Main­tain­abil­ity of Mistry Cos’ Pleas: NCLT to Con­tinue Hear­ing on Feb 20

The Economic Times - - Companies: Pursuit Of Profit -

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.

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