New Delhi: Tata Sons moved the Supreme Court on Thursday, challenging the reinstatement of Cyrus Mistry as the executive chairman of the group by the National Company Law Appellate Tribunal (NCLAT).
NCLAT had reinstated Mistry as the executive chairman of Tata Sons, one of the country’s oldest and largest conglomerates, on December 18. The restoration came three years after his dramatic sacking at a board meeting following which Ratan Tata took over as interim chairman.
In its petition, Tata Sons sought a stay on the company law tribunal’s order as well as it declaring the selection and appointment of N Chandrashekaran as chairperson as illegal.
A two-judge panel of the NCLAT said last month that Tata Sons chairman emeritus Ratan Tata’s actions against Mistry were oppressive. The tribunal also said Tata Sons’ move to turn private was unlawful and ordered a reversal. Tata Sons’ board had approved a plan to go private in September 2017.
Mistry had launched legal proceedings against Tata Sons after his removal from the company, NDTV reported.