The National Company Law Tribunal on Friday dismissed the plea of ousted Tata Sons chairman Cyrus Mistry seeking transfer of his case challenging the ouster to the New Delhi bench from Mumbai.
The principal bench of the NCLT headed by Chairman Justice M.M. Kumar also imposed a cost of ₹10 lakh on Mr. Mistry’s two investment firms, which would be shared by both.
The two companies — Cyrus Investments Pvt Ltd. and Sterling Investments Corporation Pvt Ltd. — had held that the Mumbai bench could have a cause for bias.
Mr. Mistry has been locked in a legal battle with the Tatas since his unceremonious exit as chairman of Tata Sons — the promoter company of the $105-billion Tata group — in October last.