Cyrus Mistry Restored as Executive Chairman of Tata Group by NCLAT
The National Company Law Tribunal (NCLT) restored Cyrus Mistry as Executive Chairman of Tata Group on Wednesday.
New Delhi, December 18: The National Company Law Tribunal (NCLT) reinstated Cyrus Mistry as Executive Chairman of Tata Group on Wednesday. While restoring Cyrus Mistry's position, the NCLT held the appointment of N Chandra as Executive Chairman Illegal. The company law tribunal set aside an order of the board of Tata Sons and held that Mistry's removal was illegal.
Mistry was removed from the board of Tata Sons after a four-year stint on October 24, 2016, and Ratan Tata was restored as the interim chairman. He was also removed as a director on the board of the holding company on February 6, 2017. Ever since then, Mistry has been engaged in a legal feud with the Tata Group. The Irish-born Mistry was appointed as the Chairman of Tata Sons in 2012.
Earlier in August 2018, the NCLAT stopped Tata Sons from selling Mistry's share till the disposal of his appeal. On July 9, the NCLT Mumbai bench ruled that the Tata Sons Board of Directors was competent to remove the Executive Chairman and that Mistry was ejected as the board members had lost confidence in him. Mistry's unceremonious ouster had created an upheaval in the Indian corporate world.
Mistry later quit from the board of other six Tata Group companies but challenged his removal by the Tata Sons board before NCLAT.
(The above story first appeared on LatestLY on Dec 18, 2019 03:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).