Tata-Mistry case: SC stays NCLAT order, issues notice to Cyrus Mistry

It took the Supreme Court less than a minute on Friday to stay a National Company Law Appellate Tribunal (NCLAT) order, which had last month reinstated Cyrus Mistry as executive chairman of Tata Sons. While the tribunal verdict had surprised the corporate world, Mistry, who was removed as Tata Sons chairman in a boardroom coup in October 2016, maintained he was fighting for the rights of minority shareholders and was not interested in returning to the post he held more than three years ago.

Around noon, when the three-judge Bench comprising Chief Justice S A Bobde and Justices B R Gavai and Surya Kant took up the Tatas’ appeal against the NCLAT verdict on Friday, it said the tribunal order suffered from “basic errors”. The Bench noted that never before had there been a judgment of this nature under the Companies Act.