NCLAT verdict over Mistry's waiver plea tomorrow

Mistry alleges oppression of minority shareholders and mismanagement of the company

The NCLAT will tomorrow pronounce its verdict over the two petitions filed by ousted Tata Sons Chairman Cyrus Mistry on maintainability of pleas against Tata's and waiver in the filing criteria.

A bench headed by Chairperson Justice S J Mukhopadhaya will pronounce the order, as per the updates from the cause list of the National Company Law Appellate Tribunal (NCLAT).

The appellate tribunal had concluded its hearing on July 24 and reserved its judgement.

The two investment firms -- Cyrus Investments Pvt Ltd and Sterling Investments Pvt Ltd -- had moved NCLAT over maintainability of their petitions filed against the Tata group and waiver required for it under the Company Act 2013.

The appellate tribunal had heard both pleas together.

Earlier, on April 17, the Mumbai bench of the National Company Law Tribunal (NCLT) had rejected the waiver plea filed by the investment firms while on March 6, it had set aside the one over maintainability.

Following that, both the investment firms had moved the appellate tribunal.

The Companies 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.

Mistry was ousted as Tata Sons chairman in October 24, 2016 and was also removed subsequently as director on the board of the holding company on February 6, 2017.