Tata v / s Mistry: Cyrus Mistry tweaked in chairman battle, TATA Group shares surge after Supreme Court ruling

New delhi date. 26. Friday, March, 2021

The Supreme Court has ruled in favor of the Tata Group in the ongoing legal battle between businessmen Ratan Tata and Cyrus Mistry.

The apex court said the decision to remove Cyrus Mistry as acting chairman of Tata Sons was appropriate. The appeal was rejected.

The NCLAT had earlier ordered the retention of Cyrus Mistry as acting chairman in 2019, against which Tata Sons had knocked on the Supreme Court's door. The action taken at the board meeting as well as the decision to remove Cyrus Mistry from the post of chairman was not appropriate.

Cyrus Mistry took over as chairman of Tata Sons in 2012 and was ousted by the company by a majority in 2016.

Ratan Tata tweeted applauding the Supreme Court decision. "I appreciate and thank the decision taken by the Hon'ble Supreme Court," he wrote.

This is not a matter of victory or defeat, this decision has served to attest to the values ​​and conduct of the Tata Sons in the wake of the ongoing attacks on my self-esteem and the morale of the Tata Group. Which is the basic principle for the group. This decision has strengthened fairness and justice in our judiciary.