Jan 18: A top corporate tribunal on Wednesday dismissed a petition filed against Tata Sons by its ousted Chairman Cyrus Mistry for calling a shareholders’ meet to also remove him as a Director on the company’s Board.
The National Company Law Tribunal’s (NCLT) Mumbai bench dismissed the petition filed by Mistry’s investment company – Cyrus Investment Private Limited.
The order was passed by the Bench of Hon’ble Member (Judicial) B.S.V. Prakash Kumar and Hon’ble Member (Technical) V. Nallasenapthy.
Tata Sons’ Board ousted Mistry on October 24, 2016 as its Chairman and appointed Ratan Tata as Interim Chairman.
However, Mistry still remains a Director on the board of the holding arm of the $100 billion-plus group.
Tata Trusts hold 66 per cent stake in the holding company of the Tata Group, with Mistry’s family holding over 18 per cent interest.
The petition had also sought an injunction against the proposed extra-ordinary general meeting (EGM) which is said to have been called on February 6, 2017.
The petition alleged that the company had violated NCLT’s order dated December 22, 2016, as it called for an EGM by issuing a special notice on January 3, 2017.
In response to the petition, Tata Sons that time had said: “There is no contempt. We will make our submissions to the NCLT.”