(With PTI inputs)

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus P Mistry as executive chairman of Tata Sons. It also termed that appointment of N Chandrashekhar as executive chairman illegal.However, the tribunal said the restoration order will be operational only after four weeks, the time allowed to Tatas to file an appeal.Tata Sons' counsel, senior advocate A M Singhvi told TOI that the group is deeply disappointed with the NCLAT order. Singhvi said the group will take all legal recourses including moving the Supreme Court well in time.Singhvi stated that "implementation of restoration of executive chairperson (to Mistry) has been stayed by NCLAT till January 18. Our legal recourses including interim relief before the Supreme Court will be fully activated before January 18."On NCLAT's decision, Mistry said, "Today’s judgment isn't a personal victory for me, but is a victory for the principles of good governance and minority shareholder rights. The outcome of the appeal is a vindication of my stand."A two-member NCLAT bench pronounced its judgement over the petition moved by Mistry and two investment firms.The Appellate Tribunal had reserved its order in July this year, after completing its marathon hearing over the issue.Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016. He had taken over as the chairman in 2012 after Ratan Tata announced his retirement.The Mistry camp had challenged the July 9 order of the Mumbai bench of the NCLT which dismissed the pleas against his removal as Tata Sons chairman, as also the allegations of rampant misconduct on part of Ratan Tata and the company's board.Two months after his removal, Mistry's family-run firms approached the NCLT as minority shareholders, against Tata Sons, Ratan Tata, and some other board members.Mistry in his pleas primarily argued that his removal was not in accordance with the Companies Act and that there was rampant mismanagement of affairs across Tata Sons.Section 244 of the Companies Act, 2013 allows a shareholder of a company to bring an oppression and mismanagement case against the firm if it holds not less than one-tenth of the issued share capital.Tata Trusts, a group of public charities, owns a controlling 66 per cent stake in holding company Tata Sons and is chaired by Ratan Tata.