NCLAT reinstates Cyrus Mistry as executive chairman of Tata Sons
NCLAT bench headed by chairperson Justice SJ Mukhopadhaya also held the appointment of Natarajan Chandrasekaran as illegal.
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on Wednesday (December 18) restored Cyrus Mistry as Executive Chairperson of Tata Sons, and held the appointment of Natarajan Chandrasekaran as illegal. A two-member NCLAT bench headed by chairperson Justice SJ Mukhopadhaya pronounced the judgement following a petition was moved by Mistry. Mistry is a member of the Shapoorji Pallonji family that owns a minority stake in Tata Sons.
He got involve in the legal battle after being removed as the Chairman in October 2016. Since then, Tata Sons and Mistry have been involved in a legal showdown. He had accused Tata Sons of mismanagement apart from oppressing minority stakeholder views.
Earlier, the Mumbai Bench of the National Company Law Tribunal (NCLT) had dismissed the petitions filed by the two investment firms - Cyrus Investments Pvt Ltd and Sterling Investments Corp — challenging Mistry' removal. Mistry had also personally approached the NCLAT over the NCLT order. Mistry was appointed as the chairman in 2012 and was the sixth chairman of Tata Sons.