The tribunal also imposed a fine of total 1 mln rupees on Cyrus Investments Ltd and Sterling Investment Corp Pvt Ltd that had filed the plea.
MUMBAI : In a major setback to the Cyrus Mistry, the National Company Law Tribunal’s (NCLT) Principal bench in Delhi, on Friday dismissed its plea seeking transfer of its petition against Tata Sons to some other bench apart from Mumbai bench. The NCLT has also imposed a cost of Rs 10 lakh on Mistry’s firm – Cyrus Investments. A division bench of President – Chief Justice (retd.) MM Kumar and Member – Justice Deepa Krishan, heard the plea filed by Cyrus Investments. The firm had sought transfer of their company petition from Mumbai bench to some other ‘appropriate’ bench.
In its company petition, the Mistry camp has accused the Tata Sons of oppressing and mismanaging the minority shareholders. The firm apprehended that the Mumbai bench may pass an order in favour of Tata Sons as it had at a very preliminary stage recorded an ‘adversarial’ finding. It may be noted that the Mumbai bench had fixed a ‘time frame’ for all the parties to file their say, so that the matters can be disposed of expeditiously.
Having heard the submissions advanced by both Cyrus Investments as well as Tata Sons, President Kumar said, “We do not think that the NCLT, Mumbai has in any manner committed an act of prejudging the facts of the case.”
