Cyrus Mistry ouster: Tribunal to decide if battle can go on

The National Company Law Tribunal (NCLT) yesterday reserved till March 6 its order on maintainability of the petitions filed by two companies owned by the family of Cyrus Mistry against his ouster from Tata Sons

The National Company Law Tribunal (NCLT) yesterday reserved till March 6 its order on maintainability of the petitions filed by two companies owned by the family of Cyrus Mistry against his ouster from Tata Sons.

The tribunal said if the petitions are held maintainable, then further hearing would continue on March 7. The NCLT would then also hear an application filed by the two firms seeking waiver of certain requirements as to eligibility for filing a petition.

Tata Sons opposed the petitions, saying as per a Supreme Court order on the Companies Act, the petitioners were not eligible to file such petitions before the NCLT as the minority shareholders. In December 2016, the two Mistry firms had challenged Mistry's unceremonious removal by Tata Sons as a director of its board.

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!