Tata Vs Mistry: SC stays NCLAT's dismissal of RoC plea seeking modification in its order

In another massive victory for the Tatas, the Supreme Court on Friday has stayed NCLAT order dismissing Registrar of Companies plea seeking modification of verdict in Tata-Mistry matter, according to PTI. On January 6, the NCLAT had dismissed the Registrar of Companies' petition seeking modification of the judgement in the Tata-Mistry case and said its ruling had not cast any aspersions on the RoC. The tribunal ruled reinstating Cyrus Mistry as the Executive Chairman of Tata Group and also termed conversion of Tata Sons from a public company to a private one by the RoC as "illegal".

SC stays NCLAT's ROC plea dismissal on Tata-Mistry case

Amid Tatas moving SC, NCLAT dismisses RoC plea; won't modify Cyrus Mistry judgment

RoC plea challenging NCLAT order

In its plea, RoC -- under the corporate affairs ministry -- had sought to be impleaded as a party in the two petitions. It also sought the deletion of words "illegal" and "with the help of the RoC" used by the NCLAT in its 172-page judgement. The tribunal had termed the appointment of N Chandrasekaran, as 'illegal' following the October 2016 sacking of Mistry as Tata Sons' executive chairman. It had also directed the RoC to reverse Tata Sons' status from a 'private company' to a 'public company'.

Tata Vs Cyrus tussle: Supreme Court to hear pleas challenging NCLAT order on January 10

SC stays NCLAT order

On January 10, the Supreme Court stayed the NCLAT order restoring Cyrus Mistry as executive chairman of the Tata Group, observing that there were "lacunae" in the orders passed by the Tribunal. The bench also said, "You (Cyrus) have been out of the saddle quite a long time. Does this hurt you?... How does it hurt you today?". The bench posted the matter after four weeks and ordered that the Tatas will not exercise power under Article 25 of the Company Law for pushing out shares of minority holders in the company.

HUGE: SC stays NCLAT order restoring Cyrus Mistry as Tata Sons' chairman

Mistry reinstated as Chairman

Earlier on December 18, awarding a massive victory to Cyrus Mistry, the NCLAT ruled in his favour on his petition challenging his removal as Chairman of Tata Sons. The NCLAT had stated that the board meeting removing Mistry was 'illegal' and had been set aside. While the NCLAT reinstated him as executive chairman of Tata Sons, Mistry has declared that he will not pursue the Tata Group's chairmanship nor directorship of TCS, Tata Teleservices or Tata Industries, but will protect the SP group's rights as a minority shareholder. 

Cyrus Mistry declares 'Won't pursue Tata chairmanship, but will retain seat on Tata Board'

(With PTI inputs)