In a dramatic turn of event, Cyrus Mistry has been restored by the National Company Law Appellate Tribunal (NCLAT) on Wednesday, 18 December 2019, as the Executive Chairman of Tata Sons. NCLAT also held the appointment of N Chandrasekaran as Executive Chairman of Tata Sons illegal.
The Tribunal also stated that the order shall be operational only after four weeks within which the Tata Group can appeal to the Supreme Court. Interestingly, today was the last working day for the Supreme Court before it goes on Christmas Holidays.
NCLAT’s Judgement, Win for Cyrus Mistry
The two-judge bench of NCLAT headed by Justice SJ Mukhopadhyay ruled:
- Removal of Cyrus Mistry from Tata Sons illegal.
- Removal of Mistry from all other Tata Companies also illegal.
- Ratan Tata’s action against Mistry was oppressive.
- Tata Sons change from Public Company to Private Company also illegal.
- Orders restoring of Cyrus Mistry as Executive Chairman of Tata Sons.
- Orders reinstating Tata Sons back to Public Company.
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