Cyrus Mistry: Supreme Court stays NCLAT order reinstating Cyrus Mistry as executive chairman of Tata Sons | India Business News
NEW DELHI: The Supreme Court on Friday stayed the NCLAT decision to restore Cyrus Mistry as executive chairman of the Tata Group. The top court noted that it looked at the judicial attitude with which the NCLAT made the December 18 order and “find that it is sorely lacking”.
The court asked Mistry and Shapoorji Pallonji group including Sterling Investment and Cyrus Investment to file a reply to the Tata group’s appeal in four weeks.
Tata Sons Private Ltd (TSPL) had 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.
The NCLAT also ruled that the appointment of N Chandrasekaran as head of the holding company of the $110-billion salt-to-software conglomerate was illegal.
Tatas stated that the verdict by the NCLAT had “undermined corporate democracy” and “rights” of its board of directors.
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.
(With PTI inputs)
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