The Supreme Court has set aside order of the National Company Law Appellate Tribunal of December 17, 2019, which ordered the reinstatement of Cyrus Mistry as Chairman of Tata Sons.
A bench headed by Chief Justice SA Bobde said the decision to remove Cyrus Mistry was right. The bench, also including Justices AS Bopanna and V Ramasubramanian, had on December 17 last year reserved the verdict.
The NCLAT order had restored Cyrus Mistry as the executive chairman of the over USD 100 billion salt-to-software Tata conglomerate. The apex court had on January 10 last year granted relief to the Tata group by staying the NCLAT.
Tata Sons had earlier told the top court that it was not a ‘two-group company’ and there was no ‘quasi-partnership’ between it and Cyrus Investments Pvt Ltd.
Supreme Court in its judgement says that all the appeals filed by Tata Sons against Cyrus Mistry are allowed. Leave it to Tata Sons, Mistry to take the legal route to resolve issues of shares, adds SC.
This is what Ratan Tata tweeted reacting to the Supreme Court verdict
— Ratan N. Tata (@RNTata2000) March 26, 2021