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SC stays NCLAT order on RoC plea for changes in Tata-Mistry verdict (Lead, correcting day in intro)

Friday - January 24, 2020 6:41 pm , Category : BUSINESS
New Delhi, Jan 24 (IANS) In a major development in the Tata Sons-Cyrus Mistry row, the Supreme Court on Friday stayed the National Company Law Appellate Tribunal's (NCLAT) order dismissing the Registrar of Company's (RoC) plea to modify its verdict on the Tata Sons matter.
Tata Sons had challenged in the apex court the NCLAT's January 6 order on conversion of Tata Sons from a public to a private company.
Agreeing to hear the Tata Sons' plea, the apex court on Friday issued a notice to the parties concerned. The three judge bench headed by Chief Justice S.A. Bobde will hear the matter along with the main plea filed by Tata Sons against NCLAT's verdict.
The National Company Law Appellate Tribunal (NCLAT) had on January 6 rejected the plea by the RoC to modify the appellate tribunal's judgement in the Tata-Mistry case.
The NCLAT had in its December 18 verdict termed the RoC's decision to allow conversion of Tata Sons from a public to private company as illegal, while the RoC had filed a plea at the appellate tribunal to remove the word "illegal" from its verdict, among other observations.
The two-judge bench headed by NCLAT Chairman Justice S.J. Mukhopadhaya had observed that the judgment did not cast any aspersions on the RoC.
Posting the matter for hearing after four weeks, the Supreme Court had, on January 10, stayed the NCLAT order reinstating Cyrus Mistry as Tata Sons Chairman. Chief Justice S.A. Bobde said the NCLAT had granted a prayer not made.
However, Mistry has already made a statement that he is no longer interested in taking up the chairmanship of Tata Sons.

--IANS rrb-ss/bc