Tata-Mistry spat: NCLT order on contempt plea today
Mumbai: The National Company Law Tribunal (NCLT) is set to pronounce on Wednesday its order on a contempt of court petition filed by Cyrus Investments Pvt. Ltd and Sterling Investments Pvt. Ltd. It sought to restrain Tata Sons Ltd from going ahead with a February meeting of shareholders to eject Cyrus P. Mistry as a director from its board.
The petition claimed that Tata Sons calling the extraordinary general meeting (EGM) violates the undertaking given by its lawyers when the NCLT heard an earlier petition filed by the investment firms on 22 December.
On Tuesday, The Economic Times reported that Mistry, the ousted chairman of Tata Sons, has opposed the appointment of N. Chandrasekaran and has shot a letter to the Tata Sons board challenging the latter’s appointment and may even consider legal option. In his letter to the board, Mistry termed the appointment as “illegal” as the matter was still sub-judice, the report said. Mistry did not attend the meeting, the ET report said.
“The Tata Sons Board meeting held on January 12, 2017 and the appointment of N Chandrasekaran as chairman of Tata Sons have been done as per the company’s Articles of Association and relevant laws,” ET reported, citing a Tata Sons spokesperson.
A person in Mistry’s office said, “Today’s hearing is only on the contempt of court order.”