NCLAT Asks Mistry To Submit Changes It Seeks In Tata Sons Articles Of Association
The National Company Law Appellate Tribunal today directed Cyrus Mistry and his associate firms to submit the specific changes they want in the Articles of Association of Tata Sons.
A two-member bench headed by Justice SJ Mukhopadhaya asked the Mistry camp to file the list of changes within two days.
Mistry, who was sacked as chairman of Tata Sons in October 2016, is fighting against the company, alleging oppression of minority shareholders. The bench has also directed Tata Sons and others to file a reply within two weeks and posted the matter for hearing on Dec. 11, 12 and 13.
During the proceedings, senior advocate CA Sundaram, appearing for the Mistry camp, said that he was fighting for the future of the Tata Sons and was seeking relief in the interest of the company. “There are acts of mismanagement and oppression and I am not going open that today. I want to look into the future,” he said.
Sundaram insisted that Mistry wanted a directorship in Tata Sons as his family holds about 18 percent stake in the company.
The appellate tribunal was hearing a batch of petitions filed by the ousted Tata group chairman and two investment firms supporting him. The Mistry camp had challenged the July 9 order of the Mumbai bench of the National Company Law Tribunal which dismissed their pleas against his removal as Tata Sons chairman. They also dismissed the allegations of rampant misconduct on part of Tata Sons’ chairman emeritus Ratan Tata and the company’s board.
A special bench of the tribunal had held that the board of directors at Tata Sons was “competent” to remove the executive chairperson of the company. The NCLT bench had also said that Mistry was ousted as chairman because the Tata Sons’ board and its majority shareholders had lost confidence in him.
Under the Companies Act 2013, an order of NCLT can be challenged before the NCLAT.