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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

​The country's economy faced a 'tough year' due to the government's disruptive policies like the recent demonetisation drive, a global rich list report said on Tuesday. 
 
According to the Hurun Global Rich List India, the demonetisation drive which started on November 8, 2016 eroded the wealth of 11 individuals to below the threshold limit of $1 billion. 
 
The report featured 132 Indian-origin billionnaires with a wealth of $1 bilion or more. 
 
"India had a tough year because of disruptive government policies such as demonetisation drive," said Anas Rahman Junaid, Managing Director and Chief Researcher, Hurun Report India. 
 
"However, on a long term perspective, we do believe that such transparent currency economics will have a positive impact for the entrepreneurs." 
 The list ranked <keyword id="6355199" type="CITY" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword> Chairman <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, 59 as the richest Indian. Ambani topped the list of 132 individuals with a fortune of Rs 175,400 crore ($26 billion). 
 
"In addition to his aggressive plans for his oil business, Mukesh Ambani is now focusing on his new telecom venture, Jio, which has acquired more than 100 crore customers in less than 6 months," the report said. 
 "This aggressive price war has dragged down other local players such as Idea, Airtel; In fact Idea registered a record loss of Rs 384 crore in Q3 2016 and is planning on a merger with <keyword id="15492" type="CITY" weightage="20" keywordseo="Vodafone">Vodafone</keyword> to survive the competition." 
 
Besides, with a net worth of Rs 101,000 crore ($14 billion), S.P. Hinduja and family, the business tycoon and the primary shareholder and Chairman of Hinduja Group was ranked as the second richest. 
 Hinduja was followed by the Founder of Sun Pharmaceuticals <keyword id="207035" type="PERSON" weightage="20" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword>, 60. 
 "India's richest pharma magnate and the founder of <keyword id="44642" type="CITY" weightage="20" keywordseo="Sun-Pharma">Sun Pharma</keyword>ceuticals, drops to 3rd position because of a 22 per cent decline in his wealth of Rs 99,000 crore ($14bn), fuelled by 18 per cent drop of Sun Pharma shares," the report cited. 
 Indian construction tycoon <keyword id="6689214" type="PERSON" weightage="20" keywordseo="Pallonji-Mistry">Pallonji Mistry</keyword>, 86, came at the fourth position with a fortune of Rs 82,700 crore ($12 billion) equalling the entire market capitalisation of <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword>, one of India's largest automaker. 
 
"Cyrus Mistry's removal as the Chairman of Tata Sons' has cast a shadow on the ties between the two families and hence the dispute has affected value of his 18 per cent stake in Tata Sons," the report observed.

11 Billionaires hit hard by demonetisation, Mukesh Ambani still the richest

<ul><li>Wadia who manages various businesses from biscuits-to-textiles-to-airlines, sued his childhood friend, <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> after Tata group removed him as the independent director of <keyword id="42747" type="DOMAIN" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> for supporting Mistry. </li><li>Wadia, who was once called as the epitome of South Bombay’s old money and genteel respectability, has been a part of many corporate brawls during 1970s and 1980s. </li><li>One of the many first corporate fights was with his father, <keyword id="71087" type="PERSON" weightage="20" keywordseo="Neville-Wadia">Neville Wadia</keyword>, who was the chairman of <keyword id="55359" type="COMPANY" weightage="20" keywordseo="Wadia-Group">Wadia Group</keyword>. </li><li>Then the next battle was against the Ambanis. </li></ul>The infamous exit of Cyrus Mistry as the chairman of the $103 billion Tata group had unfolded a lot of drama in Tata boardrooms. One of its many offshoots was that it angered billionaire <keyword id="6500654" type="PERSON" weightage="20" keywordseo="nusli-wadia">Nusli Wadia</keyword> who was caught in the crossfire which culminated into a court case. Wadia who manages various businesses from biscuits-to-textiles-to-airlines, <a href="https://www.business-standard.com/article/companies/ratan-tata-steps-down-as-bombay-dyeing-s-director-113020800565_1.html">sued his childhood friend, Ratan Tata</a>. While the Mistry-Tata war was at its zenith, <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/independent-directors-of-tata-chemicals-support-cyrus-mistry-management/articleshow/55355584.cms">Wadia threw his weight behind Mistry</a>. As a result, the Tata group removed him as the independent director of Tata Motors. Wadia filed a defamation case against Ratan Tata and his Tata group. He claims that <a href="https://qz.com/india/835001/corporate-gladiator-and-jinnahs-grandson-nusli-wadia-has-entered-the-tata-battle-and-hes-going-after-his-childhood-friend/">he “never entered any dispute unless he felt wrong”.</a> And, for three years the case went on during which time his net worth doubled from $3.5 billion to $7billion in 2019, according to Forbes. Here’s how things unfolded for Nusli Wadia , who stood against Ratan Tata: 
	<div type="Slideshow" msid="73264318" hostid="261" title="Nusli Wadia could be one of the rare men who battled Ambanis and Tatas and lived to tell the take" firstImageMsid="73264426" slideCount="3"></div>

Billionaire Nusli Wadia could be one of the rare men who battled Ambanis and Tatas and lived to tell the tale

The bitter boardroom battle at Tata Sons is unlikely to impact operations of the $100-billion conglomerate's crown jewel TCS. However if its chief N Chandrasekaran is elevated to the top at the group level, it could be a blip on the firm's business, say analysts. 
 
"Customers care about delivery and long-term stability, not so much about boorish boardroom behaviours... If Chandrasekaran does assume leadership at the group level, it could well prove to be a short-term loss for TCS," Sanchit Vir Gogia, Chief Analyst &amp; CEO, Greyhound Research said. 
 
According to a news agency, under Chandrasekaran's leadership, Tata Consultancy Services has stood its ground amidst formidable competition from the likes of Infosys, Tech Mahindra, IBM, Accenture, Wipro, HCL among others, he added. 
 
Last week, Tata Sons - the majority shareholder in TCS with 73.26 per cent stake - removed Cyrus Mistry as the Chairman of the IT services company and replaced him with Ishaat Hussain in the interim. 
 
TCS also called for an extraordinary general meeting to consider a resolution for removal of Mistry as Director of the company. 
 
The boardroom battle that began on October 24 with the unceremonious removal of Mistry as chairman of Tata Sons, triggered speculation that Chandrasekaran is being considered for the top job at the group level. 
 
Markwatchers feel the dispute is currently limited to boardroom and not at an operational level, and hence does not have any bearing on customers and employees. 
 
In intensification of boardroom feud in the Tata Group, patriarch Ratan Tata-led holding firm yesterday sought removal of ousted Chairman Mistry and his new-found supporter Nusli N Wadia from three prime listed entities, including Tata Motors and Tata Steel. 
 
"TCS is under the Tata umbrella but has always been operationally independent...the financials of TCS speak for themselves. The company is sitting on a cash pile and has clear business visibility. Chandra enjoys all the executionary powers and we have not seen decisions of TCS being influenced by the Board," Arup Roy, research director, Gartner said. 
 
Hence, any turmoil at the board level does not impact TCS, he said. 
 
In case Chandrasekaran - who is widely-believed to be the frontrunner for the position of Tata Sons Chairman - does clinch the top job, there could be a "bit of an impact" given the suddenness of the move, Roy added. 
 
Dipen Shah, senior vice-president, Kotak Securities said that he did not expect client discussion on projects to see any impact, on account of the developments of the last few days. 
 
"Mistry does not interact with clients, so there is no day-to-day impact on TCS operations," Shah added.

You Searched For "tata mistry dispute" and got 4 results

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

Prabhjote Gill

11 Billionaires hit hard by demonetisation, Mukesh Ambani still the richest

Billionaire Nusli Wadia could be one of the rare men who battled Ambanis and Tatas and lived to tell the tale

Preeti Soni

TCS won't suffer because of Tata's boardroom battle

BI India Bureau

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