Mistry’s ouster: Tatas file caveats in SC, HC, NCLT
In a bid to prevent Mistry from getting any ex-parte relief from any legal forum, Tata Sons and a Tata Trust, among others, filed the caveats that they should be heard before grant of any relief to the ousted Chairman.
The petitions included one by Ratan Tata and others against Mistry.
Soon after his removal last evening, sources had said Mistry may challenge the decision by Tata Sons’ board to replace him with Ratan Tata.
In a dramatic and sudden turn of events Mistry was removed last evening as Chairman of Tata Sons, the main holding firm of over USD 100-billion conglomerate, while his predecessor Ratan Tata was recalled as an Interim Chairman.
“They (Tatas) have pleaded to be heard before the court passes any interim order like stay on Mistry’s sacking,” a source said.
Earlier there was confusion over reports that Mistry had filed caveats, which was denied by his office.
A statement from Mistry’s office said, “A caveat is a notice filed by a party fearing legal action seeking notice before action. Tatas have filed caveats seeking notice from Cyrus Mistry fearing legal action. Cyrus has not filed any caveats. He has already made a statement that such concerns are misplaced at this stage.”
Earlier in the day, the Shapoorji Pallonji Group, which is owned by the Mistry family and is the single largest individual shareholder in Tata Sons with 18.5 per cent stake, had issued a statement it was studying the “circumstances” and has not yet decided on taking legal recourse.
Meanwhile, the interim chairman Ratan Tata this morning addressed the senior management of the conglomerate’s firms and asked them to focus on their businesses without being concerned about the top level change. Tata said his appointment was for a short term and the process to find a permanent to succeed him would soon begin.