Jolt to Cyrus Mistry

New Delhi: The Supreme Court on Friday stayed an NCLAT order reinstating Cyrus Mistry as Tata Son’s Chairman. Chief Justice S.A. Bobde said the NCLAT granted a prayer not made.

During the pendency of the petition in the apex court, Mistry, in a statement had said he was not interested in returning to the Tata Sons’ chairmanship.

The top court was hearing the petition by Tata Sons Private Ltd (TSPL) challenging the National Company Law Appellate Tribunal (NCLAT) order reinstating Cyrus Mistry as Executive Chairman of the Tata Group.

The case was listed before a three-judge bench headed by Bobde and comprising Justices B.R. Gavai and Surya Kant.

TSPL has challenged the NCLAT’s December 18 decision, which ruled in favor of Mistry and ordered he be restored as the Executive Chairman of TSPL. The Tatas, in their petition, said the order undermined corporate democracy, and also the rights of the board of directors.

Mistry had said: “To dispel the misinformation campaign being conducted, I intend to make it clear that despite the NCLAT order in my favor, I will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries.” He, however, had targeted Tata Son’s Chairman Emeritus Ratan Tata for “supporting brute majoritarianism” incorporate democracies. (IANS)

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