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  Business   Companies  22 Dec 2016  Ousted as wanted to probe malpractice at Tata Sons: Mistry

Ousted as wanted to probe malpractice at Tata Sons: Mistry

THE ASIAN AGE
Published : Dec 22, 2016, 12:06 pm IST
Updated : Dec 22, 2016, 12:34 pm IST

Mistry's counsel tells company law panel that price sensitive info was leaked with parties that violated insider trading norms.

 Cyurs Mistry. (Photo: PTI)
  Cyurs Mistry. (Photo: PTI)

Mumbai: Cyrus Mistry, who has taken to the legal route to get his complaints against Tata Sons heard, on Thursday told the National Company Law Tribunal (NCLT) that he was ousted as chairman as he wanted to expose and investigate malpractice at the tea-to-chemicals conglomerate Tata Group, CNBC-TV18 reported.

Mistry’s counsel told the tribunal that no video recording of October 24 board meeting was done and, the lawyer added, Mistry wanted to bring up the malpractice issue in the very same meeting.

 

For the uninitiated, Mistry was removed unceremoniously as chairman of the Tata Sons, since then he has been at loggerheads with Tata Group patriarch Ratan Tata who according to Mistry was instrumental in his ouster.

His lawyer also told the panel that price sensitive information was shared with parties that violated the insider trading norms.

Cyrus Mistry on Tuesday approached the National Company Law Tribunal under section 241 of the Companies Act for alleged oppression and mismanagement at Tata Sons.

The counsel representing Mistry informed the tribunal that his client wants to file petition to bring to the fore various "acts of oppression at Tata Sons".

 

Tata Sons counsel refuted claims made by Mistry and sought from the tribunal 15 days' time to file a reply to all his allegations. The counsel also requested the NCLT to dismiss all the cases brought up against Tata Group.

Tags: ratan tata, tata sons, cyrus mistry, company law tribunal
Location: India, Maharashtra, Mumbai (Bombay)