Tata own Docomo telecom
New Delhi: A day after Tata Sons moved the Supreme Court, group patriarch Ratan Tata also filed a petition in the top court enticing it to set aside the National Company Law Appellate Tribunal (NCLAT) order which had restored Cyrus Mistry as executive chairman and termed conversion of Tata Sons from a public to private company as’illegal’. Tata’s petition will be mentioned before the Chief Justice of India on Monday who will decide on the hearing date. In his request, Ratan Tata said the NCLAT judgement is based that just two groups own Tata Sons. ‘There hasn’t been any relationship.
In the infamous spat with DoCoMo and Tata, Mistry showed complete obstinacy and attempted to resist complying with the legal obligations further. Mistry was resisting paying out the mediation cash to DoCoMo following the Japanese telecom major asked the Tata to buy back its position in the telecom company according to a previous agreement signed through Tata’s tenure. DoCoMo later won an award from an arbitration panel in London but Mistry was resisting paying the cash. DoCoMo was paid its dues, as per the court orders, after Mistry was removed.
Quite to the contrary, honouring its commitments is one of Tata Sons’ highest virtues it takes pride in. Tata said there are no ‘550 emails’ between Cyrus Mistry and him as mentioned in the judgement.
These mails were between chairman Cyrus Mistry and the chairman emeritus and not by entities in Court, he said. ‘The entire case of oppression and prejudice is based entirely on words and statements contained in correspondence without there being an iota of evidence to buttress any true loss/injury being caused to Tata Sons as a result of Mistry being made to act on these interference/interdiction contrary to his wishes,’ Tata said. ‘The NCLAT judgment mis-characterises and spends considerable ink on discussing the Tata press statement whilst completely ignoring the email released by Mistry on October 25th 2016 and its contents. ‘The NCLAT order is very unfortunate and distressing it had been passed without providing any proper evidence and negative remarks were against Tata who has spent over half of his life in building the name of the Tata Sons and other Tata operating companies to one of the top global companies,’ the petition stated.
‘The NCLAT judgment not only creates a wrong legal precedent that’s vulnerable to being misused against many companies including public sector and government companies. Anyway, the judgment nowhere even attempts to discuss the factual and legal findings of NCLT and on what grounds was the judgment dated July 9, 2018 passed from the NCLT was set aside,’ it said. The largest feud of india was sacked by the Tata Sons board in October 2016, citing’incompetence’. Subsequently, Mistry family’s investment companies, which hold a 18.5 percent stake in Tata Sons, moved the National Company Law Tribunal (NCLT), Mumbai, appealing against his dismissal, but lost the case. Later, the NCLAT, which on December 18 last year ordered Tata Sons to reinstate Mistry as chairman was moved by Mistry companies.