Mistry camp: Appeal to NCLAT will be test case

Mistry lawyer rejects chance of settlement with Tata Sons; Tribunal says it is now a prestige issue

Cyrus Investments Private Limited and Sterling Investment Corporation Private Limited — companies of Tata Sons’ ex-chairman Cyrus Mistry — began their appeal on Thursday against National Company Law Tribunal (NCLT) dismissing the companies' pleas of oppression and mismanagement in Tata Sons.

Lawyer for Mistry companies began his arguments before the National Company Law Appellate Tribunal (NCLAT) by saying the NCLT had erred on interpreting the Companies Act on oppression and mismanagement. On March 6, the NCLT had come to the conclusion that the Mistry petitions were not maintainable as they had failed to satisfy the requirement under the Companies Act that