<p>The Supreme Court on Friday upheld the removal of Cyrus Mistry as executive chairman of Tata Sons and director on the board of the company.</p>.<p>The Court ruled in favour of Tatas in one of the most high-profile and publicly fought corporate battles.</p>.<p>A bench of Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian set aside the NCLAT order restoring Mistry as the chairman of Tata Sons.</p>.<p>The top court also refused to consider a plea by Shapoorji Pallonji group for fair compensation of their equity shares in Tata Sons. </p>.<p>It said value of SP group shares will depend on valuation of Tata Sons’ equities and that the court would not get into determining what should be a fair value.</p>.<p>Mistry was handpicked by chairman emeritus Ratan Tata in 2012 and sacked in 2016 as chairman of the salt-to-software conglomerate.</p>.<p>On January 10, 2020, the court stayed in toto the NCLAT order of December 18, 2019 which reinstated Mistry, noting several "lacunae". </p>.<p>NCLAT had held the group's chairman emeritus Ratan Tata's actions against Mistry were oppressive and the appointment of a new chairman was illegal.</p>.<p>The top court had reserved the verdict on December 17, last year in cross appeals filed by Tata Sons, Ratan Tata and Cyrus Investment and others.</p>
<p>The Supreme Court on Friday upheld the removal of Cyrus Mistry as executive chairman of Tata Sons and director on the board of the company.</p>.<p>The Court ruled in favour of Tatas in one of the most high-profile and publicly fought corporate battles.</p>.<p>A bench of Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian set aside the NCLAT order restoring Mistry as the chairman of Tata Sons.</p>.<p>The top court also refused to consider a plea by Shapoorji Pallonji group for fair compensation of their equity shares in Tata Sons. </p>.<p>It said value of SP group shares will depend on valuation of Tata Sons’ equities and that the court would not get into determining what should be a fair value.</p>.<p>Mistry was handpicked by chairman emeritus Ratan Tata in 2012 and sacked in 2016 as chairman of the salt-to-software conglomerate.</p>.<p>On January 10, 2020, the court stayed in toto the NCLAT order of December 18, 2019 which reinstated Mistry, noting several "lacunae". </p>.<p>NCLAT had held the group's chairman emeritus Ratan Tata's actions against Mistry were oppressive and the appointment of a new chairman was illegal.</p>.<p>The top court had reserved the verdict on December 17, last year in cross appeals filed by Tata Sons, Ratan Tata and Cyrus Investment and others.</p>
