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NCLAT Reinstates Cyrus Mistry As Tata Sons's Chairman

Publish Date: 19 Dec, 2019 05:46 PM   |   Arnima  

Mumbai: Three years after he was sacked from his post in Tata Sons, the holding company for Tata Group, Cyrus Mistry was reinstated as the chairman of the organisation. India's quasi-judicial appeals body NCLAT who deals, with the corporate law cases in the country, has reinstated Mistry as the chairman of Tata Sons and termed his removal as 'illegal'. Cyrus Mistry was sacked due to 'Non-performance'.

The National Company Law Appellate Tribunal (NCALT) has re-appointed Mistry, queering the pitch for the salt-to-software conglomerate headed by N Chandrasekaran, who had replaced him.

The NCLAT has also set aside the Tata Son's decision to convert itself into a private company. It is to be mentioned that Mistry has argued that Tata Sons as well as its directors and shareholders should not act aggressively towards minority shareholders.

With this decision of NCLAT shares of Tata Company started falling. The Tata Motor shares fell nearly 3 per cent, whereas shares of Tata Global Beverages fell by 4 per cent and Indian Hotels slipped 3 per cent.

The decision brought a reason for celebration in the Shapoorji Pallonji Group, founded by Cyrus’ father Pallonji Mistry’s ancestors, while a stunned Tata Group reacted with shock and surprise.