The Supreme Court on Friday stayed the National Company Law Appellate Tribunal’s (NCLAT) order reinstating Cyrus Mistry as executive chairman of the Tata Sons Private Limited (TSPL).
The apex court was hearing a petition by Tata Sons challenging the December 18 decision of NCLAT that restored Cyrus as the executive chairman of TSPL, while declaring the appointment of N Chandrasekaran as the head of the holding company as illegal.
A bench comprising Chief Justice of India SA Bobde, Justices Surya Kant and BR Gavai while giving temporary relief to the Tata Sons issued notice to Mistry in the appeal filed by the salt-to-software conglomerate.
The court asked Mistry and Shapoorji Pallonji group to file a reply to the notice to the Tata Sons’ appeal within four weeks.
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.
Cyrus Mistry had announced last week that he is not interested in getting back to the Tata group even if the top court upholds the NCLAT order. His statement came ahead of the Supreme Court’s hearing on an urgent petition by the Tata Sons.
“I intend to make it clear that despite the National Company Law Appellate Tribunal (NCLAT) order in my favour, I will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries”, Mistry, who was dismissed as the chairman of Tata Sons in 2016, said in the public statement.
He said that his focus has always been on upholding the best standards in corporate governance and transparency. “Interests of the Tata group are far more important than the interest of any individual or me,” added Mistry.
Mistry also expressed his desire to explore all options to protect minority shareholder rights.