The National Company Law Appellate Tribunal (NCLAT) on Monday refused to modify its judgment passed in the Tata-Mistry matter and dismissed the petition filed by the Registrar of Companies (RoC). A two-member bench headed by Chairman Justice SJ Mukhopadhyaya dismissed RoC's plea.
The NCLAT said that the December 18 judgment has no aspersions cast against it. "There is no ground to amend judgment dated December 18, 2019," said NCLAT.
In the December 18 order, the NCLAT reinstated Cyrus Mistry as the Chairman of Tata Sons. The NCLAT said that his removal was oppressive and the appointment of N Chandrasekaran in his position was illegal. The order asked Tata Sons not to take any action against Mistry whose family owns 18 per cent in Tata Sons.
Tata Group had moved Supreme Court against the NCLAT order and sought a stay. They took the matter to the court after the SC reopened after the Christmas and New Year holidays. On January 3, Ratan Tata also moved the Supreme Court in his personal capacity against the order. He said that that the order held him guilty of oppressive and prejudicial steps against the interests of Tata Sons shareholders without explaining the factual or legal foundation grounds.
On January 3, Tata Consultancy Services also moved the Supreme Court challenging the NCLAT order, the company stated in a filing to Bombay Stock Exchange.
Cyrus Mistry, who had earlier said that he was vindicated issued a statement saying that he has no plans to rejoin Tata. "To dispel the misinformation campaign being conducted, I intend to make it clear that despite the NCLAT order in my favour, I will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries," Mistry said. "I will however vigorously pursue all options to protect our rights as a minority shareholder, including that of resuming the thirty-year history of a seat at the Board of Tata Sons and the incorporation of the highest standards of corporate governance and transparency at Tata Sons," he added.