In a setback for ex-Tata Sons chairman Cyrus Mistry, the National Company Law Tribunal (NCLT) did not give any interim relief to him
In a setback for ex-Tata Sons chairman Cyrus Mistry, the National Company Law Tribunal (NCLT) did not give any interim relief to him and shifted the next hearing on January 31. While hearing the case, NCLT said it won’t consider interim relief to Cyrus Investments Co alleging oppression in Tata conglomerate. Last Tuesday, Cyrus Mistry had filed a case in the National Company Law Tribunal (NCLT) against Tata Sons alleging oppression of minority shareholders, sources said. The petition has been filed under Sections 241 and 242 of the Companies Act.
The first hearing by NCLT on the petition was slated for today. Reacting to the development, a Tata Sons in a statement said that it was was served with a petition under Sections 241 and 242 of the Companies Act before the NCLT, which has been filed by investment companies of Cyrus Mistry and the company is in consultation with its lawyers. The conglomerate company also reiterated that it followed the highest standards of corporate governance in its operations and views the petition as an unfortunate outcome of the situation arising from Cyrus Mistry’s complete disregard of the ethos of the Tata Group and Jamsetji Tata.
Even after Cyrus Mistry’s recent comments that it is not a personal issue, it is evident that it always has been for him a personal issue which reflects his deep animosity towards Ratan Tata, the statement further said.
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The statement also added that Cyrus Mistry was Tata Sons chairman for close to four years and it is surprising that he is making allegations now on activities of Tata Sons after doing little to address them, in his tenure both as a director (since 2006) and a chairman since 2012.