Tata Sons has moved the Supreme Court seeking a stay on the National Company Law Appellate Tribunal’s (NCLAT) judgment that reinstated Cyrus Mistry as chairman. The petition is likely to be mentioned before the Chief Justice on January 6, when the court reopens after winter vacation.
“Restoring Cyrus Mistry to the position as Chairman has undermined corporate democracy and the rights of the board of directors,” Tata Sons said in its filing, a copy of which was reviewed by BusinessLine.
“The NCLAT has, in one stroke of the pen, pulled down the governance and corporate structure of the appellant (Tata Sons) so painstakingly put together by its founders, in the spirit of trusteeship and responsibility, in the course of last one century,” it said.
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