APN News

  • Saturday, September, 2018| Today's Market | Current Time: 07:10:49
  • National Company Law Tribunal (NCLT) today upheld the October 24, 2016 decision of the Tata Sons Board of Directors dismissing its then Chairman Cyrus Mistry.
    The NCLT ruled that the Tata Sons Board of Directors was competent to remove the Executive Chairman and Cyrus Mistry was ejected as the board members had lost confidence in him.
    The NCLT verdict came on a petition filed by Mr Mistry after he was abruptly ousted as the Tata Sons Chairman. Mr Mistry later quit from the board of other six Tata Group companies but challenged the Group and his successor, former Interim Chairman Ratan Tata’s decisions, before the NCLT.
    Tata Sons  has said the NCLT order dismissing pleas of Cyrus Mistry vindicates that the group and its operating firms have always acted in a fair manner and in the best interest of its stakeholders.
    Meanwhile, Mr.Mistry said he would appeal against the order of NCLT that dismissed pleas challenging his removal. A statement from Mistry’s office described the NCLT, Mumbai, ruling as disappointing although not surprising.
    Under the Companies Act 2013, an order of NCLT can be challenged before the National Company Law Appellate Tribunal.