SC sets aside NCLAT order reinstating Cyrus Mistry as Tata Sons Chairman

Gallery

MORE...

Sports

First Serve, AITA Partner to empower athletes through Wheelchair Tennis Championship

First Serve, an NGO founded by Reyaan Punj, recently organised the second edition of AITA

Bajrang Punia provisionally suspended by NADA, Paris berth at stake: Sources

Laureus Award 2024 : Novak Djokovic, Aitana Bonmati win top honours at Laureus Sports Awards

Asian Games medallist Jyothi Yarraji to train in Spain ahead of Paris Olympics

Lione Messi said Retirement not on my mind

Indian Wells: Alcaraz, Swiatek win titles

MORE...

SC sets aside NCLAT order reinstating Cyrus Mistry as Tata Sons Chairman

Last Updated : 26 Mar 2021 01:50:23 PM IST

SC sets aside NCLAT order reinstating Cyrus Mistry as Tata Sons Chairman

In a huge victory for Tata Group, the Supreme Court on Friday accepted all contentions of the Tata conglomerate and set aside the order of the NCLAT, which restored Cyrus Mistry as the executive chairman of the Tata conglomerate.

A bench headed by Chief Justice S.A. Bobde said all questions of law are in favour of Tata Group and dismissed the appeals filed by Mistry. The top court upheld the Tata Sons decision to sack Cyrus Mistry on October 24, 2016.

SP Group counsel had argued that Mistry was removed because he was going to place a draft governance structure at the Board meeting on October 24, 2016.

"We find all the questions of law are liable to be answered in favour of the appellants (Tata Group) and the appeals filed by the Tata Group are liable to be allowed and Shapoorji Pallonji group is liable to be dismissed," said the top court.

The top court said the value of SP Group shares will depend on the valuation by Tata Sons equities and the court will not determine the fair value.

In December 2019, the NCLAT had ruled that the proceedings of the Board meeting of Tata Sons held on October 24, 2016 removing Cyrus Mistry as chairperson was illegal.