Cyrus Mistry Reinstated as Executive Chairman, What Happens Next? | The Wire Business Report
- 3 years ago
In October 2016, the board of Tata Sons removed Mistry, and tagged N Chandrasekaran, an old Tata hand, as the new chairman. Directors pointed to several reasons for the boot - a “trust deficit” and a tenure that saw “repeated departures” from the group's culture and ethos. In fact, Mistry was also accused of seeking to take control of the group's main operating companies. The fight was out in the open and the Pallonji family made it clear, they were not going to take this tamely.
By December that year, Mistry moved the NCLT or The National Company Law Tribunal.
His appeal said he was unfairly blamed for five unprofitable businesses. He also accused Ratan Tata of constant interference that left him a “lame duck” chairman. His main argument was also around the way the group was run. The appeals panel has now ruled that 51-year-old Mistry was improperly ousted from his position in 2016 and the actions of his predecessor, Ratan Tata, had been “oppressive.” It also ordered for Mistry's reinstatement. It also said that turning Tata Sons into private company was unlawful and ordered a reversal. Not just that, the NCLAT also said the appointment of N Chandrasekaran, the current chairman of Tata Sons was "illegal" and gave four weeks to implement its order. Mitali Mukherjee explains what happens next and why the NCLAT ruled in favor of Cyrus Mistry.
Read more: https://thewire.in/business/why-the-nclat-believes-cyrus-mistry-should-be-reinstated-as-chairman-of-tata-sons
Like our work? Click here to support The Wire: https://thewire.in/support
The founding premise of The Wire is this: if good journalism is to survive and thrive, it can only do so by being both editorially and financially independent. This means relying principally on contributions from readers and concerned citizens who have no interest other than to sustain a space for quality journalism. As a publication, The Wire will be firmly committed to the public interest and democratic values.
We publish in four different languages!
For English, visit www.thewire.in
for Hindi: http://thewirehindi.com/
for Urdu: http://thewireurdu.com
for Marathi: https://marathi.thewire.in
If you are a young writer or a creator, you can submit articles, essays, photos, poetry – anything that’s straight out of your imagination – to LiveWire, The Wire’s portal for the young, by the young. https://livewire.thewire.in/
You can also follow The Wire’s social media platforms and engage with us.
Facebook
https://www.facebook.com/TheWire/
https://www.facebook.com/TheWireHindi/
https://www.facebook.com/TheWireUrdu/
https://www.facebook.com/TheWireMarathi/
Twitter
https://twitter.com/thewire_in
https://twitter.com/thewirehindi
https://twitter.com/TheWireUrdu
https://twitter.com/TheWireMarathi
https://twitter.com/livewire
Instagram
https://www.instagram.com/thewirein/
https://www.instagram.com/livewirein/
Don’t forget to hit the subscribe button to never miss a video from The Wire!
By December that year, Mistry moved the NCLT or The National Company Law Tribunal.
His appeal said he was unfairly blamed for five unprofitable businesses. He also accused Ratan Tata of constant interference that left him a “lame duck” chairman. His main argument was also around the way the group was run. The appeals panel has now ruled that 51-year-old Mistry was improperly ousted from his position in 2016 and the actions of his predecessor, Ratan Tata, had been “oppressive.” It also ordered for Mistry's reinstatement. It also said that turning Tata Sons into private company was unlawful and ordered a reversal. Not just that, the NCLAT also said the appointment of N Chandrasekaran, the current chairman of Tata Sons was "illegal" and gave four weeks to implement its order. Mitali Mukherjee explains what happens next and why the NCLAT ruled in favor of Cyrus Mistry.
Read more: https://thewire.in/business/why-the-nclat-believes-cyrus-mistry-should-be-reinstated-as-chairman-of-tata-sons
Like our work? Click here to support The Wire: https://thewire.in/support
The founding premise of The Wire is this: if good journalism is to survive and thrive, it can only do so by being both editorially and financially independent. This means relying principally on contributions from readers and concerned citizens who have no interest other than to sustain a space for quality journalism. As a publication, The Wire will be firmly committed to the public interest and democratic values.
We publish in four different languages!
For English, visit www.thewire.in
for Hindi: http://thewirehindi.com/
for Urdu: http://thewireurdu.com
for Marathi: https://marathi.thewire.in
If you are a young writer or a creator, you can submit articles, essays, photos, poetry – anything that’s straight out of your imagination – to LiveWire, The Wire’s portal for the young, by the young. https://livewire.thewire.in/
You can also follow The Wire’s social media platforms and engage with us.
https://www.facebook.com/TheWire/
https://www.facebook.com/TheWireHindi/
https://www.facebook.com/TheWireUrdu/
https://www.facebook.com/TheWireMarathi/
https://twitter.com/thewire_in
https://twitter.com/thewirehindi
https://twitter.com/TheWireUrdu
https://twitter.com/TheWireMarathi
https://twitter.com/livewire
https://www.instagram.com/thewirein/
https://www.instagram.com/livewirein/
Don’t forget to hit the subscribe button to never miss a video from The Wire!