Lawstreet Journal

Tata-Mistry Tussle: Cyrus Mistry Files An Appeal In Supreme Court

Lawstreet Journal 20 Feb 2020 8:32pm

Image courtesy: Lawstreet Journal Business Tata-Mistry Tussle: Cyrus Mistry Files An Appeal In Supreme Court

As reported on 17th February, 2020, Cyrus Mistry has filed an appeal in the Apex court. He believes that his family is entitled to more relief from the National Company Law Appellate Tribunal (NCLAT). The 45 page petition that was filed before the Supreme Court on 14th February, 2020 said that the tribunal after having reviewed the records has clearly found the prejudicial conduct administered by Tata Sons. An order reinstating Cyrus as the Tata Sons chairman was stayed by the Court. After which he had moved the Apex court and sought removal of the anomalies in the NCLAT order. 

The family owns 18.37% stakehold, whose worth is over Rs. 1.5 lakh crores in Tata Sons and have filed a cross appeal in the court. (Cross appeal - an appeal made against certain aspects of the judgement).

On 25th January, 2020, a three judge bench headed by Chief Justice of India Sharad Arvind Bobde stayed the NCLAT order dated 18th December, 2019. The stay came on an appeal filed by the Tata Group. 

NCLAT termed the action of Registrar of companies to allow conversion of Tata sons into a private limited company as illegal. After the ruling Mistry put forth that he wants to only uphold corporate governance norms and protect the family's investment in the company. However, the tribunal "has erred in not granting vital reliefs, including proportionate representation on the board of Tata Sons, and striking down of certain provisions in the articles of association, which were the tools of oppression… Continue Reading...

Tagged: Tata-Mistry  
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