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TATA Sons Moves SC Against NCLAT Order Reinstating Cyrus Mistry As Chairman

LIVELAW NEWS NETWORK
2 Jan 2020 6:43 AM GMT
TATA Sons Moves SC Against NCLAT Order Reinstating Cyrus Mistry As Chairman
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Tata Sons Ltd has moved the Supreme Court against the December 18 judgment of the National Company Law Appellate Tribunal which restored Cyrus Mistry as the Executive Chairman of the company.The petition has also sought an immediate stay of the NCLAT order before the board meeting which is scheduled to take place on January 9. Tata Sons is likely to mention the matter before the CJI...

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Tata Sons Ltd has moved the Supreme Court against the December 18 judgment of the National Company Law Appellate Tribunal which restored Cyrus Mistry as the Executive Chairman of the company.

The petition has also sought an immediate stay of the NCLAT order before the board meeting which is scheduled to take place on January 9. Tata Sons is likely to mention the matter  before the CJI on January 6 for urgent listing. Mister has filed a caveat in SC anticipating challenge by Tatas.

The NCLAT had allowed Mistry's appeal to set aside the judgment of National Company Law Tribunal Mumbai bench that had upheld the appointment of N Chandrasekharan as Chairman in his place.

Cyrus Mistry, who had taken over as Chairman in 2012 after Ratan Tata's retirement,  was removed as Executive Chairman in October 2016.

The NCLAT held Mistry's removal as "illegal" and held the conversion of Tata Sons into a private company to be in violation of Company's Act.

"The chain of events that led to Mistry's removal make a clear case of prejudice under Companies Act",  the Appellate Tribunal observed.

Finally, allowing the appeals against the NCLT's order, the two member bench observed that the NCLT's remarks against Cyrus Mistry were "undesirable and based on extraneously sourced material" which is "wholly unsubstantiated.

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