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Cyrus Mistry unlikely to pursue chairmanship at Tata Sons

Cyrus Mistry, who was recently reinstated as the executive chairman of the Tata Group by National Company Law Appellate Tribunal, is unlikely to pursue the position, ET Now reported citing sources.

Mistry had initially sought to be reinstated as chairman in National Company Law Tribunal but subsequently dropped it.

Meanwhile, sources said Tata Sons, Tata Group companies may appeal against the NCLAT order in the Supreme Court.

There has been no contact between Tata’s and Cyrus Mistry camp since the NCLAT order, which gives directorship for balance tenure of five months. Both camps are analysing the order.

The tribunal restored Mistry as executive chairman of Tata Sons last week, but suspended its implementation for four weeks in order to provide time for Tatas to appeal.

Several of Mistry’s decisions as chairman of the Group, including the disposal of some of Indian Hotels Company’s overseas properties, especially the move to shut down UK steel operations, did not go down well with Tata Trusts.

Similarly, the decision to get embroiled in a high-decibel, full-blown legal battle with NTT Docomo and challenging the $1.2 billion international arbitration court’s order that went against it was seen as a breach of faith by many Tata old-timers.

Source: Economic Times