INSUBCONTINENT EXCLUSIVE:
Cyrus Mistry, who was the sixth chairman of the Tata Sons, was ousted from the position in October 2016.Mumbai: The National Company Law
Tribunal (NCLT) today deferred to July 9 its judgement on a petition filed by Cyrus Mistry challenging his ouster as chairman of the Tata
NCLT Mumbai's special bench of B S V Prakash Kumar and V Nallasenapathy was expected to deliver its order in the case today but adjourned it
Tata Sons group in 2012 after Ratan Tata announced his retirement
Mistry, who was the sixth chairman of the Tata Sons, was ousted from the position in October 2016
Two months later, Mistry and his family-run investment firm, Cyrus Investments, approached the NCLT, as minority shareholders, against the
chairman was without reason and amounted to the majority shareholders suppressing the right of the minority to ask questions about matters
Group rebutted and said Mistry's removal was because the board had lost confidence in him
was appointed at the behest of Tata Trusts and his removal cannot be questioned by minority shareholders, the group's counsel, Abhishek Manu
allegation by Mistry was that his removal as chairman and subsequently as director of the board Tata Sons was a result of oppression by
promoters, who are in-turn owned by Tata Trusts that owns over 68 per cent in Tata Sons
The second part of the plea focused on the alleged mismanagement by Tata Sons board and Ratan Tata which caused revenue loss for the group.
