GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Cyrus Mistry Approaches NCLAT Against His Removal from Tata Sons

Mistry in his pleas primarily argued that his removal was not in accordance with the Companies Act and that there was rampant mismanagement of affairs across Tata Sons.

PTI

Updated:August 3, 2018, 3:20 PM IST
facebookTwittergoogleskypewhatsapp
Cyrus Mistry Approaches NCLAT Against His Removal from Tata Sons
File photo of Cyrus Mistry. (PTI)
Loading...
New Delhi: Ousted Tata Sons chairman Cyrus Mistry on Friday approached the National Company Law Appellate Tribunal (NCLAT) against the order of NCLT dismissing his plea challenging his removal as chairman of the company.

A petition was filed before the appellate tribunal against the July 9 order of the Mumbai bench of the National Company Law Tribunal (NCLT).

"We have filed the appeal today," Mistry's counsel said.

Mistry's appeal is now with the registry of the NCLAT, which would forward it after technical verification.

Asked as to when would the matter be listed for hearing, the counsel said: "Nothing has been decided as of now."

On July 9, NCLT Mumbai had dismissed pleas of Cyrus Mistry challenging Mistry's removal as Tata Sons chairman as also the allegations of rampant misconduct on part of Ratan Tata and the company's Board.

A special bench of the tribunal held that the Board of Directors at Tata Sons was "competent" to remove the executive chairperson of the company.

NCLT bench members B S V Prakash Kumar and V Nallasenapathy said that Mistry was ousted as chairman because the Tata Sons' Board and its majority shareholders had "lost confidence in him".

Under the Companies Act 2013, an order of NCLT can be challenged before the National Company Law Appellate Tribunal (NCLAT).

Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016. He had taken over as the chairman in 2012 after Ratan Tata announced his retirement.

Two months after his removal, Mistry's family-run firms Cyrus Investments Pvt Ltd and Sterling Investments Corp approached the NCLT as minority shareholders, against
Tata Sons, Ratan Tata, and some other board members.

Mistry in his pleas primarily argued that his removal was not in accordance with the Companies Act and that there was rampant mismanagement of affairs across Tata Sons.

He also alleged that Tata Trust chairperson Ratan Tata and trustee N Soonawala interfered with the day-to-day operations of the group companies, they acted as shadow directors, and all of the above caused massive revenue loss for the group.

The Tata Group had denied all charges and said Mistry was removed because the Board had lost confidence in him.
| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,101.30 -4.34
Indiabulls Hsg 653.80 -17.10
Dewan Housing 210.55 -10.75
Yes Bank 217.90 -6.04
Bajaj Finance 2,140.50 -0.47
Company Price Change %Gain
Sudarshan Chem 385.05 2.64
Indiabulls Hsg 654.25 -17.06
Reliance 1,101.65 -4.11
Dewan Housing 211.80 -10.37
Yes Bank 217.70 -6.06
Top Gainers
Company Price Change %Gain
ITC 289.45 1.05
HUL 1,578.40 1.05
Kotak Mahindra 1,198.95 1.95
HPCL 215.90 4.15
Wipro 323.15 0.00
Company Price Change %Gain
Sun Pharma 608.40 2.52
Kotak Mahindra 1,199.55 1.83
Vedanta 211.15 1.51
HUL 1,579.20 1.16
ITC 288.45 0.73
Top Losers
Company Price Change %Gain
Indiabulls Hsg 653.80 -17.10
Yes Bank 217.90 -6.04
Bajaj Finance 2,140.50 -0.47
Hero Motocorp 2,712.75 -3.38
BPCL 283.55 -0.56
Company Price Change %Gain
Yes Bank 217.70 -6.06
HDFC 1,661.30 -4.32
Reliance 1,101.65 -4.11
Hero Motocorp 2,711.00 -3.70
Infosys 682.60 -3.11

Live TV

Loading...
Loading...