The counsel appearing for Tata Sons informed the appellate tribunal that the company has moved the Supreme Court against its order passed on December 18
The final outcome will have far reaching impact on Corporate India, boards and directors
Earlier on August 24, while passing an interim order the appellate tribunal had asked Tatas to file their reply within 10 days and directed to list the matter on September 24 for next hearing.
Ever since the boardroom battle erupted at the conglomerate after removal of Cyrus Mistry as chairman in October last year and subsequent allegations by him, including about 'interference' by Ratan Tata, Sebi has been keeping a close watch on the developments related to the group.
The board of Tata group's main holding company Tata Sons is scheduled to meet at its headquarters Bombay House in afternoon for a pre-scheduled meeting, sources said.
In the latest development to the Tata-Mistry saga, CNBC-TV18 confirms that Bhaskar Bhat has resigned from Tata Chemicals Board. Bhat, it is learnt, has put in his papers over differences on Cyrus Mistry‘s role.
"This (Mundra UMPP) project was bid for in 2006 when the concept of a formal Risk Management Committee was not introduced and all proposals were deliberated and approved by the board," Tata Power said in a BSE filing.
The government, said Meghwal, who is also incharge of the Ministry of Corporate Affairs (MCA) - where corporate disputes eventually land up, will steer clear of the row as "it is an internal affair of Tata Sons".
Government is keeping a "close watch" on the developments relating to Tata-Mistry case, but does not want to "interfere" at present as it was an "internal matter" of a private group, Ministry of State for Corporate Affairs Arjun Ram Meghwal said today.