TATA Sons v. Cyrus Mistry: Timeline of Legal Battle

The Supreme Court is set to pronounce its judgment on Friday in the Tata vs Cyrus Mistry dispute nearly five years after it began with the removal of Mistry from the post of Chairman of Tata Sons Limited.

. The Supreme Court had reserved its judgment in the matter on December 17, 2020.

. Below is a timeline of the important events in the legal battle that has been ongoing for nearly half a decade.

. December 2012 – Cyrus Mistry takes over as Chairperson of Tata Sons Limited

October 24, 2016 – Mistry removed from the Chairperson’s post by the majority of the board of directors of the company.

February 6, 2017 – At an extraordinary General Meeting, the shareholders vote for the removal of Mistry from the board of Tata Sons.

. February 21, 2017 - N Chandrasekaran takes over as Executive Chairman of Tata Sons.

Mistry then files a suit under Sections 241 and 244 of the Companies Act, 2013 alleging oppression and mismanagement in Tata Sons.

July 12, 2018 - Mumbai Bench of the National Company Law Tribunal (NCLT) dismisses Mistry’s petition holding that the Board of Directors are competent to remove the Chairman and that no selection committee is required to remove the Executive Chairman. The tribunal also ruled Tata Sons can’t be prevented from becoming a private company and found no merit in arguments relating to mismanagement in Tata Group companies.

Mistry appeals to the National Company Law Appellate Tribunal

. December 19, 2019 – NCLAT allows the appeal and overturns the NCLT judgment; holds that the proceedings of the Board meeting of Tata Sons held on October 24, 2016 removing Cyrus Mistry as Chairperson is illegal. It also quashes the appointment of N Chandrasekaran as Executive Chairman in place of Mistry.

January 2, 2020 – Tata Sons challenges NCLAT decision before Supreme Court. Subsequently, Ratan Tata also challenges NCLAT decision before Supreme Court.

January 10, 2020 – Supreme Court stays NCLAT judgment .

. February 2020 – Cyrus Mistry files cross appeal against NCLAT judgment, claims NCLAT failed to grant certain crucial reliefs to the Mistry firms.

“The NCLAT by limiting the relief granted to the appellants in connection with their prayer for Board representation, only to the remainder of Mr. Cyrus Mistry’s tenure has not secured the interest of the Shapoorji Pallonji group from any prejudicial conduct in the future”, Mistry’s petition said.

September 22, 2020 - The Supreme Court restrains Cyrus Mistry's Shapoorji Pallonji Group (SP Group) from pledging any of its shares in Tata Sons for raising funds.

. December 8, 2020 – Final hearing commences before the three-judge Bench headed by CJI SA Bobde.

December 17, 2020 – Supreme Court reserves judgment .

. To read more on the hearing on Day 1, click here . To read an account of Day 2, click here . For the Day 3 hearing, click here and for Day 4, click here . To read an account of Day 5, click here and for Day 6, click here . To read an account of Day 7, click here .

TATA Sons v. Cyrus Mistry: Timeline of Legal Battle

Murali Krishnan

Related Stories