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Cyrus Mistry appeals against NCLT rejecting waiver plea in Tata case

The petition is likely to come for hearing next week before the bench

Press Trust of India  |  New Delhi 

Cyrus Mistry
Cyrus Mistry

Ousted Chairman has moved appellate tribunal — the National Company Law Appellate Tribunal (NCLAT) — against the National Company Law Tribunal (NCLT), which had rejected his plea for waiver in the eligibility criteria for filing a case against the

The petition is likely to come up for hearing next week before the bench, headed by Chairman Justice S J Mukhopadhaya. On April 17, the NCLT had dismissed a petition filed by two firms belonging to Cyrus Mistry’s family, seeking waiver of an eligibility condition for moving the forum against  

The Act mandates that a petitioner should hold at least one-tenth of the issued share capital of a company or represent 10 per cent of the total number of members to file cases alleging mismanagement and oppression of minority shareholders.

The two firms — Cyrus Investment and Sterling Investments — had sought to challenge Mistry’s ouster from last year and alleged there was mismanagement and oppression of minority shareholders. They had urged the NCLT to use its discretion and waive an eligibility condition for filing such a petition.

The tribunal had held last month that the plea was not maintainable, because the petitioner firms did not meet the eligibility criteria prescribed by the Act. The firms contended that the tribunal can waive a requirement that the petitioner should hold at least one-tenth of ‘issued share capital’ of the company, or represent at least one-tenth of the company’s minority shareholders. had argued that if preference capital was also considered, the petitioner firms held only 2.17 per cent of the total issued share capital of Mistry was removed as chairman, the holding firm of Tata Group, one of the country’s largest conglomerates, last October.

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Cyrus Mistry appeals against NCLT rejecting waiver plea in Tata case

The petition is likely to come for hearing next week before the bench

The petition is likely to come for hearing next week before the bench
Ousted Chairman has moved appellate tribunal — the National Company Law Appellate Tribunal (NCLAT) — against the National Company Law Tribunal (NCLT), which had rejected his plea for waiver in the eligibility criteria for filing a case against the

The petition is likely to come up for hearing next week before the bench, headed by Chairman Justice S J Mukhopadhaya. On April 17, the NCLT had dismissed a petition filed by two firms belonging to Cyrus Mistry’s family, seeking waiver of an eligibility condition for moving the forum against  

The Act mandates that a petitioner should hold at least one-tenth of the issued share capital of a company or represent 10 per cent of the total number of members to file cases alleging mismanagement and oppression of minority shareholders.

The two firms — Cyrus Investment and Sterling Investments — had sought to challenge Mistry’s ouster from last year and alleged there was mismanagement and oppression of minority shareholders. They had urged the NCLT to use its discretion and waive an eligibility condition for filing such a petition.

The tribunal had held last month that the plea was not maintainable, because the petitioner firms did not meet the eligibility criteria prescribed by the Act. The firms contended that the tribunal can waive a requirement that the petitioner should hold at least one-tenth of ‘issued share capital’ of the company, or represent at least one-tenth of the company’s minority shareholders. had argued that if preference capital was also considered, the petitioner firms held only 2.17 per cent of the total issued share capital of Mistry was removed as chairman, the holding firm of Tata Group, one of the country’s largest conglomerates, last October.
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Business Standard
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Cyrus Mistry appeals against NCLT rejecting waiver plea in Tata case

The petition is likely to come for hearing next week before the bench

Ousted Chairman has moved appellate tribunal — the National Company Law Appellate Tribunal (NCLAT) — against the National Company Law Tribunal (NCLT), which had rejected his plea for waiver in the eligibility criteria for filing a case against the

The petition is likely to come up for hearing next week before the bench, headed by Chairman Justice S J Mukhopadhaya. On April 17, the NCLT had dismissed a petition filed by two firms belonging to Cyrus Mistry’s family, seeking waiver of an eligibility condition for moving the forum against  

The Act mandates that a petitioner should hold at least one-tenth of the issued share capital of a company or represent 10 per cent of the total number of members to file cases alleging mismanagement and oppression of minority shareholders.

The two firms — Cyrus Investment and Sterling Investments — had sought to challenge Mistry’s ouster from last year and alleged there was mismanagement and oppression of minority shareholders. They had urged the NCLT to use its discretion and waive an eligibility condition for filing such a petition.

The tribunal had held last month that the plea was not maintainable, because the petitioner firms did not meet the eligibility criteria prescribed by the Act. The firms contended that the tribunal can waive a requirement that the petitioner should hold at least one-tenth of ‘issued share capital’ of the company, or represent at least one-tenth of the company’s minority shareholders. had argued that if preference capital was also considered, the petitioner firms held only 2.17 per cent of the total issued share capital of Mistry was removed as chairman, the holding firm of Tata Group, one of the country’s largest conglomerates, last October.

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Business Standard
177 22