Tata Sons moves Supreme Court challenging Cyrus Mistry's reappointment as group's executive chairman
New Delhi/IBNS: Tata Sons on Thursday moved the Supreme Court challenging the National Company Appellate Tribunal's decision to reinstate Cyrus Mistry as the executive chairman of the group, media reports said.
In its petition, Tata Sons has sought a stay on the tribunal's order.
In its judgement, the tribunal on Dec 18 declared the appointment of N Chandrasekaran as the group's executive chairman as "illegal".
Mistry family Shapoorji Pallonji owns a minor 18 per cent stake in Tata Sons. He was removed as the chairman of the business conglomerate in what is called a coup in 2016. He had taken over in 2012 after Ratan Tata. He was later also removed from the board of Tata Sons.
Mistry had accused Tata Sons of mismanagement and as well operating the views of the minority stakeholders.
On the other hand, Tata Sons had rejected all the accusations.
The National Company Law Tribunal (NCLT) had rejected the petitions of two firms- Cyrus Investments Pvt Ltd and Sterling Investments Corp- challenging Mistry's removal.
Mistry had then approached the NCLAT, which entertained its petition and held a prolonged hearing.
In his defense, Mistry stated again and again that his removal was not in compliance with the Companies Act and there is gross mismanagement across the conglomerate.
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