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Tribunal dismisses ex-chairman Mistry's plea against Tata Sons

Reuters  |  MUMBAI 

(Reuters) - An Indian has dismissed a by former Sons' chairman Cyrus that alleged mismanagement and discrimination against minority shareholders at the group holding company, said on Monday, adding it welcomed the order.

The National Company Law (NCLT), a quasi-judicial body, also refused to grant a waiver to Mistry's family-owned companies on the minimum shareholding needed to go ahead with the

Sons, the holding company in a business empire ranging from car maker Jaguar Land Rover and steel mills to aviation and salt pans, forced from the chairmanship last October, and has since been embroiled in a public spat with him.

was also voted off the company's board in February.

had accused former chairman Ratan and his associates in Trusts of interfering in the running of the various group companies, launching legal proceedings in December.

"We are pleased that Mr. Mistry's claims have been dismissed by the NCLT. The order of the NCLT represents a vindication of our position," F.N. Subedar, Chief Operating Officer of Sons, said in a statement after Monday's verdict.

A spokesman for declined immediate comment.

The Mint newspaper said Mistry's side would appeal the order at the National Company Law Appellate (NCLAT), without citing a source for the information.

Although Mistry's family firms own 18.4 percent of the ordinary shares in Sons, that stake falls to about 2.17 percent when preference shares are taken into account, according to several local media reports.

Indian law requires Mistry's firms to own a minimum of 10 percent of the issued share capital of to be able to file a alleging mismanagement and discrimination against minority shareholders.

(Reporting by Promit Mukherjee and Devidutta Tripathy, editing by David Evans)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Tribunal dismisses ex-chairman Mistry's plea against Tata Sons

MUMBAI (Reuters) - An Indian tribunal has dismissed a petition by former Tata Sons' chairman Cyrus Mistry that alleged mismanagement and discrimination against minority shareholders at the Tata group holding company, Tata Sons said on Monday, adding it welcomed the order.

(Reuters) - An Indian has dismissed a by former Sons' chairman Cyrus that alleged mismanagement and discrimination against minority shareholders at the group holding company, said on Monday, adding it welcomed the order.

The National Company Law (NCLT), a quasi-judicial body, also refused to grant a waiver to Mistry's family-owned companies on the minimum shareholding needed to go ahead with the

Sons, the holding company in a business empire ranging from car maker Jaguar Land Rover and steel mills to aviation and salt pans, forced from the chairmanship last October, and has since been embroiled in a public spat with him.

was also voted off the company's board in February.

had accused former chairman Ratan and his associates in Trusts of interfering in the running of the various group companies, launching legal proceedings in December.

"We are pleased that Mr. Mistry's claims have been dismissed by the NCLT. The order of the NCLT represents a vindication of our position," F.N. Subedar, Chief Operating Officer of Sons, said in a statement after Monday's verdict.

A spokesman for declined immediate comment.

The Mint newspaper said Mistry's side would appeal the order at the National Company Law Appellate (NCLAT), without citing a source for the information.

Although Mistry's family firms own 18.4 percent of the ordinary shares in Sons, that stake falls to about 2.17 percent when preference shares are taken into account, according to several local media reports.

Indian law requires Mistry's firms to own a minimum of 10 percent of the issued share capital of to be able to file a alleging mismanagement and discrimination against minority shareholders.

(Reporting by Promit Mukherjee and Devidutta Tripathy, editing by David Evans)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Business Standard
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Tribunal dismisses ex-chairman Mistry's plea against Tata Sons

(Reuters) - An Indian has dismissed a by former Sons' chairman Cyrus that alleged mismanagement and discrimination against minority shareholders at the group holding company, said on Monday, adding it welcomed the order.

The National Company Law (NCLT), a quasi-judicial body, also refused to grant a waiver to Mistry's family-owned companies on the minimum shareholding needed to go ahead with the

Sons, the holding company in a business empire ranging from car maker Jaguar Land Rover and steel mills to aviation and salt pans, forced from the chairmanship last October, and has since been embroiled in a public spat with him.

was also voted off the company's board in February.

had accused former chairman Ratan and his associates in Trusts of interfering in the running of the various group companies, launching legal proceedings in December.

"We are pleased that Mr. Mistry's claims have been dismissed by the NCLT. The order of the NCLT represents a vindication of our position," F.N. Subedar, Chief Operating Officer of Sons, said in a statement after Monday's verdict.

A spokesman for declined immediate comment.

The Mint newspaper said Mistry's side would appeal the order at the National Company Law Appellate (NCLAT), without citing a source for the information.

Although Mistry's family firms own 18.4 percent of the ordinary shares in Sons, that stake falls to about 2.17 percent when preference shares are taken into account, according to several local media reports.

Indian law requires Mistry's firms to own a minimum of 10 percent of the issued share capital of to be able to file a alleging mismanagement and discrimination against minority shareholders.

(Reporting by Promit Mukherjee and Devidutta Tripathy, editing by David Evans)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

image
Business Standard
177 22