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Historic judgement over Cyrus Mistry’s removal as Tata Group Chairman

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judgement over the petition moved by former Tata group Chairman Cyrus P Mistry and the two investment firms challenging his removal from the group. The National Company Law Appellate Tribunal (NCLAT) has restored Cyrus Mistry as the Executive Chairman of the Tata Group and held appointment of N Chandra in his stead as illegal.

 

Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016. He had taken over as the chairman in 2012 after Ratan Tata announced his retirement.

Two months after his removal, Earlier, the Mumbai bench of the National Company Law Tribunal (NCLT) had dismissed the petitions filed by the two investment firms Cyrus Investments Pvt Ltd and Sterling Investments Corp challenging Mistry’s removal. Mistry’s family-run firms approached the NCLT as minority shareholders, against Tata Sons, Ratan Tata, and some other board members.

Ratan Tata heads the trusts that own a majority stake in Tata Sons. Mistry’s family firms own an 18.4 percent stake. Earlier, the Mumbai bench of the National Company Law Tribunal (NCLT) had dismissed the petitions filed by the two investment firms Cyrus Investments Pvt Ltd and Sterling Investments Corp challenging Mistry’ removal.

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