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  Business   Companies  18 Jan 2017  NCLT rejects Mistry’s contempt plea against Tata Sons

NCLT rejects Mistry’s contempt plea against Tata Sons

THE ASIAN AGE
Published : Jan 18, 2017, 5:32 pm IST
Updated : Jan 18, 2017, 5:41 pm IST

Earlier, the tribunal had refused interim relief to Mistry over his ouster as Tata Sons chairman.

Cyrus Mistry.
 Cyrus Mistry.

Mumbai: In a big relief to Tata Sons, National Company Law Tribunal on Wednesday dismissed contempt plea brought in by Cyrus Mistry against the company, CNBC-TV18 reported.

Mistry took up the issue of his ouster as Tata Sons chairman with NCLT after he engaged in a bitter battle of words with Ratan Tata for weeks.

 

Earlier, he had alleged in a plea that Tata Sons overlooked minority interests in the company and also claimed the company indulged in “oppression and mismanagement”.

Sterling Investments and Cyrus Investments, two Mistry family run companies, approached the tribunal with the grievance. Earlier, NCLT had refused to grant interim relief to Mistry who wanted his ouster turned void and entire Tata Sons board disbanded.

Mistry had invoked section 241 of the Companies Act to support his claims made in the petition.

Meanwhile, Cyrus Mistry indicated he will file an affidavit to stay Tata Sons EGM within 3 days and Tata Sons will file a rejoinder to Mistry's affidavit in 3 days thereafter, the channel reported.

 

Tags: tata sons, ratan tata, cyrus mistry, nclt
Location: India, Maharashtra, Mumbai (Bombay)