SC stays NCLAT order restoring Cyrus Mistry as executive chairman of Tata group:A three-judge Bench comprising Chief Justice S.A. Bobde and Justices B.R. Gavai and Surya Kant stayed the NCLAT order.
[1/10, 16:11] Sekarreporter: The Supreme Court on Friday agreed to hear the petition by Tata Sons Private Ltd (TSPL) challenging the NCLAT decision restoring Cyrus Mistry as executive chairman of the Tata Group.
A three-judge Bench comprising Chief Justice S.A. Bobde and Justices B.R. Gavai and Surya Kant stayed the NCLAT order.
[1/10, 16:11] Sekarreporter: TSPL has challenged the December 18 decision of the National Company Law Appellate Tribunal (NCLAT) that gave a big relief to Cyrus Investment Pvt Ltd and Mistry, restoring him as the executive chairman of TSPL.
Cyrus Investments Pvt Ltd, Mistry and other respondents who have filed a caveat that no ex-parte order be passed in the matter will be represented by senior advocates C A Sundaram, Arvind Datar, Shyam Divan and Somasekhar Sundareshan.
The NCLAT also ruled that the appointment of N Chandrasekaran as head of the holding company of the USD 110-billion salt-to-software conglomerate was illegal.
The Tatas submitted the verdict by the NCLAT “undermined corporate democracy” and the “rights” of its board of directors.
Meanwhile, Mr. Mistry came out with a statement on Sunday saying that he is not interested in returning to the Tata Group and the decision was made in the interest of the Group, whose interests are far more important than the interests of any individual.
“To dispel the misinformation campaign being conducted, I intend to make it clear that despite the NCLAT order in my favour, I will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries.
“I will however vigorously pursue all options to protect our rights as a minority shareholder, including that of resuming the thirty-year history of a seat at the Board of Tata Sons and the incorporation of the highest standards of corporate governance and transparency at Tata Sons,” he said.
