Setback for Cyrus Mistry as SC stays NCLAT order

New Delhi: The Supreme Court today stayed the NCLAT order restoring Cyrus Mistry as executive chairman of the Tata Group.

A bench of Chief Justice S A Bobde and Justices B R Gavai and Surya Kant agreed to hear Tata Sons’ plea challenging the National Company Law Appellate Tribunal (NCLAT) decision and issued notices to Mistry and others.

Tata Sons Private Ltd (TSPL) challenged the December 18 decision of NCLAT that gave a big relief to Cyrus Investment Pvt Ltd and Mistry, restoring him as the executive chairman of TSPL.

The National Company Law Appellate Tribunal also ruled that the appointment of N Chandrasekaran as head of the holding company of the $110-billion salt-to-software conglomerate was illegal.