The Chairman Emeritus said Mistry was not hired as representative of Shapoorji Pallonji group
RoC counsel told the Tribunal that they were merely following orders of the NCLT
The analysis is based on the annual audited consolidated finances of all listed Tata Group firms for the respective financial years
NCLAT adjourned the hearing till tomorrow and has sought clarification from RoC on what constitutes a private company
In restoring Cyrus Mistry, NCLAT failed to consider the implications of the order, Tata Sons said in their appeal
The Tata Trusts holds 66 per cent stake in Tata Sons - the holding company of Tata Group companies - and Ratan Tata is the chairman of the Trusts
Mistry and his team are reviewing the legal situation
Tata Sons on Thursday moved the Supreme Court challenging the December 18 decision of the NCLAT restoring Cyrus Mistry as the executive chairman of the group. The Tata Group sought stay of the verdict by which the National Company Law Appellate Tribunal (NCLAT) ruled as "illegal" the appointment of N Chandrasekaran as head of the holding company of over USD 110 billion salt-to-software conglomerate. "We have challenged the NCLAT decision in its entirety," a lawyer associated with the matter said. The petition has sought a direction from the apex court to set aside or quash the findings of the tribunal which held that the group's chairman emeritus Ratan Tata's actions against Mistry were oppressive. The NCLAT had stayed the operation of the judgement with respect to reinstatement of Mistry for four weeks to allow the Tatas to appeal. The NCLAT had also quashed the conversion of Tata Sons into a private company from a public firm. It also directed Tata Sons not to take any action
While restoring Mistry to the position, the National Company Law Appellate Tribunal held that the appointment of N Chandrasekaran as executive chairman was illegal
Ratan Tata will have to take a backseat, considering the strictures passed by the NCLAT
The government too is getting active on the latest development in Corporate India
Our analysis and opinion on what to learn from the Cyrus Mistry vs Ratan Tata fight and how to build a better society with nine things.
Cyrus Mistry was the sixth and youngest chairman of Tata Sons and took over after Ratan Tata retired in December 2012
Tata Sons, the holding company, had four weeks to file an appeal with the Supreme Court.
People in the know said the Tatas sought the amendment after being nudged by the aviation ministry, which is yet to give its nod for the airline's foreign operations
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Tata Sons holds 51 per cent stake in AirAsia India, while AirAsia Berhad holds the remaining 49 per cent
The RoC on Monday moved the NCLAT requesting to amend its order and remove the word "illegal" with respect to the conversion of Tata Sons from a public company to private company
Passing an order on December 18, NCLAT had directed for the reinstatement of ousted Cyrus Mistry as Chairman of Tata Sons.
These firms' finances are far from sustainable and they suffer from poor profitability and high debt