NEW DELHI: In a serious improvement, the Supreme Court on Friday (March 26, 2021) set aside the December 2019 ruling of the National Company Law Appellate Tribunal (NCLAT) that had directed the reinstatement of Cyrus Mistry as Tata Sons chairperson.
The prime courtroom additionally set aside the appointment of N Chandra as govt chairperson.
The order was handed by the apex courtroom bench of Chief Justice of India, SA Bobde and Justices AS Bopanna and V Ramasubramanian. The bench allowed the attraction filed by Tata Sons towards the NCLAT judgement and dismissed the appeals filed by Mistry and Shapoorji Pallonji Group (SP Group).
“We find all the questions of law are liable to be answered in favour of the appellants, Tata Group and the appeals file by the Tata Group are liable to be allowed and Shapoorji Pallonji group is liable to be dismissed,” the highest courtroom stated.
The order of NCLAT dated December 18, 2019 is about aside, the Supreme Court added. Both Tata Sons and Mistry had challenged the December 18, 2019 order of the NCLAT which had ordered the reinstatement of Cyrus Mistry as the Chairperson of Tata Sons Limited.
The Supreme courtroom had on January 10, 2020, stayed the NCLAT order.
The NCLAT, in its December 2019 judgment, had held that the proceedings of the Board assembly of Tata Sons held on October 24, 2016 eradicating Cyrus Mistry as Chairperson was unlawful. It had additionally directed that Ratan Tata mustn’t take any determination prematurely which requires majority determination of the Board of Directors of Tata Sons or a majority within the Annual General Meeting.
Mistry took over as Chairman of Tata Sons, in December 2012 and was faraway from the put up on October 24, 2016 by the vast majority of the board of administrators of the corporate.Â
