Majority of Tata Sons' members lost confidence in Cyrus Mistry, said NCLT.The National Company Law Tribunal (NCLT) on Monday dismissed Cyrus Mistry's plea challenging his removal as Chairman of Tata Sons.
Mistry was removed as the Tata Sons board and majority of its members lost confidence in him, the NCLT Mumbai's main bench of B S V Prakash Kumar and V Nallasenapathy said in a judgement.
The tribunal said it was not accepting Mistry's contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group.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.Here's the chronology of the Tata Sons-Cyrus Mistry case:October 24, 2016: Tata Sons ousts Cyrus Mistry from the post of chairman; names Ratan Tata as interim chairmanOctober 25, 2016: Mistry writes to Tata Sons' board accusing 's hadow control' by the Tata TrusteesDecember 19, 2016: Mistry resigns as director from all Tata group firmsDecember 20, 2016: Mistry moves National Company Law Tribunal (NCLT) alleging oppression of minority shareholders and mismanagementJanuary 12, 2017: Tata Sons names N Chandrashekaran as ChairmanFebruary 6, 2017: Mistry removed from the post of director of Tata Sons' boardSeptember 21, 2017: Tata Sons' board approves plan to become a private companyJune 12, 2018: NCLT sets July 4 as date of orderJuly 4, 2018: NCLT defers judgement till July 9July 9, 2018: NCLT dismisses Cyrus Mistry's pleas challenging his removal as chairman of Tata Sons.
The tribunal says Mistry was removed as the board and its members lost confidence in him.