Tata Petitions India Top Court Against Verdict to Rehire Mistry
The move by Tata Group aims to reverse a shock defeat in December when NCLAT reinstated Cyrus Mistry as Tata Sons chairman.
(Bloomberg) -- Tata Group filed a petition in India’s Supreme Court, seeking to quash a panel’s order that directed owners of the Jaguar Land Rover carmaker to rehire the chairman it fired in 2016, prolonging India’s biggest corporate feud.
Tata Sons Ltd. filed the petition on Thursday, its lawyer Abhishek M Singhvi said in New Delhi. It sought an urgent hearing for a stay on the previous order, according to a document seen by Bloomberg.
The latest move by the Tata Group aims to reverse the shock defeat in December when the tribunal instructed that Cyrus Mistry be reinstated as the chairman and called the appointment of his replacement Natarajan Chandrasekaran illegal. The ruling effectively paralyzed the Tata leadership and its efforts to revive growth by selling assets, finding partners and cutting costs.
The court ruling also called the actions of Ratan Tata, group’s chairman emeritus and the one who led Mistry’s ouster, as “oppressive.”
Representatives for Tata Sons and Mistry declined to comment.
Tata Sons, the 152-year-old group’s main holding company that also owns the Tetley Tea as well luxury car brands such as Jaguar and Land Rover, was given four weeks to appeal the ruling.
To contact the reporters on this story: Upmanyu Trivedi in New Delhi at utrivedi2@bloomberg.net;P R Sanjai in Mumbai at psanjai@bloomberg.net
To contact the editors responsible for this story: Sam Nagarajan at samnagarajan@bloomberg.net, Bhuma Shrivastava
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