NCLAT restores Cyrus Mistry as executive chairman of Tata Group
The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as executive chairman of Tata Group. It also held appointment of N Chandra as Mistry's successor illegal.
Cyrus Mistry, a member of the Shapoorji Pallonji family that owns a minority stake in Tata Sons, was tangled in a legal battle with the conglomerate after he was removed as chairman in October 2016.
A fierce legal showdown followed between Tata Sons and Mistry thereafter. At the time, Mistry had accused Tata Sons of mismanagement apart from opressing minirity stakeholder views. Mistry's family owns over 18 per cent stake in Tata Sons.
Tata Sons, on the other hand, denied all charges levelled by the Mistry.