• About
  • Contact
Thursday, January 28, 2021
Next Big Brand
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview
No Result
View All Result
Next Big Brand
Home Industries

Cyrus Mistry Removal From Tata Group Was Illegal: NCLAT

Pritish raj by Pritish raj
December 18, 2019
in Industries, News
3 min read
0
Cyrus Mistry Tata Group- Next Big Brand

Cyrus Mistry Tata Group- Next Big Brand

Share on FacebookShare on Twitter
  • NCLAT reinstates Cyrus Mistry as executive chairman Tata Group rules N Chandrasekaran’s appointment as illegal.

Today, the National Company Law Appellate Court (NCLAT) reinstated former Tata group chairman Cyrus Mistry as Tata Group’s executive director. It said that N’s appointment was also held by the court. Chandra is illegal as the chairman of the board.

An NCLAT bench of two judges said the actions of Ratan Tata against Mistry were oppressive and it was illegal to appoint a new chairman.

The Tatas have the time in four weeks to appeal against the order as the court said the restoration order will only be effective after four weeks. The Tatas also have the right in the Supreme Court to appeal the order.

As the news came before the closing bell, Tata Motors ‘ shares on the BSE fell 5.25% to some $174.95. The Mistry family, with an 18.4 percent stake, is Tata Sons ‘ single largest investor.

In October 2016, Cyrus Mistry, who was Tata Sons ‘ sixth chairman, was removed from office. He took over as president in 2012 after his retirement was announced by Ratan Tata.

Throughout his appeals, Mistry claimed mainly that his dismissal was not under the Companies Act and that Tata Sons had systematic mismanagement of affairs.

The NCLT had previously dismissed petitions from two investment firms of Cyrus Mistry, Cyrus Investments Pvt Ltd. and Sterling Investments Corp challenging Mistry’ removal. There were a lot of allegations of misconduct on the part of Ratan Tata and board of the directors of Tata.

A tribunal’s special bench held that Tata Sons ‘ board of directors was “competent” to remove the company’s executive chairman. NCLT’s bench also said that Mistry was ousted as chairman because Tata Sons ‘ board and its majority shareholders had “lost confidence in him.”

As far as the Tata Sons board is concerned, the NCLAT has also given clear directions to Ratan Tata to maintain arms distance.

Also set aside was the decision of the Registrar of Companies to convert Tata Sons from public to private entity.

Today’s NCLAT judgment came in response to a petition from former Tata Group Chairman Cyrus P Mistry and his two investment firms– Cyrus Investments and Sterling Investments Corp — challenging his removal from the group.

A two-member NCLAT bench led by SJ Mukhopadhaya, Chairperson of Justice, ruled on the petitions.

Mistry later moved the NCLAT against the order of the NCLT.

According to the judgment, Suhas Tuljapurkar, Managing Partner, Legalism, said, “A single isolated incident such as the removal of a director who is not in the manner prescribed by law that constitutes the action of a minority shareholder shall be settled by law.” “If how Mistry is removed is kept by NCLAT in appeal, the matter has been adjudicated on the issue of law and not on the issue of law. Merits can be awarded only by the NCLT, not by the NCLAT.

Therefore, my view is that in a single isolated incidence has resulted in the oppression of a minority, then it will be ruled by NCLAT and obviously, they have ruled in favor of the Mistry group,” he added.

Previous Post

Jio To Pay IUC Charges Till Dec 2020, Vodafone Airtel Breathes Relief

Next Post

Here we are Looking At The Top Smartphone Apps Of Decade

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

Related Posts

Reckitt Benckiser (RB) leads INR 45 Crores investment round in Bombay Shaving Company
News

Reckitt Benckiser (RB) leads INR 45 Crores investment round in Bombay Shaving Company

January 28, 2021
FAU-G confirms its India Debut on 26 Jan
News

FAU-G Completes 5 Million Downloads Within 24 hrs of its Launch

January 27, 2021
ByteDance to Lay Off Employees in India Amid TikTok Ban Continuation
News

ByteDance to Lay Off Employees in India Amid TikTok Ban Continuation

January 27, 2021
Twitter Acquires Dutch Based Newsletter Startup Revue
News

Twitter Acquires Dutch Based Newsletter Startup Revue

January 27, 2021
Padma Shri for Zoho Founder Sridhar Vembu and Business Tycoon Mrs. Rajni Bector
News

Padma Shri for Zoho Founder Sridhar Vembu and Business Tycoon Mrs. Rajni Bector

January 26, 2021
TCS Surpasses Mukesh Ambani’s RIL to Become the Most Valued Indian Company
News

TCS Surpasses Mukesh Ambani’s RIL to Become the Most Valued Indian Company

January 25, 2021
Next Post
Smartphone Apps of Decade- Next Big Brand

Here we are Looking At The Top Smartphone Apps Of Decade

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

Electric Cars - NextBigBrand

All New Commercial Cars to go Electric from 2026

2 years ago
Rahul Bajaj- Next Big Brand

Rahul Bajaj Steps Down As Non-Executive Chairman Of Bajaj Finance

6 months ago
HBR Top 10 Ceos- Next Big Brand

Three Indian Origin CEOs Are On HBR top 10 best-performing CEOs

1 year ago
Manisha Lath Gupta - Next Big Brand

Manisha Lath Gupta Quits Uber India

12 months ago

FOLLOW US

  • 22.6k Fans

BROWSE BY TOPICS

2018 League amazon Amazon Great Indian Sale Amazon Prime Apple Apple Inc Automobile Industry Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan facebook Facebook app future group hotstar Indian OTT Platforms Indian Smartphone Market Istana Negara Jio Market Stories Maruti Suzuki National Exam Netflix Netflix India Netflix Originals oppo OTT OYO Realme Reliance Industries Limited Reliance Jio RIL Samsung Tata Motors Tiktok TikTok India TikTok Videos Visit Bali Vivo whatsapp Xiaomi Xiaomi India YouTube
Next Big Brand

We Talk About Brands

Follow us on social media:

Recent News

  • Reckitt Benckiser (RB) leads INR 45 Crores investment round in Bombay Shaving Company
  • FAU-G Completes 5 Million Downloads Within 24 hrs of its Launch
  • ByteDance to Lay Off Employees in India Amid TikTok Ban Continuation

Instagram

Follow Me!

Latest News

Reckitt Benckiser (RB) leads INR 45 Crores investment round in Bombay Shaving Company

Reckitt Benckiser (RB) leads INR 45 Crores investment round in Bombay Shaving Company

January 28, 2021
FAU-G confirms its India Debut on 26 Jan

FAU-G Completes 5 Million Downloads Within 24 hrs of its Launch

January 27, 2021
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview

© 2019 NBB. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.