Cyrus Mistry is unlikely to take up a position in Tata Sons or any of the other three companies in which he was reinstated as chairman by the National Company Law Appellate Tribunal (NCLAT), reported Business Standard. Mistry, the report said, might appoint nominee directors in these companies to ensure good governance.
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Mistry, sourced told media, wants to keep an effective oversight over the group without getting directly involved in the operations.
The development came after NCLAT restored Cyrus Mistry as executive chairman of Tata Group last week and ruled that the appointment of N Chandrasekaran as executive chairman was illegal. Setting aside a lower court order, the NCLAT also quashed the conversion of Tata Sons into a private company from a public firm.
Mistry, the scion of the wealthy Shapoorji Pallonji family that owns a minority stake in Tata Sons, has been locked in a legal feud with Tata Sons and Tata family patriarch Ratan Tata after he was removed as chairman in October 2016. Mistry had accused the Tatas of mismanagement and oppression of minority shareholder interests.