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In another minor win for Cyrus Mistry, the National Company Law Appellate Tribunal (NCLAT) on Wednesday admitted a personal plea by the ousted Tata Sons Chairman against an order passed by the lower court last month.
This becomes Mistry’s second plea to be admitted by NCLAT. Earlier, on August 24, the appellate tribunal had ruled that Tata Sons must not invoke provisions to force Mistry’s family to sell its 18.4 per cent stake in the group.
The appellate tribunal has set September 24 as the date to hear both appeals.
Mistry’s second plea was filed on Friday, challenging the July 9 order passed by the National Company Law Tribunal’s (NCLT) Mumbai bench in the case against Tata Sons.
In his plea, Mistry stated that the tribunal had made “sweeping remarks” and sought to know how the Tatas’ venerated past was relevant to the case, sources briefed on the case told BusinessLine .
Mistry had also sought “expunging of certain remarks and words” from the order.
Hearing the matter, a two-member bench of justices SJ Mukhopadhaya and Bansi Lal Bhat also issued notices to the respondents (Tata Sons and others) and sought a reply in the next 10 days. The Tatas will now have to file a reply along with that of the earlier one.
On July 9, NCLT had dismissed Mistry’s petition “without cost”, ruling in favour of Tata Sons. The Mistry camp had accused the Tata Group of mismanagement and oppression of minority shareholders’ rights. The Tribunal, however, said that a company’s board was competent enough to remove its Chairman, adding that Mistry was ousted as the Tata Sons’ board had lost confidence in him.
Mistry, who was the sixth Chairman of the Tata Group between 2012 and 2016, was ousted following a boardroom coup on October 24, 2016.
Later, on December 20, 2016, Mistry — through family-run firms Cyrus Investments and Sterling Investments — had moved the NCLT against Tata Sons and others for oppression and mismanagement.
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