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SC stays NCLAT order on RoC plea for changes in Tata-Mistry verdict
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SME Times News Bureau | 25 Jan, 2020
In a major development in the
Tata Sons-Cyrus Mistry row, the Supreme Court on Friday stayed the
National Company Law Appellate Tribunal's (NCLAT) order dismissing the
Registrar of Company's (RoC) plea to modify its verdict on the Tata Sons
matter.
Tata Sons had challenged in the apex court the NCLAT's
January 6 order on conversion of Tata Sons from a public to a private
company.
Agreeing to hear the Tata Sons' plea, the apex court on
Friday issued a notice to the parties concerned. The three judge bench
headed by Chief Justice S.A. Bobde will hear the matter along with the
main plea filed by Tata Sons against NCLAT's verdict.
The
National Company Law Appellate Tribunal (NCLAT) had on January 6
rejected the plea by the RoC to modify the appellate tribunal's
judgement in the Tata-Mistry case.
The NCLAT had in its December
18 verdict termed the RoC's decision to allow conversion of Tata Sons
from a public to private company as illegal, while the RoC had filed a
plea at the appellate tribunal to remove the word "illegal" from its
verdict, among other observations.
The two-judge bench headed by
NCLAT Chairman Justice S.J. Mukhopadhaya had observed that the judgment
did not cast any aspersions on the RoC.
Posting the matter for
hearing after four weeks, the Supreme Court had, on January 10, stayed
the NCLAT order reinstating Cyrus Mistry as Tata Sons Chairman. Chief
Justice S.A. Bobde said the NCLAT had granted a prayer not made.
However, Mistry has already made a statement that he is no longer interested in taking up the chairmanship of Tata Sons.
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