Cyrus Mistry firms said to have moved plea to amend petition against Tata1 min read . Updated: 04 Nov 2017, 01:09 AM IST
Amendment is 'to bring on record facts which have transpired subsequent to the filing of the company petition', such as conversion of Tata Sons to a private limited company
Mumbai: The family investment firms of Cyrus Mistry, the ousted chairman of Tata Sons Ltd, have moved an application seeking to amend a petition in which they alleged mismanagement and oppression of minority shareholders against the Tata group holding company, said a person close to Mistry.
The amendment is “to bring on record facts which have transpired subsequent to the filing of the company petition," such as the conversion of Tata Sons to a private limited company.
Cyrus Investments Pvt. Ltd and Sterling Investments Co. Pvt. Ltd have filed a petition at the National Company Law Tribunal (NCLT), this person said.
The companies have also filed a so-called interlocutory application seeking an injunction against the resolutions passed in the 21 September annual general meeting of Tata Sons, said this person.
On 21 September, Tata Sons shareholders approved a resolution to convert the firm to a private limited company. That conversion effectively restricts the Mistry family’s ability to sell its 18.4% stake (ordinary shares) in Sons to external entities.
Tata Sons declined to comment.
The NCLT is to start hearing the petition on 20 November.
Tata Sons and Mistry, who was ousted as chairman in October, have since been locked in a bitter legal battle.