Hindustan Times (Noida)

SC to hear Cyrus plea over seat on Tata Sons board

- Murali Krishnan murali.krishnan@hindustant­imes.com

NEW DELHI: The Supreme Court issued notices on Friday to Tata Sons Limited and Ratan Tata on a plea by two Shapoorji Pallonji group firms, Cyrus Investment­s and Sterling Corporatio­n, seeking board representa­tion proportion­ate to the 18.4% stake they hold in the Tata group.

The notices were issued on a plea moved by the two firms against a December 2019 ruling by the National Company Law Appellate Tribunal (NCLAT) that held that the decision to remove Cyrus Mistry as Tata Sons chairman was illegal . The court tagged the petition along with the appeals filed by Tata Sons challengin­g the verdict.

NEW DELHI: The Supreme Court issued notices on Friday to Tata Sons Ltd and Ratan Tata on a plea by two Shapoorji Pallonji group firms, Cyrus Investment­s and Sterling Corp., seeking board representa­tion proportion­ate to the 18.4% stake they hold in the Tata group holding company.

The notices were issued on a plea moved by the two firms against a December 2019 ruling by the National Company Law Appellate Tribunal (NCLAT).

A bench of justices AS Bopanna and Hrishikesh Roy tagged the petition along with the appeals filed by Tata Sons in January challengin­g the NCLAT verdict. Both appeals will now be heard together.

Cyrus Investment­s and Sterling said in their petition that although NCLAT acknowledg­ed oppression of minority shareholde­r in removing Mistry as executive chairperso­n of Tata Sons and had reinstated Mistry to that position, it failed to grant certain crucial reliefs to the firms.

“The NCLAT by limiting the relief granted to the appellants in connection with their prayer for Board representa­tion, only to the remainder of Cyrus Mistry’s tenure has not secured the interest of the Shapoorji Pallonji group from any prejudicia­l conduct in the future,” the petition said.

The NCLAT, in its December 18, 2019 judgment, had ruled in favour of the Mistry firms holding that the proceeding­s of the board meeting of Tata Sons held on October 24, 2016, removing Mistry as chairman was illegal.

Newspapers in English

Newspapers from India