In a major victory for former Tata Sons Chairman Cyrus Mistry, the National Company Law Appellate Tribunal (NCLAT) ordered the Tata Group to reinstate him as executive chairman, a post from which he was ousted following a boardroom coup in 2016.
Tata Sons, however, said it “strongly believes” in the strength of its case and will take appropriate legal recourse.
The appellate tribunal also declared the appointment of former Tata Consultancy Services head N Chandrasekaran as Tata Group Executive Chairman, and the conversion of Tata Sons from a public company to a private company as “illegal”.
Tatas to appeal
In its order on Wednesday, the appellate tribunal stayed Mistry’s reinstatement for four weeks, allowing the Tatas time to file an appeal.
Esta historia es de la edición December 19, 2019 de The Hindu Business Line.
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