In another development in the Tata Sons versus Cyrus Mistry case, the Supreme Court on Friday put on hold an order passed by the National Company Law Appellate Tribunal (NCLAT) reinstating Mistry as the executive chairman of Tata group.
In another development in the Tata Sons versus Cyrus Mistry case, the Supreme Court on Friday put on hold an order passed by the National Company Law Appellate Tribunal (NCLAT) reinstating Mistry as the executive chairman of Tata group.
A bench of Chief Justice SA Bobde and Justices BR Gavai and Surya Kant, who was hearing the case, termed the tribunal’s direction to reinstate Mistry as untenable in law and inconsistent with the Companies Act.
The top court also issued a notice to Mistry and summoned him to answer questions raised by Tata's lawyer in the petition against the NCLAT order.
Tata Sons had moved the Supreme Court challenging the restoration of Cyrus Mistry as the executive chairman of the group by National Company Law Appellate Tribunal (NCLAT) in December. In its petition filed before the top court, Tata Sons has sought a stay on the NCLAT order.
Mistry was restored as the Executive Chairperson of the Tata Sons by the NCLAT on December 18 last year, three years after he was sacked at a board meeting. Mistry had called the judgment "not a personal victory" but a "victory for the principles of good governance".
"I am humbled by the NCLAT order, which after review of the enormous material on record, recognized the illegal manner in which I was removed and the oppressive and prejudicial conduct of Mr Tata (Ratan Tata) and other Trustees," Mistry had said.
Reacting to the reinstatement of Mistry, Tata Sons had said that the company law tribunal's order appeared to even go beyond the specific reliefs sought by the sacked executive.
On January 5, Mistry had said that he does not intend to pursue the post.
"I intend to make it clear that despite the National Company Law Appellate Tribunal (NCLAT) order in my favour, I will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries," Mistry said in a statement on Sunday, a day before the top court is scheduled to hear the Tata Sons' plea.
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 "Supreme Court stays NCLAT order that reinstated Cyrus Mistry as Executive Chairman of Tata Sons")
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