SME Times News Bureau | 19 Jan, 2017
A top corporate tribunal on
Wednesday dismissed a petition filed against Tata Sons by its ousted
Chairman Cyrus Mistry for calling a shareholders' meet to also remove
him as a Director on the company's Board.
The National Company
Law Tribunal's (NCLT) Mumbai bench dismissed the petition filed by
Mistry's investment company -- Cyrus Investment Private Limited.
The order was passed by the Bench of Hon'ble Member
(Judicial) B.S.V. Prakash Kumar and Hon'ble Member (Technical) V.
Nallasenapthy.
Tata Sons' Board ousted Mistry on October 24,
2016 as its Chairman and appointed Ratan Tata as Interim Chairman.
However, Mistry still remains a Director on the board of the
holding arm of the $100 billion-plus group.
Tata Trusts hold
66 per cent stake in the holding company of the Tata Group, with
Mistry's family holding over 18 per cent interest.
The
petition had also sought an injunction against the proposed
extra-ordinary general meeting (EGM) which is said to have been
called on February 6, 2017.
The petition alleged that the
company had violated NCLT's order dated December 22, 2016, as it
called for an EGM by issuing a special notice on January 3, 2017.
In
response to the petition, Tata Sons that time had said: "There
is no contempt. We will make our submissions to the NCLT."