INSUBCONTINENT EXCLUSIVE:
The Mistry family owns 18.6 per cent in Tata Sons.Mumbai: The city bench of the National Company Law Tribunal (NCLT) will deliver its
judgement on July 4 that may bring the curtains down on the two-year-old bitter feud between Tata Sons and its dismissed chairman Cyrus
The key allegation by Mistry camp is that his removal as chairman and subsequently as a director of the board Tata Sons was a result of
focused on the alleged mismanagement by Tata Sons board and Ratan Tata which caused revenue loss for the group
per cent in Tata Sons, though holding with voting rights is only under 4 per cent
Mumbai NCLT bench headed by justices BSV PrakashKumar and V Nallasenapathy will pronounce its verdict on the issue after a marathon hearing
The bench had dismissed his petition early 2017 citing eligibility clause, which was challenged at the NCLAT in New Delhi, which had asked
dismissed on eligibility clause as Mistry and family did not have the required 10 per cent equity share in the group that is mandatory for
filing a mismanagement and oppression case under sections 241, 242 and 244, by any minority shareholder
At the crux of the plaint is Mistry's contention that the articles of association of Tata Sons by structure are biased against the rights of
minority shareholders and thereby oppressive, a charge that the Tatas dismissed saying he has been on the board since 2006 and had never
replied to some letters from the Income Tax department after he was removed from office, without any authority to do so Tatas counsel
also be noted that a board position with Tata Sons is offered by invitation and cannot be demanded as of right or by virtue of
