Business Standard reflects on the 18-month-old battle
The Mumbai Bench of the National Company Law Tribunal (NCLT) will pronounce its order on the Tata-Mistry battle on Wednesday.
The legal feud has been replete with war of words, both sides exchanging barbs through defamation suits, hundreds of affidavits and references to past emails and letters, unprecedented in the Tata Group’s 150-year-old history and in the history of corporate India. The judge’s order will set a landmark precedence for corporate feuds particularly, for promoter-led firms. Business Standard reflects on the 18-month-old battle.
Mistry firms’ allegations against Tata Sons at NCLT
- Mismanagement at Tata Sons and oppression of minority shareholders
- Corporate governance breakdown and excessive interference by Tata Trusts
- Illegal removal of Cyrus Mistry
- Abuse of Articles of Association
- Violation of insider trading norms
Tata Sons’ response.(Company)
- Mistry’s removal not illegal
- Mistry was acquainted with the affairs of Tata Sons
- Mistry was quite about the alleged mismanagement during his tenure as chairman
- Allegations against Ratan Tata misconceived
- Flawed business decisions do not tantamount to oppression
Allegations against Ratan Tata
- The chairman who never retired
- It was on the behest and influence of Ratan Tata that Tata Sons’ board removed Mistry
- Tata was seeking to control through abuse and misuse of the Articles of Association
- Was responsible for aviation misadventure, Nano project and flawed global acquisition strategy.
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