 order restoring Cyrus Mistry as executive chairman of the holding company.){kind=link}
The Tata Group has moved the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order restoring Cyrus Mistry as executive chairman of the holding company.
Tata Sons have sought an urgent hearing on January 6 as soon as the Supreme Court reopens after the winter break in addition to seeking a stay on the tribunal’s order till its appeal is decided in the TCS board meeting on January 9.
Cyrus Mistry was restored as the executive chairman of Tata Sons on December 18 by the NCLAT, after he was sacked from the office at a board meeting. NCLAT held that the appointment of N Chandrashekhar as the head of the conglomerate illegal. Following his removal, Ratan Tata, the former chairman Ratan Tata took over the company’s affairs.
Mistry had challenged his ouster from the company in the NCLAT alleging the case of oppression and mismanagement against Tata Sons, including Ratan Tata as per Section 244 of the Companies Act, 2013.
Declaring the change from Public to Private Company illegal, the bench led by Justice SJ Mukhopadhyay has also reinstated Tata Sons to its original position as a Public Company.
The NCLAT had stayed the operation of its order for four weeks to allow Tata to appeal against its order.
In his plea before the NCLAT, Mistry had contended that his axing did not comply with the Companies Act 2013. He had further submitted that the company’s conversion into a private company was a fraud on him, oppressive and was legally impermissible.
Mistry belongs to the wealthy Shapoorji Pallonji family that owns a minority stake of 18.4 percent in the Tata conglomerate.