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<ul><li>In his four year tenure as a chairman, <keyword id="6356895" type="General" weightage="20" keywordseo="Cyrus-Mistry" source="Orion">Cyrus Mistry</keyword> was known to maintain a very low profile. </li><li>Cyrus <keyword id="6391150" type="General" weightage="100" keywordseo="mistry" source="Orion">Mistry</keyword>’s father Pallonji Mistry who passed away th<a href="https://www.businessinsider.in/thelife/personalities/news/pallonji-mistry-the-elusive-but-powerful-phantom-of-bombay-house/articleshow/92511725.cms">is June, was known as the Phantom of Bombay H</a>ouse. </li><li>In 2016, Cyrus Mistry was unceremoniously removed as the chairman without giving reasons and he was no more low profile. </li><li>Mistry called his removal from chairmanship ‘unique in history’.</li></ul>During his four-year tenure as the chairman of <keyword id="46894" type="General" weightage="80" keywordseo="tata-sons" source="Orion">Tata Sons</keyword>, Cyrus Mistry had earned a nickname – ‘the most low profile man with the most high profile job’. After all he came from a family, which is known to zealously protect its privacy. His father Pallonji Mistry who passed away th<a href="https://www.businessinsider.in/thelife/personalities/news/pallonji-mistry-the-elusive-but-powerful-phantom-of-bombay-house/articleshow/92511725.cms">is June, was known as the Phantom of Bombay H</a>ouse for the power he used to wield at the Tata group headquarters and was barely ever seen or heard. If the course ran smooth, Cyrus too would have remained so but in 2016, he was unceremoniously removed as the chairman without giving reasons and he was no more low profile. In a bitter boardroom coup, Mistry was asked to step down and when he refused, he was unceremoniously removed by the board of directors. Subsequently he was forced to step down from boards of other Tata companies too. His removal led to one of the ugliest battles that corporate India had ever seen. <cmsannotation type="cmsannotation" annotationid="‘Unique in history’" comment="subhead" text="‘Unique in history’">‘Unique in history’</cmsannotation> Mistry called his removal from chairmanship ‘unique in history’. In addition to questioning many business decisions saying that five companies of Tata group had writedowns that accounted to $18 billion; he also questioned the deal with Air Asia which is known to have made fraudulent transactions. “We managed to raise awareness among stakeholders of the challenges in governance and ethics in the group. These were tough messages that had to be sent for the long term interest of the group,” he told <a href="https://economictimes.indiatimes.com/opinion/interviews/i-have-a-lifetime-ahead-of-me-but-my-fight-continues-cyrus-mistry/articleshow/56073727.cms?from=mdr">ET in an interview right after he </a>was removed as the chairman. He had accused Ratan Tata of inappropriate intervention and Mistry was pushed to become a ‘lame duck chairman’. The case, as expected, went to court and after a string of shocking twists and turns, the Supreme Court passed an order for the Tata group, after which Mistry filed review petitions and they too were set aside by the country’s highest judicial authority. Mistry, however, never did believe it to be a short-term fight. “I have a lifetime ahead of me and my fight will go on,” he had said. If only, that were true. <cmsannotation type="cmsannotation" annotationid="Mistry’s Clementine mirror" comment="subhead" text="Mistry’s Clementine mirror">Mistry’s Clementine mirror</cmsannotation> Cyrus Mistry is survived by wife Rohiqa Mistry and two sons Firoz and Zahan. Rohiqa is the daughter of one of Mumbai’s famous lawyers Iqbal Chagla. The unusually quiet Mistry once spoke in an interview on the Tata website of her role in life. He called her a <a href="https://economictimes.indiatimes.com/magazines/panache/my-wife-does-not-hesitate-to-disagree-with-me-tata-groupscyrus-mistry/articleshow/54399682.cms?from=mdr">Clementine mirror who never shies</a> away from disagreeing with him. He compared her to Winston Churchill’s wife Clementine who had once famously pointed out the errors in the judgment of the war-time hero and Prime Minister of England during its darkest hours. Mistry’s elder brother Shapoor is the sole owner of the Shapoorji Pallonji group, which is known for its construction business in India and the Middle East. The group had also owned Eureka Forbes which was sold to a private equity fund in 2021. Mistry’s friend and NCP Sharad Pawar’s daughter Supriya Sule who is his friend, calls him an exceptionally hard-working person, who always puts his best foot forward. The golf loving Mistry too had admitted, during his tenure as Tata Sons chairman, that he has done a bad job of work life balance. However, immediately after his exit, the first thing he did even before he took the legal recourse, was to go on a holiday. <cmsannotation type="cmsannotation" annotationid="Timeline of events of Mistry-Tata case" comment="subhead" text="Timeline of events of Mistry-Tata case">Timeline of events of Mistry-Tata case</cmsannotation> 2011: Cyrus Mistry is appointed as the deputy chairman of Tata Sons. 2012: Cyrus Mistry takes over as the chairman of Tata Sons, as Ratan Tata becomes the chairman emeritus. 2016: Tata Sons removes Cyrus Mistry as the chairman and reinstates Ratan Tata as the interim chairman. Mistry companies move National Company Law Tribunal (NCLT) alleging oppression of minority shareholders and challenge his removal. 2017: Tata Sons names N Chandrasekhar as the chairman of Tata Sons. 2019: NCLT restores Mistry as the chairman of Tata Sons. 2020: Tata Sons challenges NCLT decision in the Supreme Court. SC stays NCLT decision. It also restrains Shapoorji Pallonji group from pledging its shares in Tata Sons. SC sets aside NCLT decision to reinstate Mistry as chairman of Tata Sons. 2022: SC rejects Mistry’s petition to review its earlier decision.

Life and times of Cyrus Mistry – the most low profile man with the most high profile exit

Shares of <keyword id="46108" type="COMPANY" weightage="20" keywordseo="Sterling">Sterling</keyword> and <keyword id="8370737" type="LOCATION" weightage="20" keywordseo="Wilson-Solar">Wilson Solar</keyword>, a <keyword id="261354" type="COMPANY" weightage="20" keywordseo="Shapoorji-Pallonji-Group">Shapoorji Pallonji Group</keyword> (<keyword id="6953502" type="COMPANY" weightage="20" keywordseo="SP-Group">SP Group</keyword>) company, plunged over 10 per cent after the Supreme Court dismissed appeals of the group and set aside the judgement which had ordered the reinstatement of <keyword id="6356895" type="PERSON" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword> as Chairman of <keyword id="46894" type="COMPANY" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>. Around 2.30 p.m., shares of Sterling and <keyword id="8987948" type="COMPANY" weightage="20" keywordseo="wilson-solar-ltd">Wilson Solar Ltd</keyword> on the BSE were trading at ₹244.95, lower by ₹27.45 or 10.08 per cent from its previous close. A bench headed by Chief Justice S.A. Bobde said all questions of law are in favour of Tata Group and dismissed the appeals filed by Mistry. The top court upheld the Tata Sons decision to sack Cyrus Mistry on October 24, 2016. <keyword id="6371516" type="COMPANY" weightage="20" keywordseo="shapoorji-pallonji">Shapoorji Pallonji</keyword> Group counsel had argued that Mistry was removed because he was going to place a draft governance structure at the Board meeting on October 24, 2016. "We find all the questions of law are liable to be answered in favour of the appellants (Tata Group) and the appeals filed by the Tata Group are liable to be allowed and Shapoorji Pallonji group is liable to be dismissed," said the top court. The top court said the value of SP Group shares will depend on the valuation by Tata Sons equities and the court will not determine the fair value. In December 2019, the NCLAT had ruled that the proceedings of the Board meeting of Tata Sons held on October 24, 2016 removing Cyrus Mistry as chairperson was illegal. The Mistry family, which runs SP Group, owns an 18.4 per cent stake in Tata Sons. SEE ALSO: <a href="https://www.businessinsider.in/india/news/the-entire-crew-of-the-massive-ship-that-has-blocked-suez-canal-is-indian/articleshow/81699456.cms">The entire crew of the massive ship that has blocked Suez Canal is Indian</a> <a href="https://www.businessinsider.in/politics/elections/checkout-the-list-of-mamata-banerjee-favourite-tv-and-sports-celebrities-who-are-fighting-for-tmc/slidelist/81700172.cms">Mamata Banerjee's favourite celebs who are fighting for Trinamool Congress in some of the toughest constituencies</a> <a href="https://www.businessinsider.in/stock-market/news/suryoday-small-finance-bank-shares-listed-at-4-less-than-the-issue-price/articleshow/81700313.cms">Suryoday Small Finance Bank shareholders lost 7% of their investment within minutes of listing</a> <a href="https://www.businessinsider.in/stock-market/news/kalyan-jewellers-makes-a-lacklustre-debut-listing-at-15-discount-to-issue-price/articleshow/81700343.cms">Kalyan Jewellers makes a lacklustre debut, listing at 15% discount to issue price</a>

Sterling & Wilson shares fall 10% after Supreme Court's verdict against SP Group in the Cyrus Mistry vs Tata case

New Delhi, Dec 19 () <keyword id="261354" type="COMPANY" weightage="20" keywordseo="Shapoorji-Pallonji-Group">Shapoorji Pallonji Group</keyword>'s investments in Tata Sons is just Rs 69.57 crore and not Rs 1 lakh crore as mentioned in the NCLAT order reinstating <keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword> as the chairman, <keyword id="6355725" type="COMPANY" weightage="20" keywordseo="tata-group">Tata group</keyword> 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 <keyword id="148053" type="PERSON" weightage="20" keywordseo="Nitin-Nohria">Nitin Nohria</keyword> 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 <keyword id="6689214" type="PERSON" weightage="20" keywordseo="pallonji-mistry">Pallonji Mistry</keyword>, 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

NCLAT order reinstating Mistry has factual errors, say sources

New Delhi, Dec 18 () Shares of various Tata Group companies on Wednesday plunged up to 4 per cent after the National Company Law Appellate Tribunal (NCLAT) restored Cyrus Mistry as Tata Sons Chairman.
Tata Global Beverages tanked 4.14 per cent, Tata Coffee plunged 3.88 per cent and Tata Motors dropped 3.05 per cent on the BSE. Tata Motors was the top loser among the BSE Sensex constituents.
Also, Indian Hotels Company dipped 2.48 per cent, Tata Chemicals fell 1.65 per cent, Tata Investment Corporation 1.22 per cent and Tata Power Company 0.98 per cent.
In contrast, Tata Consultancy Services stock rose marginally by 0.07 per cent, Tata Metaliks gained 2.07 per cent, Tata Communications 1.68 per cent, Tata Elxsi 1.53 per cent, Tata Steel 1.16 per cent and Titan Company 0.09 per cent.
 In a big win for Cyrus Mistry, the NCLAT on Wednesday restored him as executive chairman of Tata Sons and ruled that appointment of N Chandrasekaran as the head of the holding company of salt-to-software conglomerate was illegal.
 The NCLAT however stayed the operation of the order with respect to reinstatement for four weeks to allow Tatas to appeal.
Mistry, a scion of wealthy Shapoorji Pallonji family, was in a coup removed as Chairman of Tata Sons in October 2016. 
Mistry, whose family owns 18.4 per cent stake in Tata Sons, challenged his removal in the National Company Law Tribunal (NCLT). 
 SUM ANU

Various Tata Group stocks tank after NCLAT restores Cyrus Mistry as Tata Sons head

New Delhi, Jan 3 () Ratan Tata on Friday filed a petition in the Supreme Court seeking to quash a company law appellate court order directing Tata Sons to rehire the chairman it had fired in 2016, saying the judgment was "wrong, erroneous and contrary to the record of the case".
His petition is separate from the one filed by Tata Sons Ltd, the holding company of the USD 110 billion salt-to-software conglomerate, in the Supreme Court on Thursday that sought a stay on the National Company Law Appellate Tribunal's December 18, 2019 order to reinstate Cyrus Mistry as the chairman.
Ratan Tata, who is chairman emeritus and a shareholder of Tata Sons, in the petition said the NCLAT judgment was wrong as it treats Tata Sons as a two-group company.
Mistry, he contended, was made the Executive Chairman of Tata Sons in a purely professional capacity and not as a representative of the Shapoorji Pallonji Group, which holds 18.4 per cent in Tata Sons.
Tata Trusts, of whom Ratan Tata had been a chairman for many years, holds 65.89 per cent of Tata Sons.
The petition said the NCLAT order wrongly suggests that "someone from the SP Group had been a director because of some entrenched right or convention".
"This is untrue and contrary to the records and the articles of association of Tata Sons, which are undisputed and binding on the shareholders including the SP Group," he contended.
He said Mistry's leadership "was lacking" in "his reluctance to timely and meaningfully disassociate himself from his family business after he became the Chairman of Tata Sons and address any conflict in this regard, which was a condition precedent to his appointment as Chairman of Tata Sons".
Mistry, he alleged, "concentrated power and authority in his own hands" and "board members were being alienated on matters relating to Tata Operating Companies where Tata Sons had huge financial exposure and the Board of Tata Sons had to contend with such decisions being cast upon it as fait accompli".
The chairman emeritus targeted Mistry for the handling of the failed partnership with Japan's DoCoMo saying it showed his "complete obstinacy" as he attempted to resist complying with the legal obligations further. "This is not what the Tata Sons brand stands for. Quite to the contrary, honouring its commitments is one of Tata Sons' highest virtues it takes great pride in. Spat with DoCoMo brought ill-repute and reputational losses to Tata Sons."
Ratan Tata said the NCLAT reached a judgment based on "a contrived and self-serving reading of certain correspondence from which it derives erroneous findings which kaleidoscopically portray the larger theme of the judgment on purported oppression and prejudice to the Shapoorji Pallonji Group (SP Group)".
"The Impugned Judgment is also infirm because it blatantly indulges in propagating a selective narrative where relevant facts and records have been glossed over," he said. "The pretense of reasoning and judicial approach is betrayed by omission to consider the record itself."
He said there are no 550 mails between him and Cyrus Mistry as mentioned in the NCLAT judgment. "These mails were between Chairman Emeritus and Chairman Cyrus Mistry and not by entities in Court."
"The whole case of oppression and prejudice is based entirely on words and statements contained in correspondence without there being an iota of evidence to buttress any actual loss/injury being caused to Tata Sons as a result of Cyrus Mistry being forced to act on such interference/interdiction against his wishes," the petition said.
It went on to state that it was "very unfortunate and distressing" that the NCLAT judgment without providing any proper evidence has passed adverse remarks against Ratan Tata who has spent more than half of his life in building the name of the Tata Sons and other Tata operating companies to one of the top global companies.
The judgment creates a wrong legal precedent that is vulnerable to being misused against several companies, including the public sector and government companies, it said. KRH ANZ BAL

Ratan Tata moves SC against NCLAT order reinstating Mistry as Tata Sons chairman

<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

New Delhi, Jan 5 () Tata Sons Private Limited (TSPL) is likely to mention in the Supreme Court on Monday its petition challenging the NCLAT decision restoring Cyrus Mistry as the executive chairman of the group and saying the verdict "undermined corporate democracy" and the "rights" of its board of directors.
A lawyer associated with the matter said the petition would be mentioned for urgent hearing.
The petition is likely to be mentioned by senior advocate Abhishek Manu Singhvi, who was the lead counsel for the Tata Group in the National Company Law Appellate Tribunal (NCLAT).
Meanwhile, Mistry has come out with a statement saying he is not interested in returning to the Tata Group and the decision was made in the interests of the Group, whose interests are far more important then the interests of any individual.
"To dispel the misinformation campaign being conducted, I intend to make it clear that despite the NCLAT order in my favour, I will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries.
"I will however vigorously pursue all options to protect our rights as a minority shareholder, including that of resuming the thirty year history of a seat at the Board of Tata Sons and the incorporation of the highest standards of corporate governance and transparency at Tata Sons," he said.
He said in the last three years, both in conduct and in their statements to the world at large, Tata Group's leadership has shown scant respect for the rights of minority shareholders. It is time the Group's management introspects and reflects on its conduct as it embarks on future actions, Mistry added.
"I am humbled by the NCLAT order, which after review of the enormous material on record, recognized the illegal manner in which I was removed and the oppressive and prejudicial conduct of Mr. Tata and other Trustees," he said.
TSPL, formerly known as Tata Sons Limited, in its petition, has sought "setting aside of the impugned judgment in toto" of NCLAT, alleging it was "completely inconsistent with the annals of corporate law" and reflected "non-appreciation of facts", which was "untenable in law".
The NCLAT, in a big relief to Mistry and Cyrus Investment Pvt Ltd, on December 18 restored him as the executive chairman of TSPL and ruled that the appointment of N Chandrasekaran as the head of the holding company of the USD 110-billion salt-to-software conglomerate was illegal.
It held the group's chairman emeritus Ratan Tata's actions against Mistry were oppressive and the appointment of a new chairman was illegal.
It, however, stayed the operation of its order with respect to Mistry's reinstatement for four weeks to allow TSPL to file an appeal in the top court.
In its appeal, filed through Karanjawala &amp; Co, TSPL sought a stay on NCLAT's verdict as an interim relief.
"In other words, far from putting an end to the alleged acts complained of, the judgment (of the NCLAT) has sown the seeds for a never-ending discord and conflict between the shareholders of the appellant (TSPL), creating a recipe for an unmitigated disaster," it said.
The plea raised questions of law and said the order restoring Mistry to his "original position" as the executive chairman of TSPL for the "rest of the tenure" was illegal as his tenure "stood extinguished in March 2017".
The plea termed "illegal" NCLAT's declaration that Chandrasekaran's appointment as the chairman of TSPL was wrong and claimed he was appointed "in accordance with the articles and duly approved by the board and shareholders".
It alleged the NCLAT granted reliefs to Mistry which were not even sought.
"Respondent nos 1 (Cyrus Investment Pvt Ltd) and 2 specifically pleaded before the NCLAT that they are not seeking reinstatement of Mistry. The tenure of Mistry as the chairman and director of Tata Sons expired in March 2017 and thus, for good reason, the respondents did not seek such reinstatement," the plea said.
"Mistry was replaced as the chairman of Tata Sons on October 24, 2016, by the majority of its board of directors (all directors voted in favour of the replacement, except one who abstained from voting and the remaining one was Mistry himself) for loss of confidence and the impugned judgment, by restoring Mistry to the position as chairman, has undermined corporate democracy and rights of the board of directors," the plea said.
It said Mistry was removed following the procedure applicable to corporate appointments, as envisaged in law.
The plea alleged it was nobody's case that Mistry's removal had resulted in any serious prejudice being caused to the working of Tata Sons and it "violated law or any contract".
The NCLAT also quashed the conversion of Tata Sons into a private company from a public firm.
It directed Tata Sons to not take any action against Mistry, whose family owned some 18 per cent interest in the company. The remaining 81 per cent is held by Tata Trusts and Tata Group companies, along with Tata family members.
Mistry, the scion of the wealthy Shapoorji Pallonji family, had in December 2012 succeeded Ratan Tata as the executive chairman of Tata Sons, a post that also made him the head of all Tata group-listed firms such as Tata Power and Tata Motors.
In an overnight coup, he was removed as the chairman of Tata Sons in October 2016. Along with him, the entire senior management too was purged and Ratan Tata was back at the helm of affairs, four years after he took retirement. RKS SKV SKV ABH
ABH

Tata Sons to mention in SC plea against NCLAT decision restoring Cyrus Mistry as executive chairman

New Delhi, Jan 3 () The National Company Law Appellate Tribunal (NCLAT) on Friday reserved its order on the plea filed by the Registrar of Companies (RoC) seeking modifications in the judgement in which Cyrus Mistry was reinstated as the executive chairman of Tata Sons.
 A two-member bench headed by Chairman Justice S J Mukhopadhaya indicated that its order is likely to come on Monday next week.
 During the proceedings, the Ministry of Corporate Affairs said that it was discharging its duty and has not committed any illegality in conversion of Tata Sons from public company to a private company.
 On Thursday, NCLAT had asked clarification specifics of paid-up capital requirement for the same.
 NCLAT, on December 18, directed the USD 110-billion Tata group to reinstate Cyrus Mistry as the executive chairman of Tata Sons.
 The tribunal had termed the appointment of N Chandrasekaran, as "illegal" following the October 2016 sacking of Mistry as Tata Sons' executive chairman. It had also directed the RoC to reverse Tata Sons' status from a 'private company' to a 'public company'.
 In the order, the appellate tribunal had also quashed the conversion of Tata Sons - the principal holding company and promoter of Tata firms - into a private company from a public firm and had termed it as "illegal".
 The tribunal has said that the action taken by the RoC to allow the firm to become a private company was against the provisions of the Companies Act, 2013, and 'prejudicial' and 'oppressive' to the minority member (Mistry Camp).
 In an urgent application, which was mentioned on December 23, just five days after the NCLAT's judgement, RoC Mumbai has asked the appellate tribunal "to carry out requisite amendments" in Para 186 and 187 (iv) of its judgement "to correctly reflect the conduct of the RoC Mumbai as not being illegal and being as per the provisions of the Companies Act".
 In its plea, the RoC, which functions under the Ministry of Corporate Affairs, had sought to be impleaded as a party in the two petitions and deletion of the words "illegal" and "with the help of the RoC" used by the NCLAT in its judgement.
 Besides, it has also urged "to delete the aspersions made regarding any hurried help accorded by the RoC Mumbai to Tata Sons, except what was statutorily required" in para 181 of the order.
 The RoC also said it has acted in "bonafide manner" in converting the status of Tata Sons as "there was no stay granted by this appellate tribunal on the operation of the judgement dated July 9, 2018 of Mumbai, NCLT, at the time when this intimation was filed by Tata Sons Ltd".
 Tata Sons had on Thursday moved the Supreme Court against its order passed on December 18.
 Months after Mistry was sacked, Tata Sons had received its shareholders' nod in September 2017, to convert itself into a private limited company from a public limited company, thereby absolving it of the need to take shareholder consent in taking crucial decisions, which could be passed with just the board's approval.
 Tata Sons was initially a 'private company', but after insertion of Section 43A (1A) in the Companies Act, 1956, on the basis of average annual turnover, it assumed the character of a deemed 'public company' with effect from February 1, 1975, the order said. KRH ANS
ANS

NCLAT reserves order on RoC plea in Tata-Mistry case, judgement likely on Monday

<ul><li>The Supreme Court today ruled in favour of the <keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword> in its almost five-year long battle with its former chairman and a major shareholder <keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword>.</li><li>As soon as the news broke, the share market celebrated the win as <keyword id="8555" type="CITY" weightage="20" keywordseo="Tata">Tata</keyword> Group stocks jumped.</li><li>A thankful <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> said that the judgment comes “after relentless attacks on my integrity and ethical conduct of the group”.</li></ul>The Supreme Court today ruled in favour of the salt-to-aviation giant Tata Group in its almost five-year long battle with its former chairman and shareholder Cyrus Mistry. The court also dismissed an appellate court order that allowed Cyrus Mistry to be reinstated as the group Chairman. And as soon as the news broke, the share market celebrated the win as Tata Group stocks jumped. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price jump as of 1 pm </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+4.22% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consultancy Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+1.51% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Chemicals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+2.11% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+3.90% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Global Beverages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+1.91% </td></tr></tbody></table> Cyrus Mistry, whose family holds a majority stake – as much as 18.5% stake in Tata Sons (the holding company of the Tata Group), was appointed as Chairman in 2012 and ousted in 2016. Ratan Tata also went on to talk about the news on Twitter. A thankful Tata said that the judgment comes ‘after relentless attacks on my integrity and ethical conduct of the group”. <div type="twitter" handle="RNTata2000" handlename="Ratan N. Tata" image="http://pbs.twimg.com/profile_images/1189494401359208448/AwbXHtpn_normal.jpg" favoritecount="15068" retweetcount="1750" status="https://t.co/CjAR6LzIah" createdat="1616742606000" id="1375344292726644738"></div> The top court said that all the laws were in favour of the Tata Group. “We cannot adjudicate on the question of compensation and they can take the route under Article 75. Order of NCLAT is set aside. Appeal by TATA group is upheld. Appeal by SP group is dismissed. Appeal by Cyrus Investments is dismissed,” said Chief Justice of India SA Bobde during the order. The top court further said, “We leave it to Tata Sons, Mistry to take legal route to resolve issue of shares. Value of Tata Sons shares depends on equity.” SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/ratan-tata-wins-the-fight-against-cyrus-mistry-at-the-supreme-court/articleshow/81701951.cms">Ratan Tata wins the fight against Cyrus Mistry at the Supreme Court</a>

You Searched For "nclat order in cyrus mistry versus tata sons case" and got 9 results

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Sterling & Wilson shares fall 10% after Supreme Court's verdict against SP Group in the Cyrus Mistry vs Tata case

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NCLAT order reinstating Mistry has factual errors, say sources

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Various Tata Group stocks tank after NCLAT restores Cyrus Mistry as Tata Sons head

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Ratan Tata moves SC against NCLAT order reinstating Mistry as Tata Sons chairman

PTI

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

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Tata Sons to mention in SC plea against NCLAT decision restoring Cyrus Mistry as executive chairman

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NCLAT reserves order on RoC plea in Tata-Mistry case, judgement likely on Monday

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All Tata Group stocks soar in trade as Ratan Tata prevails in the legal battle with Cyrus Mistry at India's Supreme Court

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