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Mistry, ousted from his position in Octoberwas the sixth chairman of the conglomerate. Somasekhar Sundaresan, the counsel for Mistry, told the news channel that they will appeal against the verdict.
The NCLT, a quasi-judicial body for corporate grievances, said Ratan Tata's conduct was not prejudicial to the company. The bench did not find any merit in allegations of mismanagement in Tata group companies.
File image of Ratan Tata and Cyrus Mistry. The bench of Kumar and Nallasenapathy were expected to deliver an order in the case on 4 July, but adjourned it to 9 July as the judgment was not ready. Mistry, in the petition filed under the Companies Act, claimed that his removal was due to a result of mismanagement by the board's trustees and oppression of minority shareholders of the group.
He had taken over as the chairman of the group in after Ratan Tata announced his retirement.
The Tatas argued that the law clearly allows removal of a chairperson and director and that Mistry was removed by a majority of seven out of nine, as Mistry had not voted for his removal and another official had abstained. Mistry was appointed at the behest of the Tata Trusts and his removal cannot be questioned by minority shareholders, the group's counsel, Singhvi, had argued before the tribunal.
The first allegation by Mistry was that his removal as chairman and subsequently as director of the Board Tata Sons was a result of oppression by promoters, who are in turn owned by the Tata Trusts, which owns over 68 percent in Tata Sons.
Jul 09, Tata offers 1 new car models in Midsize segment, 4 in Small segment, 4 in Utility segment in India. Choose a Tata car to know prices, features, reviews and photos. Tata offers 1 new car models in Midsize segment, 4 in Small segment, 4 in Utility segment in India.
Choose a Tata car to know prices, features, reviews and photos. India's Tata Motors on Thursday unveiled its much anticipated $2, US car, an ultra-cheap price tag that brings car ownership into the reach of tens of millions of people.
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Tata Motors has been one of the few car manufacturers to have had a successful year The company launched cars like Hexa, Tigor and the recently launched Tata torosgazete.comr, year is.
Shortly after Natarajan Chandrasekaran turned 44, his doctor diagnosed him with diabetes. As the chief operating officer of Tata Consultancy Services (TCS), India’s largest IT firm.