Cyrus Mistry approaches NCLAT against NCLT’s July 9 order

By: | Published: August 4, 2018 2:35 AM

Cyrus Mistry on Friday approached the National Company Law Appellate Tribunal (NCLAT) challenging the July 9 order of the NCLT’s Mumbai bench, which dismissed his plea regarding oppression of minority shareholders in Tata Sons, as well as mismanagement.

The appellate tribunal is likely to take up the petition for hearing next week. (File photo: AP)

Cyrus Mistry on Friday approached the National Company Law Appellate Tribunal (NCLAT) challenging the July 9 order of the NCLT’s Mumbai bench, which dismissed his plea regarding oppression of minority shareholders in Tata Sons, as well as mismanagement.

The appellate tribunal is likely to take up the petition for hearing next week. In its July 9 order, the NCLT had dismissed Mistry’s plea relating to his removal as Tata Sons chairman in October 2016, contending that it was arbitrary and was a clear case of oppression of minority shareholders at the group. The tribunal had also found no merit in his allegations against Rata Tata and Tata Trusts’ Noshir Soonawala of acting as “super directors” and said that the management is more accountable to shareholders under the present regime.

Mistry had alleged inappropriate interference from Tata and Soonawala in the affairs of the group.
Issues related to mismanagement and breakdown of governance raised by Mistry with regard to the Nano project, AirAsia and C Sivasankaran in Tata Teleservices were also rejected, as well as his plea for proportionate representation for Mistry group firms on the Tata Sons board.

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