National Company Law Appellate Tribunal (NCLAT) has dismissed Cyrus Mistry’s plea to defer Tata Sons’ extraordinary general meeting (EGM) planned for Monday. The appellate body held that no relief would be provided to Mistry, who was removed as Tata Sons chairman on October 24, 2016. The group has scheduled an EGM on Monday to seek Mistry's ouster as Tata Sons director.
Lawyer argued Mistry had been oppressed and there was no genuine reason for him to be ousted.
Mistry's appeal to NCLAT was against NCLT or National Company Law Tribunal’s order on Tuesday, refusing to restrain Tata Sons’ EGM proceedings. The appeal was to get a restraining order on Tata Sons from directly or indirectly removing Mistry as a director.
Mistry camp also sought a waiver of Section 244 of the Companies Act, under which only those who own more than 10 per cent stake can appeal to NCLT.
Mistry had resigned as director from all Tata group companies in December 2016 and filed a case with NCLT, alleging trustees led by interim chairman Ratan Tata were causing a complete breakdown of corporate governance at Tata Sons.
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