Setback for Cyrus Mistry: NCLAT dismisses petition against Tata Sons' EGM

New Delhi: In yet another major sector for ouster Chairman Cyrus Mistry, the National Company Law Appellate Tribunal (NCLAT) on Friday dismissed his petition filed against Tata Sons holding shareholder meeting on Monday.

Cyrus had on Thursday approached the New Delhi-based NCLAT for an injunction against the proposed extra-ordinary general meeting (EGM) of the Tata Group`s holding company.

The NCLAT, however, on Friday refused to grant any relief to Mistry on Tata Sons holding EGM on Feb 6.

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.

Earlier in January, the National Company Law Tribunal dismissed a contempt petition filed by Cyrus Mistry's family companies against Tata Sons in relation of his removal from the post of Chairman of the company.

With Agency Inputs