In a big decision with major ramifications to the Tata Group, the former ousted executive chairman of the Tata Group, Cyrus Mistry has been reinstated to the post by the National Company Law Appellate Tribunal (NCLAT) on Wednesday. The NCLAT has ruled that the appointment of N Chandrasekaran, the current chairman, was illegal.
The decision also throws questions on the company’s corporate governance standards.
However the Tatas would get four weeks to file an appeal. Mistry’s reinstatement will kick in only after four weeks.
Mistry, who took over as the sixth chairman of Tata Sons after Ratan Tata, was removed all of a sudden in October 2016.
Since then the two have been entangled in a legal battle.