Cyrus Mistry Ouster

Industrialist Ratan Tata today said he was "grateful" for the Supreme Court judgement that upholds the Tata Group's decision to remove Cyrus Pallonji Mistry as the chairman after a dramatic ouster in 2016.

The Supreme Court today is expected to deliver its judgement on the cross-appeals filed by Tata Sons and Cyrus Investments against the company law tribunal order which had restored Cyrus Mistry as the executive chairman of the over $100 billion salt-to-software Tata Group after a dramatic ouster in 2016.

Former Tata Sons chairman Cyrus Mistry is challenging his ouster from the company in 2016.

Chandrasekaran took over as Chairman of Tata Sons, the holding company of over 100 group firms in February, following Cyrus Mistry's ouster last year.

Seven out of the nine directors of Tata Sons voted for his replacement after Farida Khambata abstained and Mr Mistry was declared ineligible to vote as he was an interest director.

Cyrus Mistry ratcheted up his battle versus the $100 billion salt-to-software conglomerate by filing a petition with the National Company Law Tribunal (NCLT) on Tuesday.

His ouster comes as no surprise given Tata Sons majority stake in the company, about 73 per cent as of September-end, according to Thomson Reuters data.

A number of Tata Group companies are holding shareholders' meet to take a call on Cyrus Mistry's ouster from the company board.

Amid the ongoing war of words with the Tatas since his ouster last month, Mr Mistry had claimed on Tuesday that Ratan Tata's "ego" led to "overpayment" for UK steelmaker Corus.

Following the ouster of Mr Mistry as chairman of Tata Sons last month, the boardroom battle has been brewing with independent directors of some Tata group companies backing him. Mr Mistry continues to hold the chairmanship of various firms, including Tata Motors.

The independent directors of Tata Motors did not give Mr Mistry a unanimous public endorsement though, and opted to avoid taking sides in the feud.

Seeking ouster of Cyrus Mistry as director of these firms, Tata Sons has sought extraordinary general meetings (EGMs) of shareholders.

Last week, the promoter company of the major operating Tata group firms had accused Mistry of betraying trust and trying to seek control of main operating companies of the over $100 billion group.

Excluding Tata Consultancy Services or TCS, to which the Tatas said Mr Mistry had made no significant contribution, dividends from 40 other group companies had steadily declined in Mr Mistry's tenure, the statement said.

Cyrus Mistry today scored a big round in his fight against the Tata Group as six independent directors on the board of the group's hospitality arm Indian Hotels strongly supported him.

Industrialist Ratan Tata today said he was "grateful" for the Supreme Court judgement that upholds the Tata Group's decision to remove Cyrus Pallonji Mistry as the chairman after a dramatic ouster in 2016.

The Supreme Court today is expected to deliver its judgement on the cross-appeals filed by Tata Sons and Cyrus Investments against the company law tribunal order which had restored Cyrus Mistry as the executive chairman of the over $100 billion salt-to-software Tata Group after a dramatic ouster in 2016.

Former Tata Sons chairman Cyrus Mistry is challenging his ouster from the company in 2016.

Chandrasekaran took over as Chairman of Tata Sons, the holding company of over 100 group firms in February, following Cyrus Mistry's ouster last year.

Seven out of the nine directors of Tata Sons voted for his replacement after Farida Khambata abstained and Mr Mistry was declared ineligible to vote as he was an interest director.

Cyrus Mistry ratcheted up his battle versus the $100 billion salt-to-software conglomerate by filing a petition with the National Company Law Tribunal (NCLT) on Tuesday.

His ouster comes as no surprise given Tata Sons majority stake in the company, about 73 per cent as of September-end, according to Thomson Reuters data.

A number of Tata Group companies are holding shareholders' meet to take a call on Cyrus Mistry's ouster from the company board.

Amid the ongoing war of words with the Tatas since his ouster last month, Mr Mistry had claimed on Tuesday that Ratan Tata's "ego" led to "overpayment" for UK steelmaker Corus.

Following the ouster of Mr Mistry as chairman of Tata Sons last month, the boardroom battle has been brewing with independent directors of some Tata group companies backing him. Mr Mistry continues to hold the chairmanship of various firms, including Tata Motors.

The independent directors of Tata Motors did not give Mr Mistry a unanimous public endorsement though, and opted to avoid taking sides in the feud.

Seeking ouster of Cyrus Mistry as director of these firms, Tata Sons has sought extraordinary general meetings (EGMs) of shareholders.

Last week, the promoter company of the major operating Tata group firms had accused Mistry of betraying trust and trying to seek control of main operating companies of the over $100 billion group.

Excluding Tata Consultancy Services or TCS, to which the Tatas said Mr Mistry had made no significant contribution, dividends from 40 other group companies had steadily declined in Mr Mistry's tenure, the statement said.

Cyrus Mistry today scored a big round in his fight against the Tata Group as six independent directors on the board of the group's hospitality arm Indian Hotels strongly supported him.