Tata Sons Ltd moved the Supreme Court on Thursday against last month’s tribunal to reinstate Cyrus Mistry as executive chairman of the $100 billion-plus global conglomerate and restore him as director in the three group companies. .
The Supreme Court is currently closed for winter break and will reopen only on January 6. The court registry is, however, functional. The company had made it clear soon after the National Company Law Appellate Tribunal delivered its verdict last month that it would not let the verdict go unchallenged.
The comprehensive and sweeping ruling by the NCLAT’s two-member bench headed by chairperson Justice SJ Mukhopadhaya had also ruled that the Tata Sons’ transition from a public company to a private company was against Indian law.
The bench ruled that Cyrus Mistry’s 2016 ouster was illegal and his successor N Chandrasekaran would have to return the business group’s leadership to him.
Cyrus Mistry, who had not asked for his reinstatement as executive chairman in his petition to the tribunal. had described the ruling as a victory for the principles of good governance and minority shareholder rights.
Tata Sons appeal in the Supreme Court is expected to underscore that the tribunal had gone beyond the specific reliefs sought by Mistry.
