New Delhi: The Supreme Court on Friday backed the removal of Cyrus Mistry as the Chairman of the over $100 billion salt-to-software Tata Group five years back and set aside the company law tribunal order that had reinstated him. The apex court on Friday accepted all contentions of the Tata conglomerate and set aside the order of the NCLAT order of December 2019.
A bench headed by Chief Justice SA Bobde said all questions of law are in favour of Tata Group and dismissed the appeals filed by Mistry.
The top court upheld the Tata Sons decision to sack Cyrus Mistry on October 24, 2016.
Shapoorji Pallonji Group counsel had argued that Mistry was removed because he was going to place a draft governance structure at the Board meeting on October 24, 2016.
"We find all the questions of law are liable to be answered in favour of the appellants (Tata Group) and the appeals filed by the Tata Group are liable to be allowed and Shapoorji Pallonji group is liable to be dismissed," said the top court.
Appreciating the Supreme Court judgement which set aside the NCLAT order that had restored Cyrus Mistry as the executive chairman of the Tata Sons, Ratan Tata, the Chairman Emeritus of Tata Sons said that the verdict is a validation of the values and ethics of the group.
"It is not an issue of winning or losing. After relentless attacks on my integrity and the ethical conduct of the group, the judgement upholding all the appeals of Tata Sons is a validation of the values and ethics that have always been the guiding principles of the group," Tata said in a tweet.
He added that it reinforces the fairness and justice displayed by the Indian judiciary.
Meanwhile, shares of Tata Group companies shot up on Friday after the Supreme Court came up with a favourable judgement for the group in the case relating to removal of Cyrus Mistry as the as the executive chairman of the conglomerate.
