Cyrus Mistry was removed as chairman of Tata Sons without any prior intimation, the National Company Law Appellate Tribunal (NCLAT) was told on Tuesday by two investment firms promoted by the Mistry family.
Senior advocate C A Sundaram representing the two firms said that removal of the chairman was not even on the agenda item of the board meeting of Tata Sons on October 24, 2016, when he was sacked.
"The agenda did not contained anything about removal of chairman," said Sundaram adding the proposal to remove him was brought "under any other item" of the meeting.
Questioning the order of the Mumbai bench of National Company Law Tribunal (NCLT) in this, he said that it treated removal of Cyrus Mistry as "nature of employment dispute."
Later Mistry was removed as director of all Tata group companies as the trustees had "written to all companies that if you do not remove him, we would take Tata brand name from you."
Concluding his arguments for the investment firms, Sundaram said: "In our opinion, he (Mistry) is the best man for us (to protect minority shareholders)."
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