NCLAT judgement over former Tata group chairman Cyrus Mistry's removal, two investment firms today

Cyrus Mistry in his pleas primarily argued that his removal was not in accordance with the Companies Act and that there was rampant mismanagement of affairs across Tata Sons.

Press Trust of India December 18, 2019 11:24:14 IST
NCLAT judgement over former Tata group chairman Cyrus Mistry's removal, two investment firms today
  • A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya will pronounce its judgement over the petitions

  • The Appellate Tribunal had reserved its order in July this year, after completing its marathon hearing over the issue

  • Two months after his removal, Mistry's family-run firms approached the NCLT as minority shareholders, against Tata Sons, Ratan Tata, and some other board members

New Delhi: The National Company Law Appellate Tribunal (NCLAT) will pronounce its judgement over the petition moved by former Tata group Chairman Cyrus P Mistry and the two investment firms challenging his removal from the group.

A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya will pronounce its judgement over the petitions.

The Appellate Tribunal had reserved its order in July this year, after completing its marathon hearing over the issue.

Earlier, the Mumbai bench of the National Company Law Tribunal (NCLT) had dismissed the petitions filed by the two investment firms Cyrus Investments Pvt Ltd and Sterling Investments Corp challenging Mistry' removal.

NCLAT judgement over former Tata group chairman Cyrus Mistrys removal two investment firms today

File photo of Cyrus Mistry. AP pic

Later, Mistry had also personally approached the NCLAT over the NCLT order.

Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016. He had taken over as the chairman in 2012 after Ratan Tata announced his retirement.

The Mistry camp had challenged the 9 July order of the Mumbai bench of the NCLT which dismissed the pleas against his removal as Tata Sons chairman, as also the allegations of rampant misconduct on part of Ratan Tata and the company's board.

A special bench of the tribunal had held that the board of directors at Tata Sons was “competent" to remove the executive chairperson of the company.

The NCLT bench had also said that Mistry was ousted as chairman because the Tata Sons' Board and its majority shareholders had “lost confidence in him".

Two months after his removal, Mistry's family-run firms approached the NCLT as minority shareholders, against Tata Sons, Ratan Tata, and some other board members.

Mistry in his pleas primarily argued that his removal was not in accordance with the Companies Act and that there was rampant mismanagement of affairs across Tata Sons.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Cyrus Mistry was removed as chairman of Tata Sons without any prior intimation, says investment firms to NCLAT
Business

Cyrus Mistry was removed as chairman of Tata Sons without any prior intimation, says investment firms to NCLAT

Cyrus Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016. He had taken over as the chairman in 2012 after Ratan Tata announced his retirement.

After Cyrus Mistry's ouster, Ratan Tata hints at changes in the group companies
Business

After Cyrus Mistry's ouster, Ratan Tata hints at changes in the group companies

Tata Sons interim chairman Ratan Tata, hinting at possible changes in the group companies, on Tuesday urged them to "act as leaders in their respective markets and enhance returns to shareholders".

NCLAT to hear Cyrus Mistry's appeal tomorrow on NCLT order that dismissed plea challenging his ouster from Tata Sons
Business

NCLAT to hear Cyrus Mistry's appeal tomorrow on NCLT order that dismissed plea challenging his ouster from Tata Sons

On 9 July, the National Company Law Tribunal (NCLT) Mumbai had dismissed Cyrus Mistry's plea challenging his removal as Tata Sons chairman as also the allegations of rampant misconduct on part of Ratan Tata and the company's Board.