Mistrys’ Misery
Cyrus Mistry faced a major setback when the National Company Law Tribunal ( NCLT) refused to grant a waiver to Mistry family firms on the eligibility criteria of minimum 10 per cent shareholding, which is required under the Companies Act for moving the petition against Tata Sons. In turn, Mistry’s main petition alleging mismanagement and oppression of minority shareholders was automatically dismissed. In a separate turn of events, Cyrus Mistry’s elder brother Shapoor Mistry resigned from the board of Indian Hotels.