Cyrus Mistry was handpicked in 2012 by Ratan Tata himself to hold the position of Chairman in Tata Sons. There was a lot of expectation from him at that time by not only from Ratan Tata and board members but from the entire nation. However, when the news of Mistry removal came, it was more shocking than ever. He was removed from the post on Oct 2016. It created a lot of commotion.
It was said that the reason behind Mistry’s removal was the difference between the Mistry and Tata. In fact, in the latest news, Ratan Tata counsel Abhishek Manu Singhvi said that Board lost confidence in Mistry as he uses to give claims without and detailing. I personally think that the way Mistry handled Joint Venture of Tata and NTTDocomo was also a reason.
Mistry was unhappy with such sudden decision and so he challenged his removal as the chairman to National Company Law Tribunal (NCLT). In July 2018, NCLT dismissed his plea so Mistry challenged the NCLT decision further at the appellate tribunal, that is National Company Law Appellate Tribunal (NCLAT).
Currently, the plea is being heard by the two-member NCLAT bench, which is headed by chairperson Justice SJ Mukhopadhyay. Justice Mukhopadhyay has said, “We need to know as to why the Board lost confidence in him?”