Setback for Cyrus Mistry: Law tribunal rejects plea to defer Tata Sons EGM

WION New Delhi, India Feb 03, 2017, 01.36 PM(IST)

Cyrus Mistry was ousted as the chairman of Tata Sons in a bitter boardroom coup in October, 2016. Photograph:( Reuters )

The National Company Law Appellate Tribunal (NCLAT) on Friday turned down Cyrus Mistry's appeal to defer the extraordinary general meeting (EGM) called
by Tata Sons on February 6 to consider the removal of the ousted Tata Sons chairman from its board.

"We are dismissing the appeal filed by Cyrus Mistry," said the two member-NCLAT bench headed by chairperson S J Mukhopadhya, ANI reported.

Mistry had challenged the decision of the NCLAT's Mumbai bench which permitted Tata Sons to hold the meeting.

Cyrus Investment Pvt Ltd and Sterling Investment Corp Ltd, which together hold 18.5 per cent of shares in Tata Sons, had filed a contempt of court petition at the
NCLAT seeking a stay on Tata Sons holding the EGM.

The petition sought punishment, including simple imprisonment for a term which may extend upto six months, or a fine which may extend to Rs 2,000, or both.

Mistry was sacked as the chairman of Tata Sons last year in October after which he resigned from the board of the company. 

He then complained against Tata Sons to the tribunal, alleging "mismanagement" of the firm and "oppression" of minority shareholders, 

(WION with inputs from ANI)