SC stays NCLAT order on Mistry’s chairmanship
While Mistry has stated he doesn’t want to return as chairman, it is to be seen if the apex court allows him to come back as Tata Sons director
While Mistry has stated he doesn’t want to return as chairman, it is to be seen if the apex court allows him to come back as Tata Sons director
Investors will be pleased with Cyrus Mistry’s decision as it means much-needed stability in leadership at the group at a crucial time.
The group’s patriarch has now joined the fight between Tata Sons and Cyrus Mistry, and filed a petition in the Supreme Court seeking a stay on the NCLAT order to reinstate Mistry.
The Tata group has filed a petition in the apex court seeking a stay on the order to reinstate Tata Sons ex-chairman Cyrus Mistry; claims the relief provided to Mistry is untenable in law.
All stakeholders should collectively work for the benefit of the Tata group, said Mistry after the verdict was in his favour, which found merit in his claim of oppression and prejudicial behaviour.
The appellate tribunal held Mistry’s removal as illegal, but the matter is far from over as Tata Sons is expected to challenge the verdict in the Supreme Court.
A settlement with shareholders such as HSBC Daisy Investments improves R-Com’s chances of proceeding with its deal with Reliance Jio, but the Ericsson matter needs to be resolved too.