Cyrus Mistry is the blue-eyed gem of Ratan Tata. But now Ratan Tata’s boy has turned his rival. On Friday the Supreme Court is all set to pass its ruling in the cross-appeals filed. This appeal was filed by Tata Sons Pvt Ltd and Cyrus Investments Pvt Ltd against the National Company Law Appellate Tribunal order. In that order, Cyrus Mistry was restored as the executive chairman of the over $100 billion salts to software Tata conglomerate. As it was almost five years and now Supreme Court will look over the verdict. The matter was started around 2016 and now it’s 2021 in which the Court will look over the matter. The Court has reserved its judgment in the matter on December 17, 2020. As it was almost half a decade so here is some important events timeline.
Important events in the Battle
- It was 2012 December when Cyrus Mistry has taken over as the Chairperson of Tata Sons Limited.
- After this, in 2016 he was removed from his post. The board meeting held and most of the members of the board did not want him to stay over his position.
- Later on February 6, 2017, again a meeting held in which he was removed from the board members of Tata Sons.
- Later on February 21, 2016, another person chosen for the chairman.
- In 2018 July ministry has appealed to NCLT
- Later in 2019, the NCLT said that this removal of Cyrus Mistry is illegal
- In 2020 the matters were taken over by Supreme Court
- Now in 2021, the Court will pronounce its ruling on the dispute.
Ratan Tata on the removal of Cyrus
Mr. Ratan Tata has said that Cyrus was a member of the board since August 2006. He even appreciated his workings for the companies. Further, he added being intelligent and qualified to take responsibility for matters. But the involvement and the operating experience equip him to undertake the full responsibility of the Group on my retirement.
Tata Sons claim on this petition
Tata Son has claimed in its petition that the NCLAT granted reliefs that were not prayed for restoring Cyrus to his original position. The plea has also highlighted the matter that his tenure was even expired in March 2017. Also the direction by the NCLAT to allow Mistry to continue as a functionary beyond the term.