Tata Power-Welspun deal: Cyrus Mistry didn't follow protocol, says NCLT

In his petition to the NCLT, Mistry had alleged excessive interference of Tata Trusts

Cyrus P Mistry did not follow the requisite protocol on matters of critical interests to Tata Trusts, the majority shareholder of Tata Sons, the Mumbai Bench of the National Company Law Tribunal (NCLT) said in its order.

Mistry did not call for a board meeting of Tata Sons prior to Tata Power’s Rs 90-billion deal with Welspun, even as he sent the papers to the directors. This was in contravention of Article 121 A of Tata Sons’ Articles of Association. Tata Power had announced on June 12, 2016 that it would acquire Welspun in a Rs 92.49-billion deal and completed the