NCLATto hear Mistry plea today

New Delhi, Aug. 28: Ousted Tata Group chairman Cyrus P. Mistry has approached the National Company Law Appellate Tribunal against the order of the Mumbai Bench of NCLT which upheld his removal as chairman of the company.

Mr Mistry has filed the petition in his personal capacity, requesting the appellate tribunal to set aside the impugned order passed by the National Company Law Tribunal on July 9.

Besides, Mr Mistry has also requested the appellate tribunal to pass any other relief, which it deems fit by it.

Mr Mistry’s petition is listed for hearing on Wednesday.

Last week, on August 24, NCLAT passed an order over the petitions filed by the investments firm of Mistry family and directed Tata Sons not to force the companies to sell their shares in the Tata group firm.

The appellate tribunal had admitted the petitions of the Mistry’s family- run firms Cyrus Investments Pvt Ltd and and posted the matter for hearing on September 24.

It has also said that issues related to conversion of Tata Sons’ into a private company from a public limited company would be decided by it at later stage.

Besides change to a private company, the investment firms h a d in NCLAT challenged the move by the company to restrict shareholders from freely selling their stake and the Article 75 of the articles of association that can be used by the board to force a shareholder to sell out. “Taking into consideration the facts and that the appeal is pending and if the appellants ( investment firms) are forced to sell their shares which may affect the merits of the appeal, as they will cease to be member( s) of the company ( Tata Sons). “We direct the respondents ( Tata) not take any step in terms of Article 75 for transfer of shares,” it had said.