After Tata Sons moved the Supreme Court challenging the December 18 decision of the NCLAT restoring Cyrus Mistry as the executive chairman of the group, Ratan Tata also filed an appeal in the court on Friday, sources told ET Now.
Tata in his appeal said findings of NCLAT are wrong, erroneous and contrary to the record of the case. The appeal adds that NCLAT order blatantly indulges in propagating a selective narrative, as per ET Now. Tata also claimed relevant facts and record have been glossed over in the narrative.
Tata Sons Limited, has also sought “setting aside of the impugned judgment in toto” of the National Company Law Appellate Tribunal (NCLAT), alleging that it was “completely inconsistent with the annals of corporate law” and reflected “non-appreciation of facts”, which was “untenable in law”.
The NCLAT, in a big relief to Mistry and Cyrus Investment Pvt Ltd, had restored the former as the executive chairman of TSPL and ruled that the appointment of N Chandrasekaran as the head of the holding company of the over-USD-110 billion salt-to-software conglomerate was illegal.
It had held that the group’s chairman emeritus Ratan Tata’s actions against Mistry were oppressive and the appointment of a new chairman was illegal.
Meanwhile, NCLAT on Friday reserved its order on the plea filed by the Registrar of Companies (RoC) seeking modifications in the judgement. A two-member bench headed by Chairman Justice S J Mukhopadhaya indicated that its order is likely to come on Monday next week.
During the proceedings, the Ministry of Corporate Affairs said that it was discharging its duty and has not committed any illegality in conversion of Tata Sons from public company to a private company.
Source: Economic Times
