NCLAT rejects Mistry's appeal to defer Tata Sons EGM

The National Company Law Appellate Tribunal (NCLAT) on Friday declined ousted chairperson of Tata Sons Ltd, Cyrus Mistry's appeal to defer the extraordinary general meeting (EGM) called by Tata Sons on February 6 to consider removal of Mistry from its board.

"We are dismissing the appeal filed by Cyrus Mistry," said the two member-NCLAT bench headed by Chairperson S J Mukhopadhya.

Mistry had moved against the decision of the NCLAT's Mumbai bench, which permitted Tata Sons to hold the meeting.

Cyrus Investment Pvt. Ltd and Sterling Investment Corp Ltd, which together hold 18.5 percent of ordinary share capital in Tata Sons, had filed a contempt of court petition at the NCLAT seeking a stay on Tata Sons Ltd holding a meeting to remove him as a director of the board.

The petition seeks punishment including simple imprisonment for a term which may extend up to six months, or a fine which may extend to Rs. 2,000, or both.

Mistry was sacked as the chairman on October 24, 2016 after which he resigned from the board of the company.

Thereafter, alleging mismanagement at the firm and oppression of minority shareholders, he dragged Tata Sons to the tribunal.