Business

NCLT upholds Tata Sons' 2016 move sacking Cyrus Mistry as Chairman

July 09, 2018 12:13 PM

Punjab News Express
MUMBAI: The National Company Law Tribunal (NCLT) on Monday upheld the October 24, 2016 decision of the Tata Sons Board of Directors dismissing its then Chairman Cyrus Mistry, a company official said here.

The NCLT ruled that the Tata Sons Board of Directors was competent to remove the Executive Chairman and that Mistry was ejected as the board members had lost confidence in him.

The much-awaited verdict of the NCLT came on a petition filed by Mistry after he was abruptly ousted as the Tata Sons Chairman that day, creating an upheaval in the Indian corporate world.

Mistry later quit from the board of other six Tata Group companies but challenged the Group and his successor, former Interim Chairman Ratan Tata's decisions, before the NCLT.

 

 

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