The flagship company of Tata group, Tata Consultancy Services, has filed an appeal in the Supreme Court, challenging the National Company Law Appellate Tribunal (NCLAT) order that reinstated Cyrus Pallonji Mistry as a director of the company.
Earlier, Tata Sons and its patriarch, Ratan Tata also filed their respective appeals against the NCLAT order directing Mistry’s return. He claimed in his petition that the NCLAT’s order held him guilty of oppressive and prejudicial steps against the interests of Tata Sons shareholders without explaining what the “factual or legal foundation of the oppressive and prejudicial grounds is”.
On December 18, 2019, NCLAT had restored Mr Mistry as executive chairman of Tata Sons and said that the appointment of N Chandrasekaran was “illegal”. However, the appellate tribunal granted Tata group four weeks to file an appeal before the Supreme Court against its judgment.
“The Company, based on a legal opinion, has on January 3, 2020, filed an appeal in the Hon’ble Supreme Court of India (i) to set aside the said Judgement qua the Company and (ii) in the interim stay on operation of the said Judgement to the extent it relates to the Company,” Tata Consultancy Services (TCS) said in filing to the Bombay Stock Exchange.
Mistry and Tata Sons have been at loggerheads since Mistry was terminated from the position of executive chairman in October 2016 and was later removed as its director in February 2017.
Mistry had appealed to National Company Law Tribunal (NCLT), but his appeals were turned down. Later, he moved National Company Law Appellate Tribunal (NCLAT) to reverse his sacking. The appellate tribunal admitted his appeal in August 2018.