A two-judge bench of the NCLAT (National Company Law Appellate Tribunal) has restored former Tata group executive chairman, Cyrus Mistry, to his position in the conglomerate. The NCLAT has stated that the subsequent appointment of N Chandrasekaran to the role was illegal.
Specifically, the judges said that Ratan Tata’s actions against Mistry were oppressive. The order will take effect after four weeks, during which the Tata group has time to file an appeal or challenge this ruling in the Supreme Court.
In October 2016, Cyrus Mistry was temporarily replaced as the Tata Sons chairman by Ratan Tata, following which, Mistry resigned from all Tata group companies in December.
The company has yet to make an official statement regarding this ruling. Stay tuned for more details.
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