Cyrus Mistry vs Ratan Tata: Ousted chief files fresh affidavits against Tatas in NCLT

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New Delhi | Published: January 23, 2017 7:55:41 PM

In a fresh move against Tata Group chief Ratan Tata the ousted group chairman Cyrus Mistry has filed fresh affidavits annexures at National Company Law Tribunal (NCLT) and is set to release dozens of emails of Tata Group.

He has also alleged Tata officials were being oppressive and accused them of mismanagement. (Reuters)He has also alleged Tata officials were being oppressive and accused them of mismanagement. (Reuters)

In a fresh move against Tata Group chief Ratan Tata the ousted group chairman Cyrus Mistry has filed fresh affidavits annexures at National Company Law Tribunal (NCLT) and is set to release dozens of emails of Tata Group. He has also alleged Tata officials were being oppressive and accused them of mismanagement. In the affidavit, Mistry has alleged that Ratan Tata has acted like ‘Super Board’ in company affairs and was remote controlling Tata Sons’ operations, according to a report by CNBC-TV18.

However, he had left disappointed from NCLT on January 18, when the tribunal dismissed his contempt petition against Tata Sons for convening an extraordinary general meeting on February 6 to remove him as a director from the board.

The tribunal had then given Mistry three days to file a separate affidavit petitioning the move be stayed and in the wake of that Mistry has filed the fresh affidavits.

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The main petition of Mistry against Tata Sons which alleges mismanagement and oppression of minority shareholders at the firm will be heard on January 31 and February 1.

On the contempt plea, Abhishek Manu Singhvi, who represented Tata Sons at the January 16 hearing, had contended that the December 22 order of the tribunal restrained both parties from taking any fresh legal actions and nowhere did it stop Tata Sons from carrying out its regular duties, which included convening the EGM.Mistry’s family investment firms have a 18.38% stake in Tata Sons. The Tatas in their reply to Mistry’s original petition have claimed that as per company law, a shareholder can only move NCLT if its shareholding including equity and preferential shares is 10%. In the case of Mistry’s firms, while the equity shareholding is 18.38%, it falls to around 2.17% if preferential shares are taken into account.

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