The National Company Law Tribunal has reserved its order on a petition filed by Cyrus Mistry to transfer his ongoing litigation against Tata Sons Ltd. to another bench.
Two Mistry firms want the oppression and mismanagement petition transferred to the Delhi bench from Mumbai. The principal bench headed by NCLT Chairman MM Kumar reserved its order after hearing both sides.
Senior Advocate Aryama Sundaram, representing the ousted Tata Sons chairman, argued that the Mumbai bench has already gone into the merits of the case while deciding that the two family firms – Cyrus Investments Pvt. Ltd. and Sterling Investments Corporation Pvt. Ltd. – didn't have the required 10 percent shareholding to bring charges and while denying a waiver from the condition. He said they are not making any allegations of personal bias against the Mumbai bench.
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Tata Sons counsel sought that the plea should be rejected outright while accusing the Mistry side of indulging in forum shopping.
The litigation began after Mistry moved the NCLT in December, nearly two months after he was removed as chairman of Tata Sons. He was later removed as director of Tata Group's holding company.
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