Mumbai, Dec 18 (IANS): The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as Executive Chairman of Tata Group, saying that his removal from chairmanship was illegal.
Cyrus Mistry who was appointed as the sixth chairman of Tata Group in 2012 and was ousted following a boardroom coup on October 24, 2016.
Through two family-run firms -- Cyrus Investments and Sterling Investments Corp -- Mistry had moved the National Company Law Tribunal in Mumbai against Tata Sons and others for oppression and mismanagement. The tribunal had earlier dismissed the petitions.
On February 20, 2017, N. Chandrasekaran, who was heading Tata Consultancy Services, took charge as Chairman of Tata Sons which has now been declared illegal by NCLAT.
The Mistry family is the single largest shareholder in Tata Sons, with an 18.4 per cent stake.