NCLAT rejects Cyrus Mistry's appeal to stall his removal from Tata Sons board
MUMBAI: National Company Law Appellate Tribunal (NCLAT) in New Delhi dismissed Cyrus Mistry family firms' appeal to stop Tata Sons from removing its former Chairman from its board at the shareholder meeting scheduled for Feb 6.
The family firms - Cyrus Investments Pvt Ltd and Sterling Investments Pvt Ltd - argued that his removal was improper as National Company Law Tribunal in Mumbai on Dec 22 had asked both the parties to not take any action on the subject matter of the case.
In the main petition Mistry's family firms had alleged oppression of minority shareholder rights and mismanagement at the Tata Group. His firms hold 18.4% stake in Tata Sons.
Tata Sons board directorship remains Mistry's only position in the $103 billion salt-to-software conglomerate after he resigned from all the boards of companies on December 19. Mistry was removed as chairman on October 24 from Tata Sons after the board said it lost confidence in him.
The family firms - Cyrus Investments Pvt Ltd and Sterling Investments Pvt Ltd - argued that his removal was improper as National Company Law Tribunal in Mumbai on Dec 22 had asked both the parties to not take any action on the subject matter of the case.
In the main petition Mistry's family firms had alleged oppression of minority shareholder rights and mismanagement at the Tata Group. His firms hold 18.4% stake in Tata Sons.
Tata Sons board directorship remains Mistry's only position in the $103 billion salt-to-software conglomerate after he resigned from all the boards of companies on December 19. Mistry was removed as chairman on October 24 from Tata Sons after the board said it lost confidence in him.
