NCLAT dismisses Cyrus Mistry's petition against Tata Sons EGM on February 6
National Company Law Appellate Tribunal has rejected former chairman Cyrus Mistry's plea against Tata Sons on holding the Extraordinary General Meeting (EGM) on February 6 seeking his removal from the company's board.
NCLAT is reported to have rejected former chairman Cyrus Mistry's plea against Tata Sons on holding the Extraordinary General Meeting (EGM) on February 6 seeking his removal from the company's board, Bloomberg reported on Friday.
According to Bloomberg, a two-member National Company Law Appellate Tribunal (NCLAT) bench said on Friday it will pass a detailed judgement later on Mistry's plea against holding of Tata Sons EGM.
Mistry had moved the Appellate Tribunal on Thursday seeking stay on the shareholder meeting of the Tata Group's holding company, called on February 6 to seek his removal, according to PTI report.
Two investment firms backed by the Mistry has moved the NCLAT through their law firm 'Jaitley and Bakshi'.
On January 31, the Mumbai bench of National Company Law Tribunal (NCLT) had refused to grant a stay on February 6 EGM.
"This issue was already decided in the last hearing when the contempt petition filed by two Mistry family companies was dismissed. There are no roadblocks for Tata Sons to hold the EGM. It can go ahead with the forthcoming EGM," had said a division bench of NCLT comprising B S V Prasad Kumar (Member-Judicial) and V Nallasenapathy (Member-Technical), cited the PTI report.
On January 18, NCLT had dismissed contempt plea filed by Mistry group companies alleging violation of NCLT directives in taking steps to remove Mistry from the board of Tata Sons.
However, while dismissing contempt plea, NCLT had allowed Mistry companies to file an affidavit on the issue of Tata Sons holding EGM on February 6.
Tata Sons announced sudden removal of Mistry as the company's chairman on October 24 last year and brought back Ratan Tata as its interim chairman.
Following Tata Sons, other Tata Group companies like Tata Steel, Tata Consultancy Services (TCS), Tata Industries, among others announced to remove Mistry from their companies' boards.
Tata Sons later on in January 12 this year appointed TCS former managing director and chief executive officer N Chandrasekaran as its new executive chairman.