Big Win For Tata Group As SC Dismisses Pallonji Group’s Plea
The Supreme Court on Friday quashed the NCLAT’s decision of 18 December 2019 in which they appoint Cyrus Mistry Cyrus Mistry as the acting chairman of the Tata Group.
A bench of Chief Justice SA Bobde and Justices AS Bopanna and V Ramasubramaniam accepted the Tata Group’s appeal. The bench said in its order, “The National Company Law Appellate Tribunal (NCLAT) order of 18 December 2019 is quashed.”
Tata Sons Private Limited and Cyrus Investments Private Limited had filed a cross-appeal against the decision of the National Company Law Appellate Tribunal (NCLAT), on which the verdict of the apex court has come. The order further said, “The Tata group’s appeal is accepted, and the SP group’s appeal is dismissed.”
Ratan Tata, the honorary chairman of the Tata group, on Friday welcomed the Supreme Court’s decision which quashed the NCLAT’s order to re-appoint Cyrus Mistry as the acting chairman of the Tata group. He called the verdict a seal on the integrity and ethics of the Tata group and thanked the court.
Tata responded to the decision and tweeted, “I appreciate the Supreme Court’s decision and I am grateful to the court.” He further wrote, “It is not a matter of defeat and victory. Constant attacks were made on my honesty and moral conduct of the group. The verdict has stamped the values and ethics of the Tata group, which have always been the guiding principles of the group. ” He said that this decision has strengthened the fairness of the judiciary.
News Source: Youtube