Former Tata Sons chairman Cyrus Mistry passes away what was the controversy

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Former Tata Sons chairman Cyrus Mistry passes away what was the controversy


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Former Tata Sons chairman Cyrus Mistry died in a road accident in Palghar, Maharashtra on Sunday.

Highlights

  • died in a road accident in Palghar on Sunday
  • 24 October 2016 – Cyrus Mistry removed as chairman of Tata Sons
  • Removed from the board of directors of Tata Sons

Cyrus Mystery Death, Former Tata Sons chairman Cyrus Mistry died in a road accident in Palghar, Maharashtra on Sunday. The accident took place when Mistry’s car rammed into a divider in Palghar district, adjoining Mumbai, a police official said. At that time Mistry was returning from Ahmedabad to Mumbai in a Mercedes car. The police officer said that the accident happened around 3.15 pm. Mistry was on his way from Ahmedabad to Mumbai.

The accident happened on the bridge over the Surya river. Looks like it’s an accident. Two other people traveling with Mistry were injured in the accident, including the driver of the car. All the injured have been admitted to a hospital in Gujarat. According to the police officer, efforts will be made to gather more information about the accident from the injured. Do you know that Mistry also filed a case against Tata? Cyrus Mistry left behind many controversial stories with his death. Today, we will understand the same controversies according to the date that what happened after all.

Mistry removed as chairman of Tata Sons

October 24, 2016 – Cyrus Mistry was removed from the post of chairman of Tata Sons, after which Ratan Tata became interim chairman. The same 20 December 2016 – Two investment companies backed by the Mistry family, Cyrus Investments Pvt Ltd. and Sterling Investments Corporation Pvt. Ltd. went to the Mumbai Bench of NCLT. He accused Tata Sons of harassment and mismanagement of minority shareholders. After which the action to sack Mistry was challenged.

January 2, 2017 – Tata Sons appointed N. Chandrasekaran, the then chief executive officer and managing director of TCS, as chairman. Subsequently, 6 February 2017 – Mistry was removed from the board of directors of Tata Sons, the holding company of the Tata group. March 6, 2017 – NCLT Mumbai rejected the applications of two investment companies of the Mistry family. The tribunal held that the appellant does not fulfill the criteria of minimum 10 per cent ownership in the company.

Investment companies allege bias
April 17, 2017 – NCLT Mumbai also dismissed the petition of both the investment companies, seeking exemption from the provision of at least 10 per cent stake for filing a case of harassment of minority shareholders. 27 April 2017 – These investment companies reached the Appellate Tribunal. September 21, 2017 – The Appellate Tribunal accepted the plea of ​​both the investment companies seeking exemption from the provision of minimum stake to file a case against harassment and mismanagement.

It, however, dismissed Mistry’s second petition, which was dismissed as not maintainable by the NCLT. The appellate tribunal asked the Mumbai bench of NCLT to issue notice and hear the matter. October 5, 2017- Investment companies approach Principal Bench of NCLT in Delhi, requesting transfer of the matter from Mumbai to Delhi, citing bias.

Two companies were fined so much
October 6, 2017 – Principal Bench of NCLT dismisses the petition and imposes a cost of Rs 10 lakh on both the investment companies. On 9 July 2018, NCLT Mumbai dismissed Mistry’s plea challenging his removal as the chairman of Tata Sons. On August 3, 2018, both the investment companies moved the Appellate Tribunal against the order of NCLT.

On August 29, 2018, the Appellate Tribunal filed the petition of Cyrus Mistry for hearing. On 18 December 2019, the Appellate Tribunal ordered the reinstatement of Mistry as the executive chairman of Tata Sons. Tata Sons was given four weeks to appeal in the matter.

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