Cyrus Mistry seeks representation at Tata Sons in proportion to his family’s 18% stake.
New Delhi:
Today’s Supreme Court is expected to render its ruling on the cross-appeals filed by Tata Sons and Cyrus Investments against the corporate law court order that had restored Cyrus Mistry as CEO of the Tata Group of more than $ 100 billion. from salt to software after a dramatic overthrow in 2016.
A bank headed by Chief Justice, SA Bobde, is likely to render the verdict, according to listings on the Supreme Court website. The bench, which also included judges AS Bopanna and V Ramasubramanian, had reserved the verdict on December 17 last year.
Shapoorji Pallonji Group had told the high court on the day that the removal of Cyrus Mistry as president of Tata Sons at a board meeting in October 2016 was like a “blood sport” and an “ambush” and was a complete violation. of the principles of corporate governance and general violation of the Bylaws in the process.
Tata Group, one of India’s oldest and largest conglomerates with interests ranging from technology and steel to automobiles, had vehemently objected to the allegations, saying there was nothing wrong and the board was on its own. right to remove Mistry as president.
On January 10 of last year, the superior court granted relief to Tata Group by suspending the order of the Court of Appeal of the National Societies Act (NCLAT) of December 18, 2019, whereby Mistry was restored as executive chairman of the conglomerate.
Mistry had succeeded Ratan Tata as president of Tata Sons in 2012, but was removed four years later. The confrontation between Mr. Mistry and Ratan Tata has been one of the highest profile and publicly fought corporate battles in India.
Tata Sons had previously told the superior court that it was not a “two-group company” and that there was no “quasi-partnership” between it and Cyrus Investments Pvt Ltd.
In his response to Tatas’ petition challenging his reinstatement by NCLAT last December, Mr. Mistry had also demanded that emeritus group chairman Ratan Tata reimburse all expenses to Tata Sons since his departure in December 2012. in accordance with the best global governance standards.
Mistry seeks representation in the company in proportion to the 18.37 percent stake held by his family, according to the cross-appeal.
(With PTI inputs)
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