Against the order of the National Company Law Appellate Tribunal (NCLAT), the Supreme Court reserved it’s order on the petitions filed by the Tata Sons Pvt Ltd and Cyrus Investments Pvt Ltd.
The National Company Law Appellate Tribunal (NCLAT) ordered Cyrus Mistry to be reinstated as the executive chairman of the Tata group, worth more than $100 billion. Later, Tata Sons filed a petition in the Supreme Court challenging the NCLAT’s order. After which Cyrus Investments also filed a petition against Tata’s petition. A three-member bench headed by Chief Justice SA Bobde heard the case in the apex court.
The bench of Chief Justice SA Bobde, Judge AS Bopanna and Judge V Ramasubramaniam ordered both the parties to submit their request in written form along with the subject classification details. During the hearing, which was held through video conferencing, the Shapoorji Pallonji (SP) group claimed that in October 2016, the removal of Cyrus Mistry from the post of Chairman of Tata Sons violated the rules and constitution of the company as well as the provisions of the Company Law.
The Tata Group denied all allegations and claimed that there was nothing illegal with the removal of Cyrus Mistry as the chairman and all the actions were in accordance by his rights. Earlier on 10 January, the apex court stayed the NCLAT’s order of last year, giving relief to the Tata group. The NCLAT’s order asked Mistry to be reinstated as executive chairman of the Tata group.
Mistry replaced Ratan Tata as the chairman of Tata Sons in 2012, but was sacked on October 24, 2016, four years later.
On May 29, the court issued notice to Tata Sons and others on the cross appeal of Cyrus Mistry challenging the order of the Appellate Tribunal. According to Cyrus Mistry’s petition, Cyrus wants an equal representation of his family’s share in Tata Group. Reportedly, Cyrus’ family holds about 18.37 percent stake in the Tata group.