Cyrus Mistrys removal as Tata Sons chairman illegal, reinstate him: NCLAT
Thursday, December 19, 2019, 8:45 AM
In a big blow to Tata-Sons-Ltd, an appeals court reinstated ousted chairman Cyrus-Mistry and held as illegal the appointment of Chandrasekaran as his successor, triggering a-new-spell of uncertainty for India's largest-conglomerate. The NCLAT cited the haste in removal of Mistry as chairman of the Tata group's holding company, ignoring the interest and oppression of minority-shareholders, and mismanagement at Tata-Sons as reasons for the ruling.
Cyrus Mistry's Removal As Chairman Of Tata Sons Board Illegal: NCLAT
Wednesday, December 18, 2019, 5:04 PM
The National Company Law Appellate Tribunal (NCLAT) has restored Cyrus Mistry as Executive Chairman of Tata Sons and ruled that his ouster in 2016 was illegal. Mistry had taken over as Tata Sons' sixth chairman in 2012 after Ratan Tata announced his retirement. The Mistry family is the single largest shareholder in Tata Sons, with an 18.4% stake.
Netherlands court threatens to sell Jet Airways assets
Thursday, August 22, 2019, 4:28 PM
The administrator of a Netherlands court, which is pursuing insolvency of grounded Jet Airways, threatened to sell off the confiscated assets of the debt-laden carrier because of non-cooperation by the CoC. A three-member bench headed by Justice SJ Mukhopadhyay has sought the lenders' response on whether they are ready to pay fees and bear costs incurred by the Dutch court administrator, Rocco Mulder.