The National Company Law Appellate Tribunal (NCLAT) re-instated Cyrus Mistry as the Executive Chairman of Tata Sons on Wednesday, three years after his ouster. The tribunal also held that the appointment of N Chandrasekaran as Executive Chairman was illegal.
In an interview to CNBC-TV18, Abhishek Manu Singhvi, Counsel for Tata Sons said, “All appropriate legal recourses are being taken and all appropriate legal recourses will be activated fully well before the expiry of the four week period.”
“No doubt there is urgency, but the degree of urgency is largely always subjective. Your degree will not match mine, and the third person’s will not match us. So you can rest assure that the appropriate steps we are taking fully protects the interest of Tata’s in an appropriate legal way,” Singhvi added.
Speaking about NCLAT going in the opposite direction of NCLT that had unequivocally ruled in favour of Tata’s, Singhvi said, “I am being deeply disappointed by the judgement, let me tell you that one is also quite shocked and astonished because trying to speak as objectively as I can as a lawyer, I find that fundamental substratum principles of corporate law appear to have been jettisoned.”
On NCLAT’s order holding the conversion of the entity into a private company as illegal, he said, “When we go to the Supreme Court, everything will be up for a challenge, and it will be seeing a holistic view. The time between reaching the Supreme Court and now is hardly a few days, if at all. So I do not think any earth-shattering thing is happening before that. Boards are not meeting, things are not happening, certainly, the judgement is against us which is why we are appealing. But if things have endured for so many years, it will endure a few days more.”