SPEED NEWS

Tata Sons, Cyrus Mistry to battle it out in court, file caveats against each other

Speed News Desk | Updated on: 25 October 2016, 16:45 IST
Cyrus Mistry

On 25 October, a day after the Tata Sons board announced that Cyrus Mistry would immediately be replaced by Ratan Tata, former Tata Sons chairman Cyrus Mistry filed four caveats in the National Company Law Tribunal against Tata Sons, Ratan Tata and Sir Dorabji Tata Trust.

"The company's board and the principal shareholders in its collective wisdom took this decision, which they thought may be appropriate in the long term interest of Tata Sons and the Tata Group," Tata Sons spokesperson was quoted to have said in an Indian Express report, following Mistry's sacking.

"Assumed role of interim chairman for stability and continuity so that there is no vacuum," Ratan Tata told journalists on on 25 October, and said that his appointment was for an interim period of four months.

The Pallonji Mistry group, with about 18 per cent stake in Tata Sons, is the largest shareholder, while Tata Trusts and some of the Tata Group companies hold the remaining stake.

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Separately, Tata group also filed caveats in Supreme Court, Bombay High Court and National Company Law Tribunal to prevent ousted Tata Sons Chairman Cyrus Mistry from getting an ex-parte order against his sacking

According to sources, the Tatas don't want any court to pass any ex-parte orders without hearing their side of the story.

"They have pleaded to be heard before the court passes any interim order like stay on Mistry's sacking," a source said.

Earlier in the day, interim Chairman Ratan Tata had asked senior management of the conglomerate's firms to focus on their businesses without being concerned about the top level change.

In a sudden and dramatic turn of events, Mistry was yesterday sacked as Chairman of India's largest conglomerate Tata Group.

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First published: 25 October 2016, 16:33 IST
 
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