Tata Sons, the holding company of the Tata Group, on Thursday moved the Supreme Court against the reinstatement of Cyrus Mistry as the executive chairperson and also against his immediate reinstatement as director of the Tata Sons and three group companies – Tata Consultancy Services, Tata Industries Limited and Tata Teleservices (Maharashtra) Limited, Mint reported.
The top court said it will hear the petition on January 6, when it reopens after winter vacation. The petitioners sought urgent relief ahead of the Tata Consultancy Services board meeting on January 9, as the board is meeting to consider its third quarter earnings and would need to decide on Mistry’s reinstatement.
The National Company Law Appellate Tribunal, or NCLAT, had on December 18 ordered that Mistry be reinstated as the executive chairperson of Tata Sons. The NCLAT held as illegal the appointment of N Chandrasekaran as his successor. In July 2018, the National Company Law Tribunal, or NCLT, had dismissed Mistry’s plea against his removal in October 2016.
In its petition on Thursday, Tata Sons sought a stay on the NCLAT order, NDTV reported.
Mistry, who is from the Shapoorji Pallonji family, took over from Ratan Tata in 2012 as the sixth chairperson of Tata Sons. However, he had differences with this predecessor and they reportedly fell out over key investment decisions. Mistry stepped down from all Tata Group companies in December 2016, two months after being sacked as chairperson. He accused Ratan Tata of staging “an illegal coup” while the Tatas alleged Mistry misled the 2011 selection committee set up to appoint Ratan Tata’s successor.
The same month, Mistry and his family-run investment firm Cyrus Investments approached the company tribunal, as minority shareholders, against Tata Sons and 20 people, including Ratan Tata.
On February 6, 2017, the shareholders of Tata Sons voted to remove Mistry from the post of director. This came a month after Chandrasekaran was appointed to succeed Mistry.