Chandrasekaran Assures Tata Staff After NCLAT Rules His Appointment Illegal, Reinstates Cyrus Mistry
A window of four weeks has been allowed by the NCLAT on the reinstatement of Cyrus Mistry which means Tata Sons can appeal before the Supreme Court within this time frame.
File image of Natarajan Chandrasekaran. (Image: Reuters)
Tata chairman N Chandrasekaran, wrote a letter to his employees stating that Tata Sons will pursue a legal recourse after the National Company Law Appellate Tribunal (NCLAT) restored Cyrus Mistry as the executive chairman of the industrial giant on Wednesday.
In July 2018, the National Company Law Tribunal, or NCLT, had dismissed Mistry’s plea against his removal in October 2016. A two-judge bench, led by Justice SJ Mukhopadhyay, delivered the judgement in Mistry’s favour but stayed the operation of the order for four weeks to allow the Tatas to appeal. The appellate tribunal said N Chandrasekaran’s appointment to the post was illegal. The NCLAT also set aside a lower court order to quash the conversion of Tata Sons from a public firm to a private company.
A window of four weeks has, however, been allowed by the NCLAT on the reinstatement of Cyrus Mistry which means Tata Sons can appeal before the Supreme Court within this time frame. Reaffirming the company's position of challenging the NCLAT verdict, Chandrasekaran in his letter said, " Tata Sons firmly believes in the strength of our case and will pursue the appropriate legal recourse."
"I urge all employees to stay focused on their businesses and the welfare of our stakeholders. We will continue to work towards deepening the legacy of this unique institution," he wrote.
Below is the full text of the letter:
By now, you may have seen today’s NCLAT ruling which, apart from other things, raises issues on my appointment as Executive Chairman of Tata Sons. Tata Sons firmly believes in the strength of our case and will pursue the appropriate legal recourse.
During this period, I wanted to reach out to you personally. I was asked to take on the role and responsibilities of Executive Chairman in February 2017. Since then, our efforts have been primarily focused on: restoring stability and moving decisively towards a healthier financial position; conducting our businesses with the highest ethical standards, which the group has been known for, for over 150 years; honouring our commitments to all stakeholders and resolving outstanding issues; driving growth and transforming our businesses for the future.
Going forward, I assure you that we have set ourselves on a course that will make the Tata Group stronger and more vibrant than it has ever been before. I urge all employees to stay focused on their businesses and the welfare of our stakeholders. We will continue to work towards deepening the legacy of this unique institution.
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