Supreme Court shocks Cyrus Mistry

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In a much shocker to Cyrus Mistry, the Supreme Court issued a stay order on the orders of National Company Law Appellate Tribunal(NCLAT) to re-establish Cyrus Mistry as the executive chairman of the Tata Sons group.

After hearing the plea, the supreme court has termed the tribunal's order to reinstate Mistry as untenable in law and inconsistent with the Companies Act.

Tata sons have filed a petition with the apex court, challenging the decision of NCLAT which stated that Mistry should be restored as the executive chairman of Tata Sons Private Ltd.

"The direction to restore Cyrus Mistry for his remaining term, without noticing that the term has come to an end is a recipe for disaster, for the reason that it will create unnecessary confusion in the working of companies and lead to more conflict. Any shadow over the management of any of these companies puts public interest in jeopardy," petition filed by the Tata sons read.

Tata sons said, "A directorial complaint, at best, has been blown up into a case of oppression and mismanagement of Tata Sons, including a finding that it is just and equitable to wind up a 150-year-old company."
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