Article Timeline - Tata vs Mistry
The Mistry family, of Shapoorji Pallonji Group, is the largest individual shareholder of Tata Sons, the holding company of Tata Group. Dispute between Tatas & Mistrys began in 2016 when Cyrus Mistry was ousted as chairman of Tata Sons. Mistry later announced to sell all of its ~18% stake in Tata to cut ties. After 6 years of legal battle, the Tata Sons' decision to sack Mistry was upheld by SC.
Cyrus Pallonji Mistry becomes the first non-Tata Chairman of Tata Sons. He will replace replace Ratan Tata who will serve the group as “honorary chairman emeritus”.
Sources: Hindustan Times, First Post
Cyrus Mistry removed as Tata Sons Chief allegedly over his style of functioning and his performance. Ratan Tata joins as interim chairman.
Sources: Economic Times, Livemint
Cyrus Mistry denies allegations of Ratan Tata that he had kept TCS & Jaguar Land Rover on “auto-pilot” during his tenure. He says TCS instead had near-death experience when Ratan Tata had once proposed to sell TCS to IBM which was turned down by JRD Tata.
Sources: Business Today, Business Standard
Tata Sons shareholders vote to remove Cyrus Mistry as chairman. Shortly after, N Chandrasekaran, the CEO of TCS, was appointed as the Chairman of Tata Sons.
Sources: Time of India, Business Standard
National Company Law Tribunal (NCLT) dismisses charges of Mistry against Tatas. Mistry had alleged misgovernance at Tata Sons and that Tata Sons is biased against minority shareholders.
Sources: Livemint NDTV
NCLAT, an appellate tribunal where parties can contest decisions of NCLT, says removal of Cyrus Mistry as Tata Sons Chair was illegal. NCLAT also calls the decision “oppressive.” Ratan Tata challenges this order in SC in Jan 2020.
Sources The Wire, Times of India
Supreme Court stays NCLAT order. Says order suffered from “basic errors.” The stay allows Tata Sons to function normally.
Sources: Business Standard, Economic Times
Pallonji tells the Supreme Court that it plans to end its dispute with Tata Sons by selling its ~18% stake in the firm. At ₹2.4cr/share, the stake is valued at ~₹2 lakh cr. However, SC restricts Mistrys from raising money by selling its stake.
Sources: Business Standard, Times Now
Tata Sons disagrees with the valuation of ~₹1.75 lakh cr sought by Shapoorji Pallonji for its ~18% stake. Tatas tell the SC that the stake is valued at ~₹80k cr.
Sources: Tech Crunch, Hindustan Times
The SC rules in favour of Tata Sons, upholds its decision to remove its erstwhile chairman Cyrus Mistry. A month later, the Shapoorji Pallonji Group files a review petition in SC for this order.
Source: Times of India, Business Standard
The Supreme Court rejects the review plea filed by Shapoorji Pallonji Group. However, SC agrees to expunge (remove) controversial remark against Cyrus Mistry. The SC deletes these remarks a month later.
Source: Business The Hindu Business Line, Economic Times