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NCLT dismisses petition of former Tata Sons Chairman Cyrus Mistry

Reuters  |  MUMBAI 

By and Promit Mukherjee

MUMBAI (Reuters) - An Indian tribunal dismissed on Monday a petition by former who had alleged oppression of minority shareholders and mismanagement, giving the $100 billion conglomerate an initial win in a drawn-out feud.

Law Tribunal (NCLT), a quasi-judicial body for corporate grievances, said it did not find any merit in allegations of mismanagement in companies.

"The ruling is in line with the earlier position expressed by the Tribunal. An appeal on merits will be pursued," a statement from Mistry's office said.

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

Mistry, who was ousted from the board of after a four-year stint in October 2016, claimed in his petition https://com/article/us-tata-sons-management-lawsuit-idUSKBN1491K7 to NCLT in December 2016 that he was illegally removed as of the

He had also pointed out corporate governance lapses and insider trading in the group.

Tata Sons did not immediately comment on the tribunal ruling, saying it would issue a statement later. The conglomerate has previously refuted all claims made by Mistry.

Mistry's family, through a set of two investment firms, holds around 18 percent in Tata Sons, making his family the single biggest shareholder of the conglomerate.

The Tata Trusts, a group of public charities, hold over 66 percent in the group company. The Trusts are currently chaired by Tata family patriarch Ratan Tata.

(Reporting by and Promit Mukherjee; Editing by Himani Sarkar)

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

First Published: Mon, July 09 2018. 12:54 IST