Tata Sons will approach the Supreme Court against the reinstatement of Cyrus Mistry and seek early interim relief from the order ahead of the January 9 TCS board meeting to consider Q3 results, reported The Economic Times, citing sources.
According to the sources cited in the report, the appeal could be filed on Thursday, however, a hearing will be possible only when the apex court opens on Monday after the winter break.
Earlier, the National Company Law Appellate Tribunal (NCLAT) restored Cyrus Mistry as executive chairman of Tata Group and ruled that the appointment of N Chandrasekaran as executive chairman was illegal. However, the two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has stayed the operation of the order with respect to reinstatement for four weeks to allow the Tatas to appeal.
The move by the group, which comes days ahead of the TCS board meeting, may not have smooth sailing. Mistry family-owned firms that have stakes in Tata Sons, could oppose the interim stay, forcing the Tatas to re-induct Mistry pending a final order, legal experts told ET.
“To the best of our knowledge, reinstatement of Cyrus Mistry as a director on Tata Sons and the other companies as per the NCLAT order has not been complied with and that itself is contempt of court,” a legal representative close to the Mistrys was quoted as saying in the report.