SC stays order reinstating Cyrus Mistry as Tata chairman
New Delhi, Jan 10: The Supreme Court on Friday stayed the National Company Law Appellate Tribunal (NCLAT)'s order to reinstate Cyrus Mistry as executive chairman of the Tata Group.
"The tribunal's decision to restore Cyrus Mistry as the chairman of Tata Sons may be an "adjudication error" which permeates the whole order, Chief Justice of India Sharad Arvind Bobde observed while reading out the verdict.
In its December 18 order, Cyrus Mistry was restored at the top helm of Tata Sons - one of the country's oldest and largest conglomerates - three years after his dramatic sacking at a board meeting.
The scion of the wealthy Shapoorji Pallonji family, Mistry had in December 2012 succeeded Ratan Tata as the Executive Chairman of Tata Sons, a post that also made him the head of all Tata group listed firms such as Tata Power and Tata Motors.
He was removed as the Chairman of Tata Sons, in an overnight coup, in October 2016. Along with him, the entire senior management too was purged and Ratan Tata was back at the helms of affairs four years after he took retirement.
with PTI inputs