NCLT dismisses Cyrus Mistry’s petition against Tata Sons

New Delhi [India], Apr 17 : The National Company Law Tribunal (NCLT) on Monday dismissed a waiver plea and petition filed by former chairperson of Tata Sons Ltd, Cyrus Mistry.

The petition was filed against Tata Sons seeking waiver of eligibility condition for moving before the NCLT.

The final order is stated to be issued on Friday. On February 6, the shareholders at Tata Sons approved a motion passed to remove Mistry as a director of the company.

Prior to this, Mistry had moved against the decision of the NCLAT's Mumbai bench, which permitted Tata Sons to hold the extraordinary general meeting, claiming that the meeting was called to consider Mistry's removal from its board.

Subsequently, on February 3, the appeal was dismissed by a two member-NCLAT bench headed by chairperson S J Mukhopadhya.

Cyrus Investment Pvt. Ltd and Sterling Investment Corp Ltd, which together hold 18.5 percent of ordinary share capital in Tata Sons, had filed a contempt of court petition at the NCLAT seeking a stay on Tata Sons Ltd holding a meeting to remove him as a director of the board.

Mistry was sacked as the chairman of Tata Sons on October 24, 2016 after which he resigned from the board of the company.

Thereafter, alleging mismanagement at the firm and oppression of minority shareholders, he dragged Tata Sons to the tribunal.

Source: ANI