Billionaire Mistry Family Loses Court Battle in Tata Feud
- Mistry’s 2016 ouster as Tata Sons chairman is ruled legal
- Supreme Court allows the two parties to negotiate separation
Cyrus Mistry in 2013.
Photographer: Dhiraj Singh/Bloomberg
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India’s Supreme Court ruled in favor of Tata Sons Pvt. in its years-long dispute with a former chairman, dealing a blow to his family that owns about 18% of the nation’s biggest conglomerate.
In its verdict Friday, the country’s top court said the 2016 ouster of Cyrus P. Mistry as chairman of Tata is legal, rejecting the former executive’s allegations of mismanagement by the group that makes products from salt to software and luxury Jaguar cars. The court also upheld Tata’s rules on minority shareholder rights, making it difficult for investors to sell shares.