Cyrus Mistry Returns As Tata Sons Chairman, Company Stocks Tank

Cyrus Mistry returns as the executive chairman of the Tata Sons Group after the National Company Law Appellate Tribunal (NCLAT) on Wednesday ruled in his favour on a petition challenging his ouster from the company in 2016 amid differences.

The NCLAT held that the appointment of N Chandrasekaran as the chairman of the group, one of India’s oldest and largest conglomerates, was illegal.

Tata Sons has four weeks to appeal the order.

After the decision of the Tribunal, the shares of Tata Group plunged. Companies such as Tata Motors and Tata Power are already in bad shape as the market is in downturn.

Breaking: Tata Group shares plunge as NCLAT restores Cyrus Mistry as Chairman again. N Chanrashekharan’s appointment held illegal. #Mistry #Tata more at @GoNews_India pic.twitter.com/wLwJCiNoyJ

— Pankaj Pachauri (@PankajPachauri) December 18, 2019

Tata group’s net worth is estimated at over $110 billion and it has more than 35 companies that make salt to power houses.