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SC sets aside NCLAT order on restoring Cyrus Mistry

Date: 27 March 2021 Tags: Judiciary & Judgments
  • The Supreme Court has set aside a National Company Law Appellate Tribunal (NCLAT) decision to re-instate minority shareholder Cyrus Mistry as its chairman.
  • The apex court by ruling in favour of the Tatas have acknowledged their argument that NCLAT judgment effectively amounted to vesting the control of the company with minority (Shapoorji Pallonji group).
  • The NCLAT decision had served a blow to corporate democracy and rights of the board of directors, Tata Sons had argued in its appeal.
  • A majority of board of directors at Tata Sons had voted for Mr. Mistry’s replacement as chairman on October 24, 2016 after losing confidence in him.
  • He was again removed as the director of Tata Sons on February 6, 2017 following the procedure that applied to corporate appointments.