Ahoy, Cyrus is back?
S Vishnu Sharmaa, INN/Chennai, @Svs03
There is a big news again on the corporate front of this nation. Cyrus Mistry, who made an exit as chairman of Tata Group seems to be having time on his side.
The well-known businessman is said to have won the case at National Company Law Appellate Tribunal (NCLAT). It is said to have restored Cyrus Mistry as executive chairman of Tata Sons.
Sources say that the order with regards to reinstatement has been stayed by NCLAT to give room for Tatas to appeal. It is interesting to note that Cyrus Mistry was the sixth chairman of Tata Sons and took charge in 2012.
It was in 2016 that he was removed as Chairman of the well-known organisation. He was also removed as director on board of Tata Sons. Soon after his removal, Cyrus Mistry challenged it in NCLAT. Mistry’s family is said to own 18.4 percent stake in Tata Sons.
Mistry is said to have joined the board of Tata Sons on 1 September 2006, a year after his father retired from it. He served as a director of Tata Elxsi Limited, from 24 September 1990 to 26 October 2009 and was a Director of Tata Power Co Ltd until 18 September 2006.