BackCyrus Pallonji Mistry dies in accident: A look at his tussle with the Tatas
Cyrus Mistry who was the chairman of the Tata Group from 2012 to 2016, following which the board of Tata Group's holding company – Tata Sons – on October 16 voted to remove Mistry from the post of chairman.
PremiumFormer Chairman of Tata Sons Cyrus Pallonji Mistry on 4 September died in a road accident after his car hit a divider while he was travelling from Ahmedabad to Mumbai.
With his demise, the tussle between Cyrus Mistry and Tata Sons has again come to limelight which shook the business sector of the country.
Mistry who was the chairman of the Tata Group from 2012 to 2016, following which the board of Tata Group's holding company – Tata Sons – on October 16 voted to remove Mistry from the post of chairman.
In December 2019, the National Company Law Appellate Tribunal (NCLAT) restored Mistry as executive chairman of Tata Group and called the appointment of Natarajan Chandrasekaran as illegal.
ALSO READ: Cyrus Mistry, the outsider who became part of Tata empire
The Supreme Court stayed NCLAT's order on 10 January 2020. When Mistry filed a cross appeal in the court requesting explanations for anomalies in the NCLAT, the apex court upheld his dismissal.
Mistry owned an 18.4% stake in Tata Sons through Cyrus Investments Pvt. Ltd.
Lets let's take a look at the Mistry's tussle with Tatas:
24 October, 2016: Ratan Tata was named as an interim Chairman of the group and Cyrus Mistry was ousted as Tata Sons chairman.
20 December 2016: Mistry's Cyrus Investment Pvt Ltd and Sterling Investment Corportation Pvt Ltd moved NCLT Mumbai challenged Mistry's removal. The firms also alleged oppression of minority stakeholders and mismanagement by Tatas.
12 January, 2017: Tata Sons appointed Natarajan Chandrasekaran as Chairman.
6 February, 2017: Mistry was removed from board of Tata Sons.
6 March 2017: Citing the two investment firms of Mistry family didn't meet the criteria of 10 percent partnership in the company for the filing a of a case, NCLT Mumbai set aside the plea.
17 April, 2017: The NCLT Mumbai also rejected the plea of the two investment firms of Mistry family requesting waiver in the criteria for having atleast 10 per cent ownership in a firm for filing case of alleged oppressions.
27 April, 2017: Both the firms moved to NCLAT challenging NCLT order.
21 September, 2017: The NCLAT bench allowed the pleas by Mistry's both firms who were seeking waiver in filing case of oppression and mismanagement against Tata Sons.
5 October, 2017: Seeking transfer of the matter from Mumbai to Delhi, Mistry's two investment firms approached the Principal Bench of NCLT at the national capital.
6 October, 2017: The Principal Bench of NCLT at the national capital rejected the plea.
9 July, 2018: The NCLT bench of Mumbai dismissed Mistry's pleas which challenged his removal from Tata Sons.
3 August, 2018: Mistry's investment firms approached NCLAT against NCLT Mumbai's order.
29 August, 2018: NCLAT accepted Mistry's pleas and decided to hear the matter.
23 May, 2019: NCLAT reserves its order in the matter.
18 December, 2019: NCLAT restores Mistry as executive chairman of Tata Sons. It also gave four weeks time for Tatas to appeal.
2 January, 2020: Tata Sons challenged NCLAT order in Supreme Court.
10 January 2020: The Supreme Court stays NCLAT order.
22 September, 2020: The apex court also restrained Mistry's Shapoorji Pallonji Group from pledging its 18% share in Tata Sons.
8 December, 2020: Final hearing in the Supreme Court begins.
17 December, 2020: The Apex court reserves it verdict in the long dispute.
26 March, 2021: The Supreme Court sets aside NCLAT order of restoring Mistry as executive chairman of Tata Sons and allowed Tata Group's appeal.
4 September, 2022: Cyrus Pallonji Mistry died in a road accident after his car hit a divider while he was travelling from Ahmedabad to Mumbai.
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