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.
-
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.
Related Articles
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.
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.
also read
Tata Sons going private is bad for governance; NCLAT's order may offer little relief for Cyrus Mistry now
For a business house like the Tata group, enjoying an enviable reputation of being a role model of corporate governance and corporate social accountability, the move does not sound the right bell to ring
NCLAT expunges 'disparaging' remarks against Cyrus Mistry in NCLT order; restores him as Tata Sons chairman
Ordering reinstatement of Cyrus Mistry as Chairman of Tata Sons, the NCLAT on Wednesday expunged 'disparaging' remarks made against him by the Mumbai bench of NCLT which had dismissed his plea challenging his removal as chief of the Tata group
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.