The National Company Law Appellate Tribunal (NCLAT) on Friday directed Tata Sons to not force former chairperson Cyrus Mistry into selling his shares in the company, till his appeal is pending.
The appellate tribunal, however, said that the decision on the conversion of Tata Sons into a private firm would be taken after the final argument. The next hearing has listed for September 24.
In its last hearing on August 14, the NCLAT had reserved its order on Mistry's plea, challenging the conversion of Tata Sons into a private company.
Last month, the NCLAT's Mumbai bench had rejected a plea filed by Mistry against his dismissal as chairman of the business conglomerate.
Following this, Mistry moved NCLAT through his investment firms - Cyrus Investments Pvt. Ltd and Sterling Investment Corp. Pvt. Ltd, against the order by NCLAT's Mumbai bench.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app