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In another setback for Cyrus Mistry, the National Company Law Appellate Tribunal (NCLAT) has refused to stay Tata Sons’ shareholder meeting on February 6 to remove him as director, a position he had held since 2006.
On Thursday, Tata Sons’ ousted chairman Mistry moved NCLAT seeking a stay on the extraordinary general meeting, with the appellate tribunal listing it for hearing on Friday.
Hearing the petition today, NCLAT also dismissed the petition filed by Mistry camp.
The move to file a petition before NCLAT came after the National Company Law Tribunal (NCLT) refused to restrain Tata Sons’ EGM proceedings at its hearing on Tuesday.
Mistry’s camp has filed three petitions. The main plea is to challenge Mistry’s ouster as Chairman.
Then there are two other petitions — to stay the Tata Sons EGM on February 6, and to seek a waiver of Section 244 of the Companies Act, under which only those who own a more than 10 per cent stake can appeal at NCLT.
Mistry’s counsel CA Sundaram had refused to argue the main petition, and insisted that the tribunal must first pass orders on the issue of maintainability or give a decision on the waiver application.
The Tribunal said it will hear Mistry’s counsel’s argument on February 13 and 14; in case the petitioner fails to argue, the petition will be dismissed.
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