Companies

NCLAT admits Mistry's plea against NCLT order upholding his removal

BL Internet Desk | Updated on August 29, 2018 Published on August 29, 2018

The National Company Law Appellate Tribunal (NCLAT) today admitted a petition moved by outsted Tata Sons Chairman Cyrus P Mistry against a Mumbai Bench of the National Company Law Tribunal order upholding his removal.

Admitting the petition, NCLAT issued notices and said that the petition would be heard together with the petitions filed by his family’s investment firms challenging the removal as well as conversion of Tata Sons into a private company from a public limited firm.

Mistry had yesterday filed the petition in his personal capacity, requesting the appellate tribunal to set aside the impugned July 9 order of the National Company Law Tribunal.

Cyrus Mistry had earlier this month moved the National Company Law Appellate Tribunal against a lower court order that dismissed his plea. On July 9, the National Company Law Tribunal’s Special Bench in Mumbai had dismissed Mistry’s petition, ruling in favour of Tata Sons.

Mistry had accused the Tata Group of mismanagement and oppression of minority shareholders’ rights. He had also challenged his removal as Tata Sons Chairman following a boardroom battle.

Last week, the NCLAT had ruled that Tata Sons must not invoke provisions to force the Shapoorji Pallonji (SP) group to sell its stake. The SP group is the single largest minority shareholder in Tata Sons, with an 18.4 per cent stake.

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(With inputs from PTI)

Published on August 29, 2018
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