Free Press Journal

Tata-Mistry feud: Chairman doesn’t enjoy a free hand, says NCLT

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Mumbai : The National Company Law Tribunal (NCLT), which upheld the removal of Cyrus Mistry as chairman of Tata Sons, said an executive chairman does not enjoy a free hand and that he also cannot assume that majority shareholders and the board would be at his “beck and call”.

In a 368-page order, the bench also said that Mistry’s wrong assumption that he had a free hand to run the affairs of the Tata Group perhaps caused all the problems and that Tata Sons board was “competent” to remove its chairman.

A special bench of the NCLT had dismissed all the petitions filed by Mistry and his family-run firms alleging oppression of minority shareholders  and mismanagement by the board.