NCLAT starts to hear pleas by Mistry’s firms

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New Delhi, July 3 (IANS) An apex corporate appellate tribunal on Monday started to hear an appeal against orders of the National Company Law Tribunal (NCLT) on the case pertaining to the removal of Cyrus Mistry as Tata Sons’ Chairman.

The New Delhi-based National Company Law Appellate Tribunal (NCLAT) will continue to hear arguments in the case till July 7, 2017.

On May 4, the apex corporate appellate tribunal had said that it has admitted the pleas filed by Mistry’s investment companies.

In April, Mistry’s investment companies — Cyrus Investment and Sterling Investment Corp — approached the NCLAT against a March 6, 2017, order by the Mumbai-based NCLT, which declared their main petition against Tata Sons as non-maintainable.

The NCLT on March 6, had ruled against the maintainability of the petition filed against Tata Sons, which cited governance lapses and compromise of minority shareholder interests after Mistry was ousted as the Chairman of the holding company of the industrial conglomerate.

On October 24 last year, Tata Sons’ Board ousted Mistry as its Chairman and appointed Ratan Tata as the interim Chairman.

–IANS

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Comments: 1

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  1. It is time for Cyrus yo let it go. He has been
    replaced by a better man, and actually the man
    that should have been chosen frim the very start.
    The only reason that Chandra was not chosen first
    round was because of the deference given due to family name. This proved a very impudent decision. Merit based decisions will be the cirrect course for all great Indian decisions!