NCLAT rejects Cyrus Mistry’s appeal against Tata Sons shareholder meet
Cyrus Mistry’s family firms had approached NCLAT as the National Company Law did not restrain Tata Sons Ltd from holding shareholders meeting on 6 February
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday rejected appeals filed by two Mistry family firms, in effect allowing the 6 February shareholder meeting of Tata Sons Ltd to be held.
Cyrus Mistry’s family firms, Cyrus Investment Pvt. Ltd and Sterling Investment Corp. Ltd, approached the NCLAT as the National Company Law Tribunal (NCLT) did not restrain Tata Sons Ltd from holding a shareholders meeting on 6 February to oust Mistry as a director on the board.
NCLAT chairperson S. J. Mukhopadhaya said that there would be no interim relief, like a stay of the shareholder meeting, granted.
The two firms, in which Mistry has a majority shareholding, have the option to appeal to the Supreme Court. A detailed judgment on the appeals will be available by Tuesday.
The firms had sought a stay on the extraordinary general meeting and asked for an order restraining Tata Sons from taking any action to oust Mistry, who was removed as chairman on 24 October, from the board.
According to the firms’ petition before the NCLAT, a copy of which Mint has seen, orders delivered by the NCLT are “wrong both on fact and law and...set out a very bad precedent” on several counts, including by failing to give reasons for rejecting a stay on the 6 February meeting.
Tata Sons moved to remove Mistry as a director on the board after being requisitioned to do so by four Tata trusts.
Editor's Picks »
- Artificial intelligence predictions may not always lead to better decisions
- 2G case: Delhi HC defers hearing on CBI, ED plea against acquittals
- Friday Wrap: ‘Parmanu,’ ‘Solo’ make for dull movie week
- In order to grow, we need to get into other markets: Vince Voron
- IHH extends revised offer for Fortis to 30 June
- Motherson Sumi continues to face margin pressure in foreign markets
- What the Warren Buffett indicator tells us about market valuations today
- Jet Airways lands with a thud in Q4 as fuel costs increase
- IBC amendments: Some dilutions, and a lot more speed
- Patanjali’s gambit is paying off in toothpaste wars