New Delhi: The Supreme Court will hear January 10 the petition by Tata Sons Private Ltd (TSPL) challenging the National Company Law Appellate Tribunal (NCLAT) decision restoring Cyrus Mistry as executive chairman of the Tata Group.
The apex court website Tuesday showed the plea to be listed before a three-judge bench comprising Chief Justice SA Bobde and Justices BR Gavai and Surya Kant.
TSPL has challenged the December 18 decision of the NCLAT which gave a big relief to ‘Cyrus Investment Pvt Ltd’ and Mistry, restoring him as the executive chairman of TSPL. The NCLAT also ruled that the appointment of N Chandrasekaran as head of the holding company of the USD 110-billion salt-to-software conglomerate was illegal.
The Tatas have submitted that the verdict by the NCLAT ‘undermined corporate democracy’ and the ‘rights’ of its board of directors. TSPL, formerly known as Tata Sons Limited, in its petition, has sought ‘setting aside of the impugned judgment in toto’ of NCLAT, alleging it was ‘completely inconsistent with the annals of corporate law’ and reflected ‘non-appreciation of facts’, which was ‘untenable in law’.
PTI