Tata Sons Moves Supreme Court
One of the biggest corporate duels in history is that of the esteemed Tata Sons versus Cyrus Mistry. The NCLAT (National Company Law Appellate Tribunal) had re-instated Cyrus Mistry as the executive chairman of the Tata Group, after Mistry was dramatically sacked at a board meeting. Ratan Tata then took over as the interim chairman.
Earlier, a two-judge panel of the NCLAT had said that the Tata Sons Chairman Emeritus Ratan Tata's actions against Cyrus Mistry had been oppressive. The panel also observed that the move by Tata Sons to become private was unlawful, and had ordered a reversal.
Cyrus Mistry had launched legal proceedings against the Tata Group after his removal, which had selected N. Chandrashekaran to succeed him. Mistry declared the appointment was illegal.
Tata Sons has now approached the Supreme Court, challenging the decision of NCLAT to restore Cyrus Mistry, as it's executive chairman.