Mumbai: Drawing the curtains on an 18-months long feud, the National Company Law Tribunal (NCLT) on Monday dismissed Cyrus Mistry's plea challenging his removal as Tata Sons chairman. The Tribunal further added that Mistry was removed because Tata Sons Board and its members lost confidence in him.
In his petition, Cyrus Mistry challenged his removal as the chairman of Tata Sons and alleged oppression of minority shareholders and operational mismanagement by Tata Sons, drawing the curtains on an 18-months long feud.
The NCLT, a quasi-judicial body for corporate grievances, said it did not find any merit in allegations of mismanagement in Tata group companies.
Mistry has been fighting the bitter legal feud ever since his dismissal as the chairman of the Tats Sons. Mistry was ousted from the board of Tata Sons after a four-year stint on October 24, 2016, and Ratan Tata was restored as the interim chairman. He was also removed as a director on the board of the holding company on February 6, 2017.
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 oppression by the promoters who are in turn owned by Tata Trusts that owns over 68 per cent in Tata Sons.
Mistry was appointed Tata Sons chairman in November 2011 on the basis of his representation from Shapoorji Pallonji, the single largest shareholder in Tata Sons. On February 21, 2017, former head of TCS N Chandrasekaran took over as the chairman of Tata Sons.
(With inputs from agencies)