In the July 9 order, a bench of NCLT Mumbai had dismissed Mistry's plea challenging his removal as Chairman of Tata Sons.
A day after the announcement of N Chandrasekaran as the new Chairman of Tata Sons, Ratan Tata today said the appointment is a "well deserved recognition of his proven leadership capabilities" and although the job is complex he will take the group to new heights while protecting its values.
Following the ouster of Mistry, both sides have been engaged in a bitter war of words, with the Mistry camp raising several questions on the group‘s corporate governance standards. People close to Cyrus Mistry claim that the family is not intending to sell its 18.5 percent stake in Tata Sons any time soon.
Chandrasekaran, 53, who headed Tata Group's most successful company, Tata Consultancy Services Ltd, expressed his gratitude to interim Chairman Ratan Tata and the board for giving him the responsibility.
Ahead of the February 6 shareholders' meeting to remove Cyrus P Mistry as director on Tata Sons, the holding company of Tata Group has said the Mistry family did not have any right to nominate a director on the board as the Articles of Association do not provide for it.
Tata Group patriarch Ratan Tata had personally asked Cyrus P Mistry to resign as chairman of Tata Sons as the board had lost faith in him, but his refusal led to the removal via majority vote.
Without naming anyone, he said the ethics and values of the group have been "challenged by people who are known not to practice what they often preach".
With the National Company Law Tribunal refusing any interim relief to ousted Tata Sons chairman Cyrus P Mistry, the company today said it believes the petition is not maintainable in law.
Of the 197.04 crore shares in TCS, 170.85 crore shares were polled at the EGM called to consider a special resolution moved by Tata Sons seeking removal of Mistry.
Escalating the boardroom battle at India's largest conglomerate, Tata Sons today charged Cyrus P Mistry of misleading to get selected as Chairman, retracting on his promises, concentrating powers and using free-hand given to him to weaken management structures.
Tata Sons tonight refuted charges of breakdown of governance levelled by Cyrus P Mistry, saying it was the ousted chairman who has been violating such guidelines.
Tata Steel today reported a consolidated net loss of Rs 49.38 crore for the second quarter ended September 30, 2016-17.
The abrupt and unprecedented ouster of Cyrus P Mistry as the chairman of Tata Sons is likely to impact the stocks of Tata Group companies, according to market experts. They say that the removal will lead to an uncertainty and investors may look to exit which will trigger a correction in Tata Group companies‘ stocks.
Tata Sons on Monday announced that its Board has replaced Cyrus P Mistry as Chairman of Tata Sons. The decision was taken at a board meeting held in Mumbai. The Board has, meanwhile, named Ratan N Tata as Interim Chairman of Tata Sons, the company said in a statement.
Mistry said the fact that there are only 30 million regular online shoppers in the country shows immense potential to bring the next 100 million customers online.
From being the largest private power utility for decades, Tata Power, with 8,726 MW installed capacity at the end of March, had lost the top slot last year to Adani Power, which has 10,440 MW capacity.
Tata was accompanied by his successor, Cyrus P Mistry, at the launch of the National Automotive Innovation Centre (NAIC), to be operational at the University of Warwick campus in Coventry by 2017
"We have submitted a fresh compensation package to Odisha government. The package will be announced after the government gives its go-ahead," Vice-president of the project Arun Mishra said yesterday.
Tata Sons Chairman Cyrus P. Mistry will chair the committee, which will comprise all the current members of the company's executive committee, the company said in a statement on Thursday.
A Tata Sons press release said that Dr Nirmalya Kumar will hold responsibility for strategy at the group level. In addition, Dr Kumar will lend his expertise in bringing customer centricity to the fore, across the group companies.
The Tata Group was the only private enterprise that Chinese Premier visited during his three-day visit to India. Li was also presented with an overview of the Tata Group's operations in China with a special focus on Jaguar Land Rover's and TCS' growing investments and operations across China.
Tata group will invest more than Rs 45,000 crore on various businesses over next two years and would look to expand its presence in global markets besides in India, the group's new chief Cyrus P Mistry said.
Tata Sons, the promoter of major operating companies of the salt-to-software conglomerate, today announced appointment of Cyrus P Mistry as its Chairman with effect from December 28 following retirement of Ratan N Tata.
Cyrus P Mistry has been appointed Chairman of Tata Steel and Tata Chemicals with effect from December 28 after retirement of group chief Ratan N Tata, the companies today said.
Tata Motors said it has appointed Cyrus P Mistry as its Chairman with effect from December 28 after retirement of group chief Ratan N Tata.