Indian tribunal dismisses petition of former Tata Sons Chairman Mistry
MUMBAI: An Indian tribunal dismissed on Monday a petition by former Tata Sons Chairman Cyrus Mistry who had alleged oppression of minority shareholders and mismanagement, giving the US$ 100 billion conglomerate an initial win in a drawn- out feud.
The National Company Law Tribunal ( NCLT), a quasi-judicial body for corporate grievances, said it did not find any merit in allegations of mismanagement in Tata group companies.
“The ruling is in line with the earlier position expressed by the Tribunal. An appeal on merits will trading in the group. be pursued,” a statement from Mistry’s Tata Sons did not immediately office said. comment on the tribunal ruling,
“We will continue to strive for saying it would issue a statement ensuring good governance and later. The conglomerate has previously protection of interests of minority refuted all claims made by shareholders and all stakeholders Mistry. in Tata Sons from the wilful brute Mistry’s family, through a set rule of the majority,” the statement of two investment firms, holds said. around 18 per cent in Tata Sons,
Mistry, who was ousted from making his family the single biggest the board of Tata Sons after a shareholder of the conglomerate. four-year stint in October 2016, claimed in his petitihere to NCLT The Tata Trusts, a group of in December 2016 that he was illegally public charities, hold over 66 per removed as chairman of the cent in the group company. The software-to-salt conglomerate. Trusts are currently chaired by
He had also pointed out corporate Tata family patriarch Ratan Tata. governance lapses and insider — Reuters