The two-member NCLAT has listed the matter for Wednesday
NCLT held that the board of directors at Tata Sons was "competent" to remove the executive chairperson of the company
NCLAT Chairperson Justice S J Mukhopadhyay questioned if the NCLT's Mumbai Bench had written a biased order against Mistry
"What is the urgency to convert it into a private limited company. Status quo should be maintained, said a senior advocate
The Mistry family, which derives almost $17 bn of their fortune from the 18.4% stake in Tata Sons, had filed several lawsuits challenging Cyrus' ouster
This was part of the recommendations to de-clog NCLT by the committee on reviewing penal provisions of the Companies Act
While restoring Mistry to the position, the National Company Law Appellate Tribunal held that the appointment of N Chandrasekaran as executive chairman was illegal
After Mistry's ouster, Tata Sons also inducted former Hindustan Unilever head, Harish Manwani and Saurabh Agarwal as directors
Ratan Tata will have to take a backseat, considering the strictures passed by the NCLAT
If all those decisions are null and void, the group's business will be in a mess, an official pointed out.
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The government too is getting active on the latest development in Corporate India
The Registrar of Companies has sought deletion of the words 'illegal' and 'with the help of the RoC' used by the NCLAT in its last week order
From Tata-Mistry fight to December PMI, read today's top headlines here
Business Standard reflects on the 18-month-old battle
Moving averages and technical patterns suggest that the upside momentum in Tata Group stocks is likely to stay high despite the recent developments
He alleged that the SP group has suppressed this fact and now in hindsight challenging the very process under which they wanted to sell the shares
Aryama Sundaram, Mistry's counsel, was referring to the Article 75 of Tata Sons' charter
Tata's counsel said the various documents the SP group counsel circulated during their rejoinder were irrelevant to the case
The key allegation by Mistry camp is that his removal as chairman and subsequently as a director of the board Tata Sons was a result of oppression by the promoters