The Supreme Court on Friday stayed the NCLAT order restoring Cyrus Mistry as the executive chairman of the Tata Sons Pvt Ltd.
A bench of Chief Justices S A Bobde and Justices B R Gavai and Surya Kant noted “lacunae” in the orders passed by the National Company Law Tribunal on December 18.
The court said the order passed by the tribunal suffered from “basic errors and we have to hear the matter in detail”.
Senior advocate C A Sundaram, appearing for the company Cyrus Investment Pvt Ltd, submitted that instead of staying the NCLAT order, notice should be issued and two weeks be given for filing the reply.
The court, however, said Mistry has been “out of the saddle quite a long time” and a stay would not hurt him.
The bench said there was no prayer in the petition for reinstatement of Mistry but the tribunal went ahead with it and ordered his reinstatement. Tata Sons Pvt Ltd, Ratan Tata and others challenged the NCLAT decision.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks