- Entrepreneurial households driving next economic wave
- After Apple, Google to Manufacture Pixel Smartphones in India
- Vijayawada District Congress president Gundlakunta Sriramulu slams govt. For supressing opposition party
- Kadapa Mayor congratulates Bishop Issac on third anniversary as CSI president
- Profit booking halts 6-day bull run
- Uppercase unveils school backpacks
- Kurnool: Officials told to address drinking water woes
- DPI-led GDP to reach $8-trn level by 2030
- FM for weeding out illegal loan apps
- Tirupati: Pulse polio programme to be held on March 3
Tata Sons challenges NCLAT order in Supreme Court
Challenges NCLAT’s decision restoring Cyrus Mistry as Executive Chairman
New Delhi: Tata Sons Private Limited (TSPL) moved the Supreme Court on Thursday, challenging the December 18 decision of the NCLAT restoring Cyrus Mistry as the executive chairman of the group and saying the verdict had "undermined corporate democracy" and the "rights" of its board of directors.
TSPL, formerly known as Tata Sons Limited, has sought "setting aside of the impugned judgment in toto" of the National Company Law Appellate Tribunal (NCLAT), alleging that it was "completely inconsistent with the annals of corporate law" and reflected "non-appreciation of facts", which was "untenable in law".
The NCLAT, in a big relief to Mistry and Cyrus Investment Pvt Ltd, had restored the former as the executive chairman of TSPL and ruled that the appointment of N Chandrasekaran as the head of the holding company of the over-$110 billion salt-to-software conglomerate was illegal.
It had held that the group's chairman emeritus Ratan Tata's actions against Mistry were oppressive and the appointment of a new chairman was illegal.
It, however, had stayed the operation of its order with respect to Mistry's reinstatement for four weeks to allow TSPL to file an appeal in the top court.
In its appeal, filed through Karanjawala & Co., TSPL has also sought a stay of the NCLAT's verdict as an interim relief.
"In other words, far from putting an end to the alleged acts complained of, the judgment (of the NCLAT) has sown the seeds for a never-ending discord and conflict between the shareholders of the appellant (TSPL), creating a recipe for an unmitigated disaster," it said.