Supreme Court upholds Tata Sons’ decision to sack Cyrus Mistry as chairman – Times of India
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NEW DELHI: The Supreme Court on Friday upheld Tata Sons’ 2016 decision to sack Cyrus Mistry as chairman of the salt-to-software conglomerate.
The court pronounced its judgment on the cross appeals filed by Tata Sons and Cyrus Investments against the NCLAT order which had restored Mistry as the executive chairman of the over $100 billion salt-to-software Tata conglomerate.
A bench headed by Chief Justice S A Bobde had on December 17 last year reserved the verdict in the matter.
Shapoorji Pallonji (SP) Group had told the top court on December 17 that removal of Mistry as the chairman of Tata Sons in a board meeting held in October 2016 was akin to a “blood sport” and “ambush” and was in complete violation of principles of corporate governance and pervasive violation of Articles of Association in the process.
Tata Group, on other hand, had opposed the allegations and said there was no wrongdoing and the board was well within its right to remove Mistry as the chairman.
The apex court had on January 10 last year granted relief to Tata Group by staying the National Company Law Appellate Tribunal (NCLAT) order of December 18, 2019 by which Mistry was restored as the executive chairman.
Mistry had succeeded Ratan Tata as chairman of Tata Sons in 2012 but was ousted four years later.
(With inputs from PTI)
The court pronounced its judgment on the cross appeals filed by Tata Sons and Cyrus Investments against the NCLAT order which had restored Mistry as the executive chairman of the over $100 billion salt-to-software Tata conglomerate.
A bench headed by Chief Justice S A Bobde had on December 17 last year reserved the verdict in the matter.
Shapoorji Pallonji (SP) Group had told the top court on December 17 that removal of Mistry as the chairman of Tata Sons in a board meeting held in October 2016 was akin to a “blood sport” and “ambush” and was in complete violation of principles of corporate governance and pervasive violation of Articles of Association in the process.
Tata Group, on other hand, had opposed the allegations and said there was no wrongdoing and the board was well within its right to remove Mistry as the chairman.
The apex court had on January 10 last year granted relief to Tata Group by staying the National Company Law Appellate Tribunal (NCLAT) order of December 18, 2019 by which Mistry was restored as the executive chairman.
Mistry had succeeded Ratan Tata as chairman of Tata Sons in 2012 but was ousted four years later.
(With inputs from PTI)
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