Oppression and Mismanagement under Companies Act, 2013
Oppression and Mismanagement under Companies Act, 2013 As the Supreme Court on friday upheld the decision of Tata Sons board in october 2016 to remove its then chairman, Cyrus Mistry from office and and later the Company's Board. Therefore, it’s very essential to understand the case and provisions of the Act, 2013. The Supreme Court Bench, led by Chief Justice of India S A Bobde, rejected Mistry’s Group’s plea against the conversion of Tata Sons from a public limited company into a private limited one and did not get into the issue of valuing the company’s stake and the court set aside the National Company Law Appellate Tribunal’s (NCLAT’s) order of December 2019, which had re-instated Mistry on the Tata Sons board and had termed the appointment of the current chairman, N Chandrasekaran, “illegal”. · The case was Tata Trusts, which owns 66 per cent in Tata Sons, is chaired by Ratan Tata, who is 83 and patriarch o...