NCLAT to hear Mistry plea tomorrow against NCLT order
Mistry had approached the National Company Law Appellate Tribunal (NCLAT) last week against the NCLT dismissing his plea challenging his removal as chairman of Tata Sons.
The NCLAT has said that it will hear tomorrow Cyrus Mistry's appeal on the NCLT order in his case against Tata Sons as the counsel for the conglomerate was not present today to put forth his arguments before the bench.
The two-member NCLAT has listed the matter for tomorrow.
On July 9, the National Company Law Tribunal (NCLT) Mumbai had dismissed Mistry's pleas challenging his removal as Tata Sons chairman as also the allegations of rampant misconduct on part of Ratan Tata and the company's Board.
NCLT bench members BS V Prakash Kumar and V Nallasenapathy said that Mistry was ousted as chairman because the Tata Sons' Board and its majority shareholders had "lost confidence in him".
Under the Companies Act 2013, an order of NCLT can be challenged before the NCLAT.
Two months after his removal, Mistry's family-run firms Cyrus Investments Pvt Ltd and Sterling Investments Corp approached the NCLT as minority shareholders, against Tata Sons, Ratan Tata, and some other board members.
Mistry in his pleas primarily argued that his removal was not in accordance with the Companies Act and that there was rampant mismanagement of affairs across Tata Sons.
He also alleged that Tata Trust chairperson Ratan Tata and trustee N Soonawala interfered with the day-to-day operations of the group companies, they acted as shadow directors, and all of the above caused massive revenue loss for the group.
The Tata Group had denied all charges and said Mistry was removed because the Board had lost confidence in him.
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