Tata Sons Ltd. should immediately convene a meeting and induct Cyrus Mistry on its board to avoid contempt of the National Company Law Appellate Tribunal's judgment, said Anil Singhvi, chairman at Ican Investment Advisors and founder of governance advisory firm IiAS.
“Two wrongs were done—Mistry being removed and conversion of the company [to private from public] with a malafide intention,” Singhvi told BloombergQuint in an interview. “Cyrus and his brother still own 18 percent shares in Tata Sons, and you cannot be dismissive of the fact that they are no more minority shareholders as it is a private limited company.”
On Wednesday, NCLAT ruled that Mistry's dismissal as chairman of Tata Sons was illegal. While the NCLAT restored him to his original position as executive chairman of Tata Group's holding company, it set aside the change of Tata Sons from public to a private company.
Watch | Tata Sons should not reduce itself to a street battle, Ican's Singhvi says
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