1. Minority oppression issue raised again in Cyrus Mistry vs Tata Sons case

Minority oppression issue raised again in Cyrus Mistry vs Tata Sons case

The counsel for former Tata Sons chairman Cyrus Mistry on Monday said removal of his client from the post of chairman and as a director on the board of Tata Sons was not a directorial dispute but an act of oppression against minority shareholders.

By: | Mumbai | Updated: January 9, 2018 5:49 AM
tata sons cyrus mistry row, new turn in cyrus mistry tata sons row, latest development in tata sons cyrus mistry Cyrus Mistry. (PTI)

The counsel for former Tata Sons chairman Cyrus Mistry on Monday said removal of his client from the post of chairman and as a director on the board of Tata Sons was not a directorial dispute but an act of oppression against minority shareholders. Arguments in the ongoing Tata-Mistry case resumed on Monday after the previous hearing on November 23, 2017. The Mumbai bench of the National Company Law Tribunal (NCLT) is hearing the case between Cyrus Mistry’s companies — Cyrus Investments and Sterling Investments Co — and Tata Sons in relation to the alleged mismanagement and oppression of minority shareholders. Arguing for Mistry’s companies, senior counsel C Aryama Sundaram told the NCLT, “Removal of him as chairman and director are step in aid for oppression, for the minority to toe the line and not directorial dispute.” He said Mistry’s removal was not related to his performance. Sundaram said, “Tata companies had outperformed the BSE by 5% under his stewardship. Even today, no explanation has been given why was he removed…three months before his sacking from Tata Sons’ chairmanship, a recommendation committee had taken note of his good work in the company and recommended his salary be increased. And, then suddenly, he was told to go on October 24, 2016.”

Sundaram reiterated his earlier argument that the resolution to remove Mistry was not even present in the agenda of the board meeting held on October 24, 2016, the day he was removed as the chairman. “His removal was not the agenda, but there were embarrassing ideas to discuss on the board agenda that day and best way not to discuss them is to remove the man,” Sundaram said.

Mistry’s family firms – Cyrus Investments and Sterling Investments Co – have an 18.4% stake in Tata Sons.

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  1. G
    Girish
    Jan 9, 2018 at 11:42 am
    Cysrus removal Why Tata's deprived in giving explanations of his sudden ouster of removal ? though in Tata Enterprise the codes, conducts and ethics exists , those are in color book on theoretical basis ,not giving explanations like big shot Mistry , It's a real shame on Group as well as Mr.Ratan Tata, This shows Tata's have become capitalistic for carry forwarding un ethical practices for personal benefits , they never agree their wrong decisions, mistakes dominates sincere one like Cyrus .WE have totally lost Impressions of Tata's their b equity , now it has become too common after globalization, high compe ive market , with Quality standards ,Tata's always see short term game with opportunist , never Accepts challenges in business , runs group with loose win situations by grouping , RNT can give cores of donations funds to charity , but never gives 1 re to poor beggars ? Tata's r day by day loosing their core values in ethics Integrity towards stake holders best luck
    Reply
    1. G
      Girish
      Jan 9, 2018 at 11:38 am
      Cysrus removal Why Tata's deprived in giving explanations of his sudden ouster of removal ? though in Tata Enterprise the codes, conducts and ethics exists , those are in color book on theoretical basis ,not giving explanations like big shot Mistry , It's a real shame on Group as well as Mr.Ratan Tata, This shows Tata's have become capitalistic for carry forwarding un ethical practices for personal benefits , they never agree their wrong decisions, mistakes dominates sincere one like Cyrus .WE have totally lost Impressions of Tata's their b equity , now it has become too common after globalization, high compe ive market , with Quality standards ,Tata's always see short term game with opportunist , never Accepts challenges in business , runs group with loose win situations by grouping , RNT can give cores of donations funds to charity , but never gives 1 re to poor beggars ? Tata's r day by day loosing their core values in ethics Integrity towards stake holders best luck
      Reply

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