The final verdict could go either way – in favour or against – but Cyrus Mistry will still cut a cake on July 4 as the day also marks his 50th birthday. Incidentally, on the same day (Wednesday), the National Company Law Tribunal’s (NCLT) Mumbai bench is set to pronounce its final verdict in the Tata-Mistry case, an issue that had been simmering since October 24, 2016.
Mistry, a reclusive businessman, generally celebrates his birthday with his family and friends in the quiet of his home at Walkeshwar in South Mumbai. This time also Mistry will be at home on his birthday as he awaits NCLT verdict.
“Cyrus Mistry’s fight is not for himself, but to protect and save the Tata institution, a brand that has always stood for the highest levels of governance and integrity. The fight is not to get back to the post but to set good governance which Mistry was doing when he was at the helm. Whatever may be the order of the court, Mistry is prepared to take this battle at available legal forums to ensure the Tata institution flourishes for many decades," a source close to the Mistry camp said. After a series of hearing at NCLT Mumbai and National Company Law Appellate Tribunal (NCLAT) Delhi, a final order by the tribunal is expected on July 4. However, according to lawyers watching the development, NCLT’s ruling would be another “pit stop” in the whole saga as in such high profile cases one of the parties will approach the appellate tribunal.
Mistry, who was the sixth chairman of the Tata Group between 2012 and 2016, was ousted following a board room coup on October 24, 2016. On December 20, 2016, through family-run firm Cyrus Investments he moved the NCLT against Tata Sons and others for oppression and mismanagement.
During the past 21 months (from October 24, 2016), since Mistry moved NCLT, both the sides – Tata Group and Mistry — had their share of wins. On September 21, 2017, in a breather to Mistry, NCLAT had agreed to waive the condition that requires a minimum 10 per cent shareholding to file a petition before the appellate tribunal.
The Mistry camp had sought a waiver on the condition in the Companies Act that a firm or person should hold a minimum of 10 per cent of the shares of the company concerned to file a petition before the NCLT.