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Mistry to appeal against NCLT order

Press Trust of India  |  New Delhi 

Ousted Sons today said he would appeal against the order of (NCLT) that dismissed pleas challenging his removal.

A statement from Mistry's office described the NCLT, Mumbai, ruling as "disappointing although not surprising".

"We will continue to strive for ensuring good governance and protection of interests of minority shareholders and all stakeholders in Sons from the wilful brute rule of the majority," the statement said.

In a ruling today, the tribunal said it was not accepting Mistry's contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group.

"The ruling is in line with the earlier position expressed by the tribunal. An appeal on merits will be pursued," the statement said.

Under the Companies Act 2013, an order of NCLT can be challenged before the

According to the statement, matters like TTSL, Air Asia, 'recovery of dues' from serial C Sivasankaran, non-closure of a loss-making Nano, a struggling resolution of Steel Europe and all present serious issues will be pursued.

"Not only the facts that were under consideration but also subsequent facts and developments that continue to evidence oppression and mismanagement will be under scrutiny and will be pursued in full earnest," it added.

In October 2016, was ousted as

Two months later, he and his family-run investment firm, Investments, approached the NCLT as minority shareholders against the corporate monolith and others, including Ratan Tata, alleging oppression and mismanagement.

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

First Published: Mon, July 09 2018. 13:50 IST