You are here: Home » Companies » News
Business Standard

NCLAT verdict over Mistry's removal as Tata Group Chairman on Wednesday

The Appellate Tribunal had reserved its order in July this year, after completing its marathon hearing over the issue

Press Trust of India  |  New Delhi 

cyrus mistry
Mistry had also personally approached the NCLAT over the NCLT order.

The National Company Law Appellate Tribunal (NCLAT) will pronounce its judgement over the petition moved by former Chairman Cyrus P Mistry and the two investment firms challenging his removal from the group.

A two-member bench headed by Chairperson Justice S J Mukhopadhaya will pronounce its judgement over the petitions.

The Appellate Tribunal had reserved its order in July this year, after completing its marathon hearing over the issue.

Earlier, the Mumbai bench of the (NCLT) had dismissed the petitions filed by the two investment firms Cyrus Investments Pvt Ltd and Sterling Investments Corp challenging Mistry' removal.

Later, Mistry had also personally approached the over the NCLT order.

Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016. He had taken over as the chairman in 2012 after Ratan Tata announced his retirement.

The Mistry camp had challenged the July 9 order of the Mumbai bench of the NCLT which dismissed the pleas against his removal as Tata Sons chairman, as also the allegations of rampant misconduct on part of Ratan Tata and the company's board.

A special bench of the tribunal had held that the board of directors at Tata Sons was competent" to remove the executive chairperson of the company. The NCLT bench had also said that Mistry was ousted as chairman because the Tata Sons' Board and its majority shareholders had lost confidence in him".

Two months after his removal, Mistry's family-run firms approached the NCLT as minority shareholders, against Tata Sons, Ratan Tata, and some other board members.

Mistry in his pleas primarily argued that his removal was not in accordance with the Act and that there was rampant mismanagement of affairs across Tata Sons.

First Published: Tue, December 17 2019. 22:50 IST
RECOMMENDED FOR YOU