NATIONAL COMPANY LAW TRIBUNAL LAW & STORIES :


NCLT dismisses Cyrus Mistry's transfer plea, imposes Rs 10 Lakh cost on two investment firms - Cyrus Investments and Sterling Investments



New Delhi, Oct. 06, 2017 : The National Company Law Tribunal on Friday dismissed the plea of ousted Tata Sons chairman Cyrus Mistry seeking transfer of his case challenging the ouster to the New Delhi bench from Mumbai alleging that Mumbai bench could have a cause of bias. 

The principal bench of the NCLT headed by Chairman Justice M M Kumar also imposed a cost of Rs 10 lakh on Mistrys two investment firms, which would be shared by both.

 

“The plea is dismissed with penalty of Rs. 10 lakh to be borne equally by both the companies,” said Justice M.M. Kumar, while pronouncing the order. As a result, the case will continue to be heard by the Mumbai bench of the NCLT.  


Mistry has been locked in a legal battle with the Tatas since his unceremonious exit as chairman of Tata Sons -- the promoter company of the USD 105-billion salt-to-software Tata group -- in October last year.

Mistry was ousted as Tata Sons chairman on October 24, 2016, and was also removed as a director on the board of the holding company on February 6, 2017.

 

The two companies -- Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd -- had held that the Mumbai bench could have a cause of bias.

Cyrus Investments Pvt and Sterling Investments Corporation Pvt had moved the NCLT against Tata Sons after Mistry's ouster last year alleging oppression of minority shareholders and mismanagement.

However, on April 17, the Mumbai bench of the NCLT had rejected the waiver plea filed by the investment firms while on March 6, it had set aside the one over maintainability.

Following that, both the investment firms had moved the appellate tribunal.

The NCLAT, however, dismissed another petition filed by the Mistry family's investment firms on maintainability, saying the firms do not have more than 10 percent in Tata Sons.

 

 

 


News Courtesy: PIB | Hindu | DC | LE | LI | LO | IE | LL | PTI | ht | ET | UNI | DNA | FP |Jurist | Last updated: 06:30 pm
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