1. NCLT reserves order till January 18 on contempt petition filed by Cyrus Mistry investment firms

NCLT reserves order till January 18 on contempt petition filed by Cyrus Mistry investment firms

Mistry, through his family’s investment firms, which have a 18.38% stake in Tata Sons, had moved NCLT on December 20.

By: | Updated: January 16, 2017 2:42 PM
Cyrus Investments and Sterling Investments have filed 'wilful disobedience' case against Tata Sons on behalf of Cyrus Mistry.(Reuters) Cyrus Investments and Sterling Investments have filed ‘wilful disobedience’ case against Tata Sons on behalf of Cyrus Mistry.(Reuters)

National Company Law Tribunal has reserved its order till January 18 on contempt petition filed by Cyrus Mistry Companies against Tata Sons. Cyrus and Sterling Investments had approached the tribunal last month. Mistry filed a petition under the Companies Act of 2013 at the NCLT, a government constituted judicial body dealing with corporate grievances in India.

Tata Sons has charged Mistry with breach of confidentiality. According to Tata Sons Mistry is not supposed to share any confidential and sensitive information he came to know in his capacity as director and and he must cease all documents which are not directly related to the legal proceedings.

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Mistry, through his family’s investment firms, which have a 18.38% stake in Tata Sons, had moved NCLT on December 20. He alleged that Tatas were oppressing minority shareholders in their company. In his petition to NCLT under sections 241, 242 and 244, Mistry also, among other things, annexed the minutes of the board meeting of Tata Sons on October 24 in which he was removed.

 

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