New Delhi: In a big win for Cyrus Mistry, the National Company Law Appelate Tribunal (NCLAT) ordered Wednesday restoration of him as the executive chairman of Tata Sons. NCLAT also held appointment of N Chandrasekharan as executive chairman illegal.
Cyrus Mistry who was appointed as the sixth chairman of Tata Group in 2012 and was ousted following a boardroom coup, October 24, 2016.
Through two family-run firms – Cyrus Cyrus Investments and Sterling Investments Corp – Mistry had moved the National Company Law Tribunal in Mumbai against Tata Sons and others for oppression and mismanagement. The tribunal had earlier dismissed the petitions.
N Chandrasekaran, who was heading Tata Consultancy Services, took charge as chairman of Tata Sons February 20, 2017. However, now it has been declared illegal by NCLAT.
The Mistry family is the single largest shareholder in Tata Sons, with an 18.4 per cent stake.
Agencies