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<ul><li>The National Company Law Appellate Tribunal (NCLAT) ruled that Cryus Mistry’s removal as <keyword id="3932388" type="PERSON" weightage="20" keywordseo="Chairman-of-Tata-Sons">chairman of Tata Sons</keyword> was illegal.</li><li><keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> has four weeks to appeal the decision at Supreme Court.</li><li>The NCLAT order appears to even go beyond the specific reliefs sought by Mistry, the Tata Sons statement said</li></ul>The National Company Law Appellate Tribunal (NCLAT) ruled that <keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword>’s <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-can-return-as-tata-sons-chairman-three-years-after-he-was-thrown-out-by-ratan-tata/articleshow/72868406.cms">removal as chairman from Tata Sons was illegal</a> and has directed the company to <a href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistry-net-worth-and-full-profile/articleshow/72870160.cms">hand him back his position</a>. However, the court has a left window of four weeks for Tata Sons to appeal at the Supreme Court. As it seems right now, the salt-to-software conglomerate, which also owns companies like the luxury car maker Jaguar Land Rover and the British tea brand Tetley is in no mood to give up. "It is not clear as to how the NCLAT Order seeks to over-rule the decisions taken by shareholders of Tata Sons and listed Tata operating companies at validly constituted shareholder meetings. The NCLAT order appears to even go beyond the specific reliefs sought by the Appellant," the company’s spokesperson told Business Insider. But Mistry sees this as a clear win. "Today's victory is not a personal victory for me, but is a victory for the principles of good governance and minority shareholder rights," he said a statement shared with the press. The Tata vs Mistry battle is far from over Within two months of his dismissal, Mistry’s family-run investment firms approached the NCLT. Mistry’s primary argument was that his removal as chairman of Tata Sons violated the Companies Act by forcing him to leave without ‘due process’ being followed and also accused the Board of ‘oppression and mismanagement’. While the lower court, the NCLT, had turned down Mistry’s appeal, today’s victory at the appellate tribunal gives Mistry a second chance to prove his charges against the Board and Ratan Tata. "The outcome of the appeal is a vindication of my stand taken when the board of Tata Sons, without warning or reason removed me, first as executive chairman, and subsequently as director of Tata Sons," he said. One of India’s biggest corporate disputes may be tested at the country’s highest court soon. 
	

	
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 See also: <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-can-return-as-tata-sons-chairman-three-years-after-he-was-thrown-out-by-ratan-tata/articleshow/72868406.cms">Cyrus Mistry can return as Tata Sons Chairman three years after he was thrown out by Ratan Tata</a> <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-still-has-to-prove-the-charges-against-ratan-tata-and-tata-sons-board/articleshow/72868673.cms">First Cut: The legal implications of Mistry's victory in the case against Tata Sons</a> <a href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistry-net-worth-and-full-profile/articleshow/72870160.cms">The volatile fortunes of low-profile Cyrus Mistry who was made the Chairman of Tata Sons only to be ousted soon after — now he’s fighting his way back</a>

Tata Sons says the court gave Cyrus Mistry more than he wanted

<ul><li><keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword> has been reappointed as the <keyword id="3932388" type="PERSON" weightage="20" keywordseo="Chairman-of-Tata-Sons">chairman of Tata Sons</keyword> by the National Company Law Appellate Tribunal (NCLAT).</li><li>Mistry will return to the helm of the Tata conglomerate after a three-year-long battle in courts.</li><li>He was ousted in October 2016 being chairman for nearly four years.</li></ul>Cyrus Mistry will be back at the helm of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> in another four weeks-- if no other legal hurdles stop him. After over three years spent battling in courts, Mistry’s <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-can-return-as-tata-sons-chairman-three-years-after-he-was-thrown-out-by-ratan-tata/articleshow/72868406.cms">removal as chairman </a>was deemed illegal by the National Company Law Appellate Tribunal (NCLAT). As Mistry returns to power, the current executive chairman of the company — N Chandra — might have to look for a new job. Mistry served as Tata Sons chairman just shy of four years before the board removed him from the helm in October 2016. His net worth is currently at $10 billion. Here’s a quick look at Mistry’s journey from being the son of a construction tycoon to leading Tata Sons a second time:

The volatile fortunes of low-profile Cyrus Mistry who was made the Chairman of Tata Sons only to be ousted soon after — now he’s fighting his way back

<keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> said that access to markets and skilled workforce would be considered important post <a href="http://www.businessinsider.in/brexit-impact-global-economy/articleshow/52899336.cms">Brexit</a>, adding that that each of its 19 firms having interests in the UK will be going in for a business review. 
 
"There are 19 independent Tata companies in the UK, with diverse businesses. Each company continuously reviews its strategy and operations in the light of developments, and will continue to do so," read a statement from Tata Sons. 
 
"Access to markets and skilled workforce will remain important considerations," the statement added. 
 
Tata Group stocks had a <a href="http://www.businessinsider.in/Bloodbath-in-the-Indian-markets-as-Brexit-causes-panic/articleshow/52895611.cms">hard fall </a>this morning after the Brexit results, <a href="http://www.businessinsider.in/Bloodbath-in-the-Indian-markets-as-Brexit-causes-panic/articleshow/52895611.cms">going down </a>by up to 13%. This could be cited to the Indian conglomerate's huge exposure to UK. 
 
Specifically, Tata Motors stocks fell 12.9%, Tata Steel tanked 10.89%, TCS plummeted 4.81%, Tata Elxsi dipped 9.21%, Tata Global Beverages saw a fall of 7.26%, Tata Chemicals drubbed 5.72% and Tata Communications went down by 5.34%. 
 
Tata Sons has been operational in the UK since 1907, and out of its 19 firms having interests in the region, <a href="http://www.businessinsider.in/Tata-Motors-profits-treble/articleshow/52519229.cms">JLR </a>and <a href="http://www.businessinsider.in/Tata-Steel-UK-sells-its-Europe-Long-Products-business-to-Greybull/articleshow/52536515.cms">Tata Steel </a>are most globally known. 
 
<a href="http://i1.tribune.com.pk/wp-content/uploads/2012/12/485835-cyrusmistryafp-1356679939.jpg">Image source</a>

Tata Sons would focus on market access and skilled workforce after Brexit

<keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword>, the former <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> chairman recently opposed the appointment of Natarajan Chandrasekaran as his successor and is said to be preparing to open another legal front challenging the decision 
 
According to the officials, a day before the board of Tata Sons met to consider Chandrasekaran as the chairman last week, Mistry shot off an angry letter to his fellow board members challenging the legality of the appointment. 
 
"Unlike the October board meeting when the decision to sack Mistry was not mentioned in the board agenda circulated before, this time the members were aware of what to expect. Mistry is still a director of Tata Sons and the agenda papers were circulated to him as well. That prompted the mail from him," an official aware of the communications, told ET. 
 
Reportedly, Mistry did not physically attend the board meeting the following day. 
 
Details of Cyrus' possible legal strategy could not be independently verified but for some this could be a potential precursor to a fresh complaint before the court. 
 Mistry has already challenged the decision in the <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT). In his petition, Mistry alleged collusion between Tata Sons and <keyword id="6383155" type="UNKNOWN" weightage="20" keywordseo="Tata-Trusts">Tata Trusts</keyword> and oppression of minority interests at the $103-billion Indian conglomerate. 
 
In his missive to the board members on January 11, Mistry argued that Chandrasekaran's appointment was illegal considering the matter was still sub-judice. Tatas after getting a green signal from their legal advisors decided to proceed with the board meeting. 
 "<keyword id="4078029" type="UNKNOWN" weightage="20" keywordseo="the-tata-sons-board">The Tata Sons Board</keyword> meeting held on January 12, 2017 and the appointment of <keyword id="97017" type="COMPANY" weightage="20" keywordseo="N-Chandrasekaran">N Chandrasekaran</keyword> as chairman of Tata Sons have been done as per the company's Articles of Association and relevant laws," a Tata Sons spokesperson told ET. 
 
Sources close to Mistry said that he was not comfortable attending the board meet since the Tatas had violated undertakings given by them in court. 
 
"At this stage, we do not wish to discuss next steps in terms of legal strategy," people close to Mistrytold ET. 
 
Tata Sons lawyer Abhishek Manu Singhvi said the tribunal's December 22 directives just meant that no legal action or proceedings could be undertaken by the company, Tata Trusts or the Mistry family firms. Tata Sons was, however, allowed to take company related decisions, he said. By filing the petition, the former chairman is trying to get the tribunal to stop Tata Sons from holding a planned shareholder meeting to oust him as a director, he claimed.

War intensifies: Cyrus Mistry is going to challenge Chandrasekaran's appointment as Tata Sons Chairman

National Company Law Tribunal (<keyword id="6355809" type="ORGANIZATION" weightage="100" keywordseo="nclt">NCLT</keyword>) has ruled that <keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword>’s petition is not maintainable, saying that his family firms are not qualified to file a petition alleging mismanagement of <a href="http://www.businessinsider.in/letter-by-tata-sons-new-chairman-n-chandrasekaran-to-tcs-employees/articleshow/56529207.cms">Tata Sons</a> and oppression of minority shareholders. 
 "The petitioners have failed to convince the court that the application is maintainable," said B.S.V. Kumar, presiding member of NCLT. As per rules of the Companies Act, 2013, shareholder needs at least 10% to file a petition in the NCLT. Mistry's family firms - Cyrus <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">Investments</keyword> Pvt Ltd and Sterling Investments Pvt Ltd - hold only 2.17% shares of the total share capital (equity + preference shares) of <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword>. 
 
Whether or not the requirement can be waived will be decided on 7th March. 
 It was in December 2016 that Mistry had filed a petition alleging oppression of minority shareholder rights and mismanagement at the <keyword id="6355725" type="CITY" weightage="100" keywordseo="Tata-Group">Tata Group</keyword>. 
 
In case NCLT waives the requirement, Tata Sons could challenge it in National Company Law Appellate Tribunal (NCLAT), because by law, this kind of waiver has to be sought before a petition is filed. In case NCLT rules against a waiver, Mistry could go to court against today's ruling and also on the waiver petition. 
 
In October last year, Mistry was <a href="http://www.businessinsider.in/cyrus-mistry-removed-as-tata-sons-director/articleshow/57003221.cms">removed</a> as the chairman of Tata Sons, leading to a <a href="http://www.businessinsider.in/war-intensifies-cyrus-mistry-is-going-to-challenge-chandrasekarans-appointment-as-tata-sons-chairman/articleshow/56642005.cms">public spat</a> between Mistry and Tata Group. While the group said that Mistry was not a good leader, he accused Tata Sons poor corporate governance practices. 
 
Also read: <a href="http://www.businessinsider.in/tata-group-under-scrutiny-apex-body-of-chartered-accountants-is-looking-at-alleged-accounting-irregularities-at-tata-companies/articleshow/57150133.cms">Tata Group under scrutiny: Apex body of Chartered Accountants looking at alleged accounting irregularities at Tata companies</a> 
 
He then went on to file a <a href="http://www.businessinsider.in/mistry-seeks-to-stall-tata-sons-shareholding-meeting-files-petition/articleshow/56932812.cms">344-page petition</a>, in which he shared the minutes of several board meetings, details of business deals and emails, which, as per Tata Sons was making 'confidential and sensitive' information public. Tata Sons in turn filed a complaint against Mistry with the Securities and Exchange Board of India (<a href="http://www.businessinsider.in/sebi-to-allow-mutual-funds-to-invest-in-reits-invits/articleshow/56559875.cms">SEBI</a>). 
 
(<a href="http://stz.india.com/sites/default/files/2016/10/02/7824-cyrus-mistry-pti.jpg">Image source</a>)

NCLT rules out Cyrus Mistry's petition against Tata Sons

The Board of <keyword id="46894" type="General" weightage="80" keywordseo="tata-sons" source="Orion">Tata Sons</keyword> on Friday approved the reappointment of N. <keyword id="56148" type="General" weightage="80" keywordseo="chandrasekaran" source="Orion">Chandrasekaran</keyword> as the <keyword id="6420527" type="General" weightage="80" keywordseo="executive" source="Orion">Executive</keyword> Chairman for the next five years. The decision took place during a board meeting held on Friday. Accordingly, the Board reviewed the last five years' performance of the group and considered the reappointment of Chandrasekaran. In a statement, <keyword id="8555" type="General" weightage="100" keywordseo="tata" source="Orion">Tata</keyword> Sons said that <keyword id="5196318" type="General" weightage="20" keywordseo="ratan-n-tata" source="Orion">Ratan N. Tata</keyword>, who was a special invitee to this meeting, expressed his satisfaction on the progress and performance of the Tata Group under the leadership of Chandrasekaran. "He recommended his term be renewed for a further five-year period," the statement said. "The Board members commended the performance of the Executive Chairman and unanimously approved the reappointment of Mr. <keyword id="97017" type="General" weightage="20" keywordseo="n-chandrasekaran" source="Orion">N Chandrasekaran</keyword> as the Executive Chairman for the next five years." Tata Sons is the principal investment holding company and promoter of Tata companies. In 2020-21, the revenue of Tata companies, taken together, was $103 billion These companies collectively employ over 8,00,000 people. At present, there are 29 publicly-listed Tata enterprises with a combined market capitalisation of $314 billion as on December 31, 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cms">Taxing cryptocurrencies does not give them legal status, clarifies India’s finance minister</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/board-is-reviewing-some-serious-allegations-says-new-bharatpe-ceo/articleshow/89497260.cms">Board is reviewing some 'serious allegations', says new BharatPe CEO</a>

You Searched For "Tata Sons" and got 6 results

Tata Sons says the court gave Cyrus Mistry more than he wanted

Prabhjote Gill

The volatile fortunes of low-profile Cyrus Mistry who was made the Chairman of Tata Sons only to be ousted soon after — now he’s fighting his way back

Prabhjote Gill

Tata Sons would focus on market access and skilled workforce after Brexit

BI India Bureau

War intensifies: Cyrus Mistry is going to challenge Chandrasekaran's appointment as Tata Sons Chairman

BI India Bureau

NCLT rules out Cyrus Mistry's petition against Tata Sons

BI India Bureau

Tata Sons Board reappoints N. Chandrasekaran as Executive Chairman for the next five years

IANS

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