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Companies

Tata's sacking of ex-chairman Cyrus Mistry ruled 'illegal'

India tribunal reinstates executive, giving company four weeks to appeal

Shares of top Tata companies fell following a tribunal ruling reinstating Cyrus Mistry, seen here in 2014, as chairman of Tata Sons.   © Reuters

MUMBAI (NewsRise) -- An Indian appellate tribunal on Wednesday reinstated Cyrus Mistry as the chairman of Tata Sons, saying he was illegally removed from the board three years ago, rekindling worries about a legal battle at a time when many group companies are grappling with falling sales.

The National Company Law Appellate Tribunal, or NCLAT, said the appointment of Tata Sons' current Chairman N. Chandrasekaran was "illegal." The order also seeks to restore Mistry as a director of Tata group companies. The ruling will take effect in four weeks, giving Tata time to appeal to India's Supreme Court.

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