NCLAT order reinstating Mistry has factual errors, say sources

New Delhi, Dec 19 () Shapoorji Pallonji Group's investments in Tata Sons is just Rs 69.57 crore and not Rs 1 lakh crore as mentioned in the NCLAT order reinstating Cyrus Mistry as the chairman, Tata group sources said on Thursday. A day after Mistry, who was abruptly ousted as Tata Sons chairman in October 2016, won a big battle at the NCLAT, Tata group sources said the order of the National Company Law Appellate Tribunal (NCLAT) had many factual inconsistencies.

The NCLAT order had said "out of Rs 6,00,000 crores of total investment in the Company ('Tata Sons Limited'), 'Shapoorji Pallonji Group' had invested approximately Rs.1,00,000 crores".

However, the Tata group sources contested it, saying Shapoorji Pallonji (SP) Group has invested Rs 69.57 crore.

SP Group declined to comment but lawyers in the know cited a September 2017 order of the NCLAT which said "the interest of the appellants (Mistry family) in the overall value of the company (Tata Sons) would be over Rs 1 lakh crore".

The Tata group sources also pointed out that the NCLAT remarks about Ratan Tata and Nitin Nohria asking Cyrus Mistry to step down even before a decision of Tata Trusts, which had called a meeting to remove Mistry, was not the case.

"Tata Trust meeting was held earlier in the day. Post the trust meeting and before the board meeting of Tata Sons, Ratan Tata met Cyrus Mistry," a source said.

Further, they said Pallonji Mistry, father of Cyrus Mistry, was only a director of Tata Sons from June 25, 1980 till December 31, 2004 and not chairman of Tata Sons as mentioned in the NCLAT order. RKL ABM