The National Company Law Tribunal (NCLT) has dismissed the contempt petition filed by two family firms of Cyrus Mistry against Tata Sons Ltd
Ratan Tata and Cyrus Mistry in happier times. File Pic/PTI
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The National Company Law Tribunal (NCLT) has dismissed the contempt petition filed by two family firms of Cyrus Mistry against Tata Sons Ltd. The quasi-judicial body has given the firms a chance to file an affidavit within three days and also allowed Tata Sons to reply to the matter. The bench was of the view that the action of Tata Sons to remove Mistry as director did not amount to contempt of court.
A division bench comprising of BSV Prakash Kumar and V Nallasenapathy reserved the order on the petition filed by Cyrus Investments Pvt. Ltd and Sterling Investments Pvt. Ltd, on Wednesday. The bench allowed the companies owned by the Mistry family to file an affidavit on the issue of the Tata Sons holding an extraordinary general meeting that is likely to be held on February 6, within three days, after which Tata Sons can also file a rejoinder in the matter. The bench will hear it on Jan 30.
The Mistry firms had filed contempt application to restrain Tata Sons from going ahead with a February meeting of shareholders to eject Mistry as a director from its board. Mistry was ousted as Chairman of Tata Sons on Oct 24. They claimed the EGM violates the undertaking given by its lawyers, when the NCLT heard a petition filed by the investments firms on Dec 22.
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