Relief for Tata Group; SC sets aside NCLAT order restoring Cyrus Mistry as executive chairman

Allowing an appeal by the Tata Group, the Supreme Court on Friday set aside a December 2019 NCLAT order which had restored Cyrus Mistry as the executive chairman of the over USD 100 billion salt-to-software Tata conglomerate.

Cross-appeals were filed by Tata Sons Pvt Ltd and Cyrus Investments Pvt Ltd against the National Company Law Appellate Tribunal order.

The Supreme Court bench headed by Chief Justice S A Bobde and comprising Justices A S Bopanna and V Ramasubramanian, had on December 17 last year reserved the verdict in the matter.

Mistry family owned Shapoorji Pallonji (SP) Group, the biggest minority shareholder in the Tata Group outside of the majority shareholder,