Tatas May Move SC Vacation Bench To Stay NCLAT Order To Reverse Status Of Company From Private To Public Limited
[ By Bobby Anthony ]Tata Sons may move the vacation bench of the Supreme Court for a stay against the National Company Law Appellate Tribunal (NCLAT) order to reverse its status from a private company to a public limited company.The same order had also reinstating Cyrus Mistry as a director on its board and on three group firms.The Tata Group may not wait until January 6, 2020, since the...
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Tata Sons may move the vacation bench of the Supreme Court for a stay against the National Company Law Appellate Tribunal (NCLAT) order to reverse its status from a private company to a public limited company.
The same order had also reinstating Cyrus Mistry as a director on its board and on three group firms.
The Tata Group may not wait until January 6, 2020, since the Supreme Court would reopen only after the winter break.
Meanwhile, there are also reports that the Ministry of Corporate Affairs (MCA) will examine whether proper procedures were followed by Tata Sons and the Mumbai office of the Registrar of Companies (RoC) before the firm’s status was converted from a public company to a private limited company.
It may be recalled that in September 2017, Tata Sons had secured shareholders’ approval for conversion to a private limited company.
At that time, such a conversion, under Section 14 of the Company Law, required approval of the Tribunal before approaching the RoC.
However, the law was changed with effect from November 2, 2018, delegating those powers to the central government.
