Cyrus Mistry demands proportionate board representation at Tata Sons1 min read . Updated: 10 Jan 2018, 09:22 PM IST
Cyrus Mistry says Shapoorji Pallonji Group, the single largest shareholder in Tata Sons with over 18% ownership, should be given board representation proportionate to its holdings
Mumbai: Ousted Tata Sons chairman Cyrus Mistry on Wednesday sought that his Shapoorji Pallonji Group, the single largest shareholder in Tata Sons with over 18% ownership, be given board representation proportionate to its holdings.
At the ongoing hearing of two petitions filed by Mistry family firms at the National Company Law Tribunal (NCLT) here, the SP group put forth its demand besides others "to put an end to acts of oppression and mismanagement of Tata Sons".
The Mistry family-run firms also sought to stop conversion of the holding company of the Tata group (Tata Sons) into a private company and asked that the Tata group be directed to abide by all requirements under the Companies Act of 2013.
It also sought a direction to Tata Sons to ensure that any decision on matters before the board of Tata Sons may be communicated only by the chairman or other authorised representative, and only after the board's approval.
Two firms controlled by the Mistry family have moved the Mumbai bench of the NCLT demanding action against Tata Sons for "oppression" of minority shareholders and "mismanagement" of Tata group companies.
Mistry is locked in a legal battle with the Tatas since his sacking as chairman of Tata Sons on 24 October 2016, and removal as a director on 6 February 2017.