Cyrus Investments and Sterling Investments had filed 'wilful disobedience' case against Tata Sons on behalf of Cyrus Mistry after latter called an EGM on February 6.
In a big setback to Cyrus Mistry, National Company Law Tribunal has dismissed his company’s plea alleging contempt of court by Tata Sons. On 11th January, two Shaporji Pallonji firms had filed a petition against Tata Sons alleging contempt earlier NCLT order. Cyrus Investments and Sterling Investments have filed ‘wilful disobedience’ case against Tata Sons on behalf of Cyrus Mistry after latter called an EGM on February 6.
Earlier, NCLT had accepted a caveat filed by Mistry’s firms in the ongoing tussle. The caveat technically barred Tata Sons from holding “any further actions in the issue” without prior information to NCLT. After filing of case by Mistry’s firms, Tata Sons had said that company will contest allegations.
“This afternoon Tata Sons Ltd was served with a petition under Sections 241 and 242 of the Companies Act before the National Company Law Tribunal (NCLT). We understand that the petition has been filed by investment companies of Mr. Cyrus Mistry,” the company said in a statement.
“Tata Sons is in consultation with its lawyers and will contest the allegations therein,” the company said further. Claiming that it has “followed the highest standards of corporate governance in its operations”, Tata Sons said it viewed “the Petition as an unfortunate outcome of the situation arising from Mr Mistry’s complete disregard of the ethos of the Tata Group and Jamsetji Tata”.