Mumbai: National Company Law Tribunal on Monday reserved it order on the petition filed by ousted Tata Son's Chairman Cyrus Mistry against Tata Sons, and said it will pass its order on January 18.
On October 24, Cyrus Mistry was unceremoniously ousted as Chairman of Tata Sons on October 24 and moved NCLT on December 20 through Cyrus Investments and Sterling Investments, two Shapoorji Pallonji Group firms – alleging mismanagement of Tata Sons, and oppression of the company’s minority shareholders such as his family.
The petition filed by Mistry also alleged abuse of Tata Sons’ Articles of Association (AoA) by outsiders, breakdown of governance and loss of ethical value.
“Having deeply reflected on where we are in this movement for cleaning up governance and regaining lost ethical ground, I think it is time to shift gears, up the momentum, and be more incisive in securing the best interests of the Tata Group,” had said Mistry after fiing the petion in NCLT.
He further said that with this thought in mind, he “decided to shift this campaign to a larger platform and also one where rule of law and equity is upheld".
The National Company Law Tribunal also did not consider interim relief sought by Cyrus Mistry.
