Mistry Wants Dispute With Tata Sons Transferred To New NCLT Bench

Cyrus Mistry wants his oppression and mismanagement case against Tata Sons Ltd. transferred from the National Company Law Tribunal bench that rejected his petitions earlier.

Two Mistry firms filed an application with the principal bench seeking to move the case out of the original bench citing bias. It had rejected ousted Tata Sons chairman’s main petition saying that he didn’t have the requisite 10 percent shareholding to bring charges and also denied him a waiver from the requirement.

Mistry won relief on September 21 from the National Company Law Appellate Tribunal, which allowed the waiver and sent the case back to NCLT. The petition is scheduled to be heard on October 6. He had filed the case in December last year, nearly two months after he was removed as chairman of the Tata Group’s holding company.

The Mistry firms own a combined 18.4 percent of ordinary shares of Tata Sons, but their holding falls below the required 10 percent under the Companies Act, 2013 when preference shares are taken into account.

Also Read: NCLAT Ruling On Mistry Case Against Tata Sons Lays Down Grounds For Waiver