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The Mumbai Bench of the National Company Law Tribunal (NCLT) has now deferred its judgment in the Tata Sons-Mistry case to July 9. It is a legal issue that had been simmering for the past 19 months.
The two-member NCLT Bench comprising BSV Prakash Kumar and V Nallasenapathy, adjourning the judgment, said they wanted to make some corrections before they pronounce the final verdict.
After a series of hearings at NCLT-Mumbai and the National Company Law AppellateTribunal (NCLAT) in Delhi, the Tribunal had earlier reserved July 4 to pronounce the verdict.
Mistry, who was the sixth Chairman of the salt-to-software Tata Group between 2012 and 2016, was ousted following a boardroom coup on October 24, 2016 .
Later on December 20, 2016, Mistry - through a family-run firm Cyrus Investments - had moved NCLT against Tata Sons and others for oppression and mismanagement.
Mistry, who had moved the NCLT, had accused governance issues at Tata Sons – the holding company of all Tata Group firms - due to intervention by Tata Trusts Chairman Ratan Tata. Mistry family is the single largest shareholder in Tata Sons, with an 18.4 per cent stake.
During the past 21 months (from October 24, 2016), both the sides – Tata Group and Mistry - had their share of wins. On September 21, 2017, in a breather to Mistry, NCLAT had agreed to waive the condition that requires a minimum 10 per cent shareholding to file a petition before the Appellate Tribunal.
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