NCLT dismisses Cyrus Mistry's waiver petition

The former chairman of Tata Sons faced a setback on Monday after the NCLT dismissed Cyrus Mistry's waiver petition. Mistry had alleged mismanagement and oppression of the interest of minority shareholders at the company.

Under the Companies Act, a petitioner should hold at least one-tenth of the issued share capital of a company or represent 10% of the total number of members to take up such a case at the NCLT.

The tribunal last month ruled that the Mistry family firms didn’t meet these requirements. Mistry is fighting to get this condition waived, citing public interest attached to the matter and the nature of the allegations.

The order copy is expected to Friday.