NCLT rejects Mistry firms' plea against Tata Sons
The National Company Law Tribunal (NCLT) here on Monday dismissed a petition by two firms belonging to Cyrus Mistry's family, seeking waiver of an eligibility condition for moving the forum against Tata Sons.
An NCLT bench of B S V Prakash Kumar and V Nallasenapathy said, "The waiver is dismissed, the company petition dismissed."
The two firms had sought to challenge Mistry's ouster from Tata Sons last year and alleged that there was mismanagement and oppression of minority shareholders.
They urged the NCLT to use its discretion and waive an eligibility condition for filing such a petition.
The tribunal had held last month that the plea was not maintainable, because the petitioner firms did not meet one of the eligibility criteria prescribed by the Companies Act.