Chairman Emeritus of Tata Group Ratan Tata on Thursday, 19 May, welcomed the Supreme Court's decision to reject a review plea filed by the Shapoorji Pallonji Group, led by Cyrus Mistry, to review a judgement it had given in 2021 that had backed the move by Tata Sons' to remove Mistry from the post of chairman.
"We would like to express our grateful appreciation of the judgement passed and upheld by the Supreme Court today," Tata had said in a tweet.
He further added that the judgement "reinforces the value system and the ethics of our judiciary".
Background
Mistry, a scion of the wealthy Shapoorji Pallonji family, was removed from the post of chairman of Tata Sons in October 2016. In December that year, two firms backed by Mistry's family had moved the National Company Law Appellate Tribunal (NCLAT), saying that there had been mismanagement by the Tatas.
In a judgment in March last year, the Supreme Court had backed Mistry’s removal, setting aside the December 2019 ruling of the NCLAT that had directed the reinstatement of Mistry as Tata Sons chairperson.
Mistry was the sixth chairperson of Tata Sons and had taken over in 2012 after Ratan Tata. He was later also removed as director of the board of Tata Sons.
Mistry and Ratan Tata had reportedly fallen out over key investment decisions, including manufacturing of the world’s cheapest car, the Nano.
In March 2021, a bench headed by then Chief Justice SA Bobde had said all questions of law are in favour of Tata Group, and dismissed the appeals filed by Mistry.
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