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NCLT rejects Cyrus Mistry's petition against Tata Sons

ANI  |  Mumbai (Maharashtra) [India] 

The Company Law Tribunal (NCLT) on Monday rejected former Group Mistry's petition against Sons.

Mistry's petition challenged his dismissal as of the business conglomerate, and also highlighted alleged operational mismanagement.

Mumbai NCLT's division bench, headed by B.S.V. Prakash Kumar and V. Nallasenapathy, in an oral order ruled that was removed as Sons because shareholders lost trust in him.

Mistry was removed as executive of Tata Sons, on October 24, 2016 by its board.

Through his investment firms-Investments Pvt. Ltd and Pvt. Ltd, Mistry had filed a petition before the NCLT under Section 241 and Section 242 of the Companies Act, which deal with oppression and mismanagement.

Mistry was named of in November 2011 and took over as chairman in December 2012, following the retirement of Tata Sons Chirman Emeritus, Ratan Tata.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 14:20 IST