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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.

Dec 2012

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

Oct 2016

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

Nov 2016

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

Feb 2017

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

Jul 2018

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

Dec 2019

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

Jan 2020

Supreme Court stays NCLAT order. Says order suffered from “basic errors.” The stay allows Tata Sons to function normally.

Sources: Business Standard, Economic Times

Sep 2020

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

Dec 2020

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

Mar 2021

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

May 2022

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

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