Cyrus Mistry unlikely to rejoin Tata Sons' board, may appoint nominees: Report
The National Company Law Tribunal (NCLAT) on December 18 directed Tata Sons to reinstate Mistry as chairman
December 26, 2019 / 09:51 PM IST
Cyrus Mistry (GettyImages)
Cyrus Mistry is unlikely to take up a board position at Tata Sons and three other group companies, according to a Business Standard report.
Mistry will likely appoint nominee directors to the board, who would enforce best corporate governance practices, sources told the paper.
The National Company Law Appellate Tribunal (NCLAT) on December 18 directed Tata Sons to reinstate Mistry as chairman. The tribunal has granted a four-week window before implementing the order, giving Tata Sons time to challenge the decision at the Supreme Court.
Moneycontrol could not independently verify the story.Also read: Tatas vs Mistry – NCLAT order throws up many questions on corporate democracy
Mistry is not keen on returning to the board since he has only five months left in his term as chairman, sources told the newspaper.
Tata Sons is widely expected to challenge NCLAT’s decision in the apex court.
Mistry is unlikely to join the board as chairman or even director even if the Supreme Court upholds NCLAT’s order, the report stated.
Tata Sons had removed Mistry as chairman in October 2016, and appointed N Chandrasekaran instead a few months later. He had initially refused to step down from the board, but eventually resigned as a director.
Mistry, who joined the Tata Son’s board of directors in 2006, took over as chairman in 2012 after Ratan Tata's retirement.