Cyrus Mistry (file photo)
New Delhi: In big relief for Tata Sons, the Supreme Court on Friday endorsed the removal of Cyrus Mistry as executive chairman, setting set aside the NCLAT (National Company Law Appellate Tribunal) order by which the appellate had restored Mistry in the post of the country's leading industrial group.
NCLAT had earlier upheld Mistry's plea against the Tata Sons decision in December 2019. Subsequently, on appeal by Tata Sons, the apex court on January 10 last year granted relief to Tata group by staying the NCLAT order restoring Mistry as the executive chairman of the conglomerate.
After hearings, the Supreme Court had on December 17 reserved a verdict.
On Friday a three-judge bench of Chief Justice SA Bobde and Justices AS Bopanna and V Ramasubramanian said it is allowing the appeals filed by Tata Group.
"The order of National Company Law Appellate Tribunal (NCLAT) dated December 18, 2019 is set aside," the bench said.
It said, "...all the questions of law are liable to be answered in favour of the appellants Tata Group and the appeals filed by the Tata Group are liable to be allowed and SP Group is liable to be dismissed."
Mistry had succeeded Ratan Tata as chairman of Tata Sons in 2012 before being ousted four years later, reportedly due to disagreements with Ratan Tata.
Ratan Tata, in a statement, said the order validated the values and ethics that had always guided the Tata Group.