus Mistry's Reappointment
 

Tata Sons are seeking a stay on the order that also immediately restored Mistry as the 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 6 January, after the court re-opens following the winter vacation.

Last month, a two-judge panel of the NCLAT called Tata Sons chairman emeritus Ratan Tata's actions against Mistry oppressive and the appointment of N. Chandrasekaran as his successor illegal.

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 in a surprise move.

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.

The Tatas were given four weeks to file an appeal against the NCLAT order to become operational.

The petition comes ahead of the TCS board meeting on 9 January, where apart from the third-quarter earnings, the reinstatement of Mistry as a director would also be discussed.

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