National Company Law Tribunal (NCLT) on Monday dismissed the petition filed by Cyrus Mistry’s investment firms against Tata Sons, its chairman emeritus Ratan Tata and others. Mumbai NCLT’s division bench—presided by B.S.V. Prakash Kumar and V. Nallasenapathy in an oral order ruled that Mistry was removed as Tata Sons chairman because shareholders lost trust in him. “We have not found any purported merit or issues raised by the minority shareholder in his petition under the Section 241 and 242 of The Companies Act, 2013,” ruled NCLT in a packed courtroom.
National Company Law Tribunal (NCLT) on Monday dismissed the petition filed by Cyrus Mistry’s investment firms against Tata Sons, its chairman emeritus Ratan Tata and others. Mumbai NCLT’s division bench—presided by B.S.V. Prakash Kumar and V. Nallasenapathy in an oral order ruled that Mistry was removed as Tata Sons chairman because shareholders lost trust in him. “We have not found any purported merit or issues raised by the minority shareholder in his petition under the Section 241 and 242 of The Companies Act, 2013,” ruled NCLT in a packed courtroom.
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