TCS Moves Supreme Court Against Order Reinstating Cyrus Mistry As Director
Tata Consultancy Services Ltd., the flagship company of the Tata group, on Saturday said it has filed an appeal in the Supreme Court against the National Company Law Tribunal that directed the reinstatement of Cyrus Mistry as a director of the company.
In a filing to the stock exchanges, TCS said the National Company Law Appellate Tribunal - vide its judgement on Dec. 18, 2019 - had directed reinstatement of Mistry as director of the company for rest of the tenure.
"...the company, based on a legal opinion, has on Jan. 3, 2020 filed an appeal in the Hon'ble Supreme Court of India (i) to set aside the said Judgement qua the company and (ii) in the interim stay on operation of the said judgement to the extent it relates to the company," it added.
In a major development, the NCLAT had restored Mistry as executive chairman of Tata Sons and ruled that appointment of N Chandrasekaran as the head of the holding company of salt-to-software conglomerate was illegal.
Subsequently, Tata Sons moved the Supreme Court against the Dec. 18 order of the NCLAT reinstating Mistry as the company's chairman.
After that, Tata Group Chairman Emeritus Ratan Tata also filed a petition in the Supreme Court seeking to quash the company law appellate court order, saying the judgment was "wrong, erroneous and contrary to the record of the case".
His petition, however, is separate from the one filed by Tata Sons Ltd., the holding company of the $110 billion salt-to-software conglomerate, in the Supreme Court on Thursday.