BY- DEVANSHI SRIVASTAVA
On Friday, the Supreme Court is set to pronounce its judgment in the Tata Sons vs Cyrus Mistry dispute almost after five years after it began with the removal of Mistry from the post of Chairman of Tata Sons Limited.
The Supreme Court had already reserved it’s judgment in the matter on December 17th ,2020.
Some of the important events in the legal battle that has been ongoing for nearly half a decade are in a timeline form is given below:
- December 2012: Tata Sons Limited has been taken over by Cyrus Mistry as Chairperson
- 24th October 2016: Cyrus Mistry has them removed from the Chairperson’s post by the majority of the board of directors of the company.
- 6th February 2017: The shareholder’s vote for the removal of Mistry from the very board of Tat son’s, at an extraordinary General Meeting.
- 21st February 2016: Tata Sons was taken over by N Chandrasekaran as an Executive Chairman.
- 12th July 2018: Then, the Mumbai Bench of the National Company Law Tribunal (NCLT) had dismissed Cyrus Mistry’s Petition holding that the Board of Directors is competent to remove the Chairman and that no selection committee is required to remove the Executive Chairman. And, the Tribunal had also ruled that Tata Sons can’t be prevented from becoming a private company and found no merit in arguments relating to mismanagement in Tata Group Companies.
Cyrus Mistry has also appeals to the National Company Law Appellant Tribunal.
- 19th December 2019: NCLAT has, later on, allows the appeal and also overturns the NCLT judgment; holds that the proceedings of the Boards meeting of Tata Sons which was held on 24th October 2016 after removing Cyrus Mistry as Chairperson are illegal. After that, it also quashes the appointment of N Chandrasekaran as Executive Chairman in place of Cyrus Mistry.
- 2nd January 2020: Now, Tata Sons has challenges the NCLAT decision before Supreme Court. Ultimately, Ratan Tata had also challenged the NCLAT decision before Supreme Court.
- 10th January 2020: Then, the apex Court or the Supreme Court had stays NCLAT judgment.
- February 2020: Cyrus Mistry has also filed a cross-appeal against NCLAT judgment, claims NCLAT has failed to grant certain reliefs to the Cyrus Mistry firms.
- 22nd September 2020: After that, the Supreme Court has restrained Cyrus Mistry’s Shapoorji Pallonji Group (SP Group) from pledging any of its shares in Tata Sons for raising funds.
- 8th December 2020: And, the final hearing commences before the three-judge Bench headed by CJI SA Bobde.
- 17th December 2020: Now, Supreme Court reserves judgment.
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