Tata group on Tuesday filed caveats in Supreme Court, Bombay High Court and National Company Law Tribunal to prevent ousted Tata Sons Chairman Cyrus Mistry from getting an ex-parte order against his sacking. This comes a day after a board announcement said that Mistry would be immediately replaced by Ratan Tata, for an interim period of four months. According to sources, the Tatas don’t want any court to pass any ex-parte orders without hearing their side of the story. “They have pleaded to be heard before the court passes any interim order like stay on Mistry’s sacking,” a source said.
Earlier there was confusion over reports that Mistry had filed caveats, which was denied by his office. A statement from Mistry’s office said, “A caveat is a notice filed by a party fearing legal action seeking notice before action. Tatas have filed caveats seeking notice from Cyrus Mistry fearing legal action. Cyrus has not filed any caveats. He has already made a statement that such concerns are misplaced at this stage.”
Earlier in the day, interim Chairman Ratan Tata had asked senior management of the conglomerate’s firms to focus on their businesses without being concerned about the top level change.
In a sudden and dramatic turn of events, Mistry was yesterday sacked as Chairman of India’s largest conglomerate Tata Group.
Ratan Tata, speaking to journalists in Mumbai on Tuesday, said that his appointment was for a short-term and the process to succeed him would soon begin. “Assumed role of interim chairman for stability and continuity so that there is no vacuum,” Tata said.
“The company’s board and the principal shareholders in its collective wisdom took this decision, which they thought may be appropriate in the long term interest of Tata Sons and the Tata Group,” the company spokesperson told reporters.
The Pallonji Mistry group holds around 18 per cent stake in Tata Sons which makes them the largest shareholder. Tata Trusts and some of the Tata Group companies hold the remaining stake.
(With inputs from PTI)
For all the latest India News, download Indian Express App nowFirst Published on: October 25, 2016 3:10 pm