New Delhi: Tata Sons has moved Supreme Court on Thursday in connection with the reappointment of Cyrus Mistry as the executive chairman of the group.
The National Company Law Appellate Tribunal (NCLAT) has restored Mistry’s appointment on December 18. His appointment was restored three years after his dramatic sacking at a board meeting following which Ratan Tata took over as interim chairman.
In the petition the Tata Sons has sought a stay on the company law tribunal’s order. The group told the top court: “The NCLAT order, in one stroke of the pen, pulled down the governance and corporate structure of Tata Sons so painstakingly put together by its founders, in the spirit of trusteeship and responsibility, in the course of last one century”.
The NCLAT has said that Tata Sons chairman emeritus Ratan Tata’s actions against Mistry were oppressive and added that the move was unlawful. Therefore, it ordered a reversal. Cyrus Mistry had launched legal proceedings against Tata Sons after his removal from the company.