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The National Company Law Tribunal (NCLT), which is hearing the contempt petition filed by Cyrus Mistry in the ongoing Tata-Mistry saga, has reserved its order till January 18.
An NCLT Division Bench, comprising BSV Prasad Kumar (Member-Judicial) and V Nallasenapathy (Member-Technical), did not grant any interim relief sought by Cyrus Mistry’s lawyers. Both the parties also agreed not to file further applications to avoid multiplicity of procedures.
The judgment will now be pronounced on January 18.
On January 11, Tata Sons’ ousted Chairman Cyrus Mistry had moved NCLT, stating the proposed move to remove him as Tata Sons’ director violates undertakings given before the tribunal. Tata Sons, the holding company of Tata Group companies, has convened an extraordinary general meeting (EGM) on February 6 to remove Mistry as director.
In his petition, Mistry had also sought the prevention of issuance of securities by Tata Sons that would dilute the stake of the two investment companies through which Mistry had filed the case. Mistry had filed the first petition before the tribunal on December 20, 2016, through his family companies Cyrus Investments and Sterling Investment Corporation (the petitioners).
The petition was filed on account of acts of “wilful disobedience” by the respondents by disobeying the tribunal’s order dated December 22, 2016, the Mistry camp said in the contempt petition. Tata Sons, its Interim Chairman Ratan Tata, directors Amit Ranbir Chandra, Ishaat Hussain, Ajay Piramal and Venu Srinivasan, among others, are the respondents in the case filed before NCLT.
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