Tata Sons Moves Supreme Court Against Cyrus Mistry's Reappointment as Company Chairman by NCLAT
Challenging National Company Law Appellate Tribunal (NCLAT) decision of restoring Cyrus Mistry as the executive chairman of Tata Sons, the company has approached the Supreme Court on Thursday. Cyrus Mistry was reinstated as executive chairman of the group on December 18.
New Delhi, January 2: Challenging National Company Law Appellate Tribunal (NCLAT) decision of restoring Cyrus Mistry as the executive chairman of Tata Sons, the company has approached the Supreme Court on Thursday. Cyrus Mistry was reinstated as executive chairman of the group on December 18 by NCLAT, three years after he was sacked, following which Ratan Tata took over as interim chairman. Cyrus Mistry Restored as Executive Chairman of Tata Group by NCLAT.
The petition would be heard on January 6 when the apex court reopens after winter vacation. The petition is seeking a stay on Mistry's appointment ahead of TCS board meeting on January 6. Tata Group Shares Plunge After NCLAT Restores Cyrus Mistry as Executive Chairman.
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The Tata Sons had sacked Mistry as Chairman of the group on October 24, 2016. He was later ousted as director from all Tata Sons companies. Mistry had contested his removal in NCLAT alleging mismanagement and oppression of minority stakeholders. In January 2017, N Chandrashekaran was appointed as chairman.
He joined the board of Tata Sons in 2006 and was instated deputy chairman in November 2011. Mistry, the scion of wealthy Shapoorji Pallonji family, currently serves as managing director of Shapoorji Pallonji & Company.
(The above story first appeared on LatestLY on Jan 02, 2020 12:05 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).