Supreme Court stays NCLAT order restoring Cyrus Mistry as executive chairman of Tata

WION Web Team New Delhi, Delhi, India Jan 10, 2020, 12.03 PM(IST)

Removal of Cyrus Mistry (left) from the Tata Group companies followed its footsteps to expel him from their board rooms, that kept Mistry and Tatas in the news in 2016. Photograph:( Reuters )

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Former Tata Sons chairman Cyrus Mistry had earlier said that despite the NCLAT order he would not be taking up the chairmanship of Tata.

Supreme Court on Friday stayed National Company Law Appellate Tribunal(NCLAT) order which had reinstated Cyrus Mistry as executive chairman of Tata group.

Also Read: Tata Sons moves Supreme Court over NCLAT order to reinstate Cyrus Mistry as chairman

Former Tata Sons chairman Cyrus Mistry had earlier said that despite the NCLAT order he would not be taking up the chairmanship of Tata.

On January 2, Tata Sons had moved the Supreme Court against the NCLAT order that had directed reinstatement of Cyrus Mistry as executive chairman of the group.

Mistry’s family owns over 18 per cent stake in Tata Sons, the holding company of Tata Group, although its holding with voting rights is only under 4 per cent.

Mistry was ousted as chairman in October 2016, he subsequently resigned from the boards of six group companies.