New Delhi: In a big reprieve for Tata Sons, the Supreme Court today backed the removal of Cyrus Mistry as the chairman of the over $100 billion salt-to-software Tata Group in 2016 and set aside the company law tribunal order which had reinstated him.
A bench headed by Chief Justice SA Bobde said the decision to remove Cyrus Mistry was right. The bench, also including Justices AS Bopanna and V Ramasubramanian, had on December 17 last year reserved the verdict.
Shapoorji Pallonji Group had told the top court on the day that the removal of Cyrus Mistry as the chairman of Tata Sons in a board meeting held in October 2016 was like a “blood sport” and “ambush” and in complete violation of principles of corporate governance and pervasive violation of Articles of Association in the process.
The National Company Law Appellate Tribunal (NCLAT) had on December 18, 2019, restored Mr Mistry as the executive chairman of the conglomerate. (AGENCY)
Follow our WhatsApp channel
