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Home » Business » Tata vs Mistry: Tata Group files caveats to guard against pre-emptive legal action

Tata vs Mistry: Tata Group files caveats to guard against pre-emptive legal action

By Newsd
Updated on :

Reports had streamed in of the Mistry family being miffed with the Tata Group after Cyrus Mistry was unceremoniously sacked as the chairman of Tata Sons. It was reported that the Mistry-owned Shapoorji Pallonji group would probably take the Tata’s to court.

Taking prior cognizance, the Tatas have filed caveats in the Supreme Court, the Mumbai High Court and the national company law tribunal, to prevent any ex parte orders being passed against it on a petition by Mistry or his family’s Shapoorji Pallonji Group against his removal.

The Mistry’s on the other hand have denied filing any caveats, saying that ‘such concerns were misplaced’.

Caveats ensure that a person’s version is heard before a court or forum decides on a petition in any matter.

Tata Sons on Monday announced that its Board has replaced Cyrus P Mistry as its Chairman at a meeting held in Mumbai. Mistry had taken over nearly four years ago and it is the former who replaces him as interim boss.

The company’s board has set up a selection panel to find Mistry’s successor within the next four years. The panel comprises Ratan N Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons.

CEOs at the operating company level have not been touched in the rejig.

Mistry, 48, was the sixth group chairman. He was appointed chairman of the Tata Sons board in December 2012 and has been a director of the company since 2006.

In addition to being group chairman, Mistry is also the chairman of leading Tata group companies, including Tata Steel, Tata Motors, Jaguar Land Rover Automotive, Tata Consultancy Services, Tata Power Company, The Indian Hotels Company, Tata Global Beverages, Tata Chemicals, Tata Industries and Tata Teleservices.

Mistry graduated with a degree in civil engineering from Imperial College, London, UK, in 1990. In 1997, he received an MSc in management from the London Business School.

Mistry serves as the co-chair of the India-US CEO Forum and the India-UK CEO Forum. He is also a member of the Presidential CEO Advisory Board of the Massachusetts Institute of Technology.

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