SC sets aside NCLAT nod to Byju’s settlement with BCCI
Observing that the NCLAT did not apply its mind while delivering the impugned decision, the apex court directed a fresh adjudication on the insolvency proceedings.
Tata Sons on Thursday moved the Supreme Court against the reappointment of Cyrus Mistry as company’s chairman.
Tata Sons approached the apex court challenging the National Company Law Appellate Tribunal (NCLAT) order that directed reinstatement of Cyrus Mistry as Executive Chairman of the firm.
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The company has also sought a stay on the re-appointment in the wake of TCS board meeting scheduled to be held on January 9.
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Tata’s lawyers will seek an urgent hearing on the matter after apex court reopens on Jan 6.
On December 18, the NCLAT had restored Cyrus Mistry as the Executive Chairman of Tata Group, stating that his removal was illegal.
The two-judge bench of NCLAT said Ratan Tata’s actions against Mistry were oppressive and the appointment of N Chandrasekaran as the new executive chairman was illegal. It also quashed the company’s conversion from a public firm to a private firm.
Cyrus Mistry was appointed as the sixth chairman of Tata Group in 2012. On October 24, 2016, he was ousted following a boardroom coup and replaced by N Chandrasekaran on February 20, 2017.
Cyrus Mistry launched legal proceedings against Tata Sons after his removal from the company as well as it declaring the selection and appointment of N Chandrashekaran as chairperson as illegal.
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