NCLT rejects Cyrus Mistry's plea to stay Tata Sons EGM
Ruling clears decks for Tata Sons' EGM on Feb 6 that would seek Mistry's ouster from board.
Mumbai: National Company Law Tribunal (NCLT) on Friday refused to grant any relief to Cyrus Mistry who wanted stay on Extraordinary General Meeting called by Tata Sons on February 6. Tata Sons has called the EGM to oust Mistry from its board.
Earlier, Mistry was removed from other key Tata Group firms in a series of EGMs called to oust him after he was removed as Tata Sons chairman unceremoniously on October 24 last year.
Mistry’s ouster from Tata Sons board would be a final blow to his family-owned companies that were instrumental in dragging Tata Sons to law tribunal.
He approached the company arbitrator with a set of grievances that included allegation of “oppression and mismanagement” at Tata Sons. He had also claimed Tata Sons did not guard minority interests.
The $103 billion salt-to-steel conglomerate in a counter allegation at NCLT had claimed Mistry overlooked Tata Group’s interests for personal gains and committed “criminal breach of confidentiality”.