New Delhi: The Supreme Court on Friday stayed the order of the NCLAT reinstating Cyrus Mistry as chairman of Tata Sons and issued a notice to Mistry.
The court was hearing a petition by Tata Sons Private Ltd (TSPL) challenging the National Company Law Appellate Tribunal (NCLAT) decision restoring Mistry as executive chairman of the Tata group.
Tata Sons had challenged the December 18 decision of NCLAT that gave a big relief to Cyrus Investment Pvt Ltd and Mistry, restoring him as the executive chairman of TSPL, and ruling that the appointment of N Chandrasekaran as the head of the holding company of the $110-billion salt-to-software conglomerate was illegal.
Mistry had earlier said he was not interested in getting back to the Tata Group in any capacity at all.
"To dispel the misinformation campaign being conducted, I intend to make it clear that despite the NCLAT order in my favour, I will not be pursuing the executive chairmanship of Tata Sons or directorship of TCS, Tata Teleservices, Tata Industries. I will, however, vigorously pursue all options to protect our rights as a minority shareholder including a seat on the board," he said.
Mistry, a scion of wealthy Shapoorji Pallonji family, was in a coup removed as Chairman of Tata Sons in October 2016. He was the sixth chairman of Tata Sons and had taken over in 2012 after Ratan Tata. He was later also removed as director on board of Tata Sons.
However, Mistry and Tata family patriarch Ratan Tata had reportedly falling out over key investment decisions, including manufacturing of world's cheapest car Nano.
Mistry, whose family owns 18.4 per cent stake in Tata Sons, challenged his removal in the National Company Law Tribunal (NCLT). The case of oppression and mismanagement against Tata Sons and 20 others, including Ratan Tata, filed by Mistry family entities - Cyrus Investments and Sterling Investments - were however in March 2017 dismissed by the NCLT ruling that they were not eligible to pursue the allegations.
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