Lawstreet Journal

Tata Sons Push Back Against NCLAT’s Decision, File Petition In Supreme Court For Removal Of Mistry

Lawstreet Journal 3 Jan 2020 8:31pm

Image courtesy: Lawstreet Journal Business Tata Sons Push Back Against NCLAT’s Decision, File Petition In Supreme Court For Removal Of Mistry

The Tata Group after the infamous rivalry with Cyrus Mistry took to the Supreme Court on January 2, 2020  in resistance to the reinstatement of Mistry as Executive Chairman for the Tata Sons, which essentially encompasses three groups namely: Tata Consultancy Services Ltd (TCS), Tata Industries Ltd and Tata Teleservices (Maharashtra) Ltd. 

In a recent judgement by National Company Law Appellate Tribunal (NCLAT) given out on December 18, 2019 brought back Cyrus Mistry to be the executive director for Tata Sons- the nations one of the most upscaled conglomerates. Lawyers of Tata Sons will appear before the Apex Court on January 6, 2020, (which is when the court reopens after winter vacations) requesting for urgent hearing of the matter in the wake of TCS board meeting to be held on January 9, 2020.

The feud between Mistry and Tata came up to be one of the nastiest boardroom dramas that followed bringing up concerns like the capacity of the promoter in doing away with a top executive like Mistry without explaining the rationale behind or providing pragmatic reasons and consequentially crediting it to under performance. It brings to light the working and the implementation of corporate governance only to compare the amplitude of the majority and minority stake holders.

After the to and fro war, NCLAT jolts the Tata group with its decision to put back Mistry as chairman for the Tata Sons stating that it was illegal to oust Misty from the Group and also to convert Tata Group from a public company to… Continue Reading...

Tagged: NCLAT  
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