Oct 28

Mistry hires top legal brass to fight Tatas

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Cyrus Mistry has roped in senior advocate of the Bombay High Court Janak Dwarkadas, ace lawyer Somasekhar Sundareshan and law firm Desai & Diwanji to fight any legal battle after he was replaced as chairman of Tata Sons board on October 24.

“We have not decided whether to file a case at the National Company Law Tribunal or in the high courts,’’ said a person close to the development. ‘’We will take a final decision soon.”

Dwarkadas is a senior lawyer at the Bombay High Court, Sundareshan had become an independent lawyer after working with one of India’s largest law firm JSA, and Desai & Diwanji is a reputed solicitor in India.

On Monday, Tata Sons chairman Cyrus Mistry was replaced by the Tata Sons Board. Mistry said the board did not seek an explanation or gave him an opportunity to defend himself, and the manner in which he was ousted was unique in the annals of corporate history.

‘’There is limited scope to approach the NCLT, that too if there is a non-compliance of procedure in removing the chairman. It is the prerogative of the board to decide who shall be the chairman,’’ said Anil G Variath, professor, National Law University, Mumbai.

“Under the new Companies Act, the high court intervention is a remote possibility. The issue of oppression comes only if he is removed as a director.”

Full story at Economics times