NCLT upholds Tata Sons 2016 move sacking Cyrus Mistry as Chairman
Monday - July 9, 2018 11:58 am ,
Category : BUSINESS
NCLT upholds Tata Sons 2016 move sacking Cyrus Mistry as Chairman
Mumbai July 9 (IANS) 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.
--IANS qn/in/vm
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.
--IANS qn/in/vm
