Maintainability of Mistry Cos’ Pleas: NCLT to Continue Hearing on Feb 20
Mumbai: The National Company Law Tribunal here on Tuesday for the second day heard arguments on maintainability of petitions filed by two firms controlled by Cyrus Mistry's family against his ouster from Tata Sons. Mistry's counsel Aryma Sundram continued to argue on the maintainability on Tuesday. The arguments will resume on February 20. Last December, Cyrus Mistry Investment and Sterling Investment Corporation chal- lenged before NCLT Mistry's unceremonious removal by Tata Sons as a director of its board on October 24.
The two petitioner firms also filed a waiver application before NCLT, requesting it to drop the requirement of minimum 10 per cent shareholding by a minority shareholder under the Companies Act of 2013 for filing such petitions. As per the Act, minority shareholder should be holding at least one-tenth of the “issued share capital” or should represent at least one-tenth of the total number of minority shareholders to be eligible to move NCLT in such cases.