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Ousted chairman Cyrus Mistry moves against Tata Sons` EGM
Tata Sons` ousted Chairman Cyrus Mistry on Thursday approached the New Delhi-based National Company Law Appellate Tribunal (NCLAT) for an injunction against the proposed extra-ordinary general meeting (EGM) of the Tata Group`s holding company.
New Delhi/Mumbai: Tata Sons' ousted Chairman Cyrus Mistry on Thursday approached the New Delhi-based National Company Law Appellate Tribunal (NCLAT) for an injunction against the proposed extra-ordinary general meeting (EGM) of the Tata Group`s holding company.
The petition moved by Mistry's investment company has been slated to come up for hearing on Friday.
The development comes two days after the National Company Law Tribunal (NCLT), Mumbai, did not restrain Tata Sons from holding the proposed EGM on February 6, 2017.
The holding company of the global industrial conglomerate has called a shareholders` meet to remove Mistry as a Director on the company`s Board.
Tata Sons' Board had ousted Mistry earlier on October 24, 2016, as its Chairman and appointed Ratan Tata as Interim Chairman.
However, Mistry still remains a Director on the Board of the holding arm of the $100 billion-plus group.
Tata Trusts hold 66 percent stake in the holding company of the Tata Group, with Mistry`s family holding over 18 percent interest.