NCLAT rejects Cyrus Mistry's plea against Tata Sons' EGM on Feb 6

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Ltd, approached the NCLAT as the National Company Law Tribunal (NCLT) did not restrain Tata Sons Ltd from holding a shareholders meeting on 6 February to oust Mistry as a director on the board.

On January 31, the Mumbai bench of National Company Law Tribunal (NCLT) had refused to grant a stay on the EGM.

NCLAT judges, however, did not pass an order on Tata Sons shareholder meeting on Feb 6 and clear its position of maintainability of the case before starting his arguments on the main petition, so that he could appeal against any adverse decision. A day after receiving the NCLT's nine-page order in Mumbai, Mistry firms in an appeal running into hundreds of pages, filed through Delhi-based law firm Jaitley & Bakshi, claimed that the NCLT was in "extreme hurry" to hear the petition. Ltd and Sterling Investment Corp Ltd had filed a contempt of court plea with NCLAT, seeking a stay on the EGM that is scheduled for Monday. "It can go ahead with the forthcoming EGM", had said a division bench of NCLT comprising B S V Prasad Kumar (Member-Judicial) and V Nallasenapathy (Member-Technical), cited the PTI report. Mistry's original petition has alleged oppression of minority shareholders and mismanagement at Tata Sons.

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Tata Sons' Board ousted Mistry earlier on October 24, 2016, as its Chairman and appointed Ratan Tata as Interim Chairman.

Tata Sons later on in January 12 this year appointed TCS former managing director and chief executive officer N Chandrasekaran as its new executive chairman. The board of Tata Sons, where 66 per cent shares are held by philanthropic trusts endowed by members of Tata family, said it was acting "for the long-term interest" of the firm.