Pre-empting a countermove by Cyrus Mistry a day after his unceremonious sacking as the Chairman of Tata Sons, the holding company for the Tata group on Tuesday filed multiple caveats
Ratan Tata seen getting out of his car at Tata Trust office on Tuesday after taking over as Chairman again. Pic/Pradeep Dhivar
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Pre-empting a countermove by Cyrus Mistry a day after his unceremonious sacking as the Chairman of Tata Sons, the holding company for the Tata group on Tuesday filed multiple caveats in the Bombay High Court, Supreme Court and National Company Law Tribunal, four of which were at NCLT at Fort.
Also Read: Cyrus Mistry's biggest mistake that led to his ouster as Tata Group chief
The caveats at NCLT— Tata Sons v/s Cyrus Mistry, Tata Sons v/s Cyrus Investments Private Limited, Sir Dorabji Tata Trust v/s Cyrus Mistry and Ratan N Tata and Others v/s Cyrus Mistry — were filed with the help of renowned law firm, Shardul Amarchand Mangaldas and Company.
Caveat or not?
Even as speculation was rife that Mistry, who’s family firm Shapoorji Pallonji has taken strong exception to the way he was shown the door and Ratan Tata was reinstalled, was planning to take legal recourse and approach the Bombay HC or NCLT, reports surfaced that he had filed caveats with the NCLT. However, after TV reports, he clarified his position and denied filing anything in any court.
Read Story: Tata says bye-bye to Cyrus Mistry: All about the mysterious sacking
Tata reassures employees
After the public announcement, the Tata family patriarch met chief executives of group companies to talk about ongoing initiatives and said, “This will be for a short time. A new permanent leadership will be in place”. He added, “The companies must focus on their market position vis-à-vis competition, and not compare themselves to their own past. The drive must be on leadership rather than to follow,” further assuring that “if there is any change, they will be discussed with you.” In a special diktat to CEOs of group firms, he asked them to keep focus on their businesses and enhancing returns to shareholders without being distracted by change in top leadership.
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