Cyrus Investments said the resolution proposed by Tata Sons was not in the best interests of the public shareholders of the company
Appellate tribunal sends case back to Mumbai bench of NCLT for hearing on merits
NCLT also imposed a cost of Rs 10 lakh on Mistry's two investment firms, which would be shared by both
It was all over in minutes, no explanations and no opportunity for Cyrus Mistry to prepare a rebuttal: Nirmalya Kumar
Hearing to continue tomorrow
This was one among five prayers to the judge by Cyrus Mistry family firms' counsel Aryama Sundaram
The two sides have been locked in a bitter legal dispute since December 2016
Mistry's petition challenged his dismissal as chairman of the business conglomerate, and also highlighted alleged operational mismanagement
Two months after Mistry was ousted as Tata Sons Chairman in October 2016, he and his family-run investment firm, Cyrus Investments, moved to the NCLT
NCLT added that the board is competent to remove its chairman and it does not require a selection committee
On Monday, the NCLT Mumbai bench rejected Mistry's petitions
According to the NCLT Mumbai bench order dated July 9th, Ratan Tata asked Mistry to consider a proposal by Ola which wanted to buy 150,000 cars
Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016
The two-member NCLAT has listed the matter for Wednesday
NCLT held that the board of directors at Tata Sons was "competent" to remove the executive chairperson of the company
NCLAT Chairperson Justice S J Mukhopadhyay questioned if the NCLT's Mumbai Bench had written a biased order against Mistry
"What is the urgency to convert it into a private limited company. Status quo should be maintained, said a senior advocate
The Mistry family, which derives almost $17 bn of their fortune from the 18.4% stake in Tata Sons, had filed several lawsuits challenging Cyrus' ouster
The NCLT had used words in remarks which includes "heart burn", "settle their score", "prejudicial to the interest of the company", "sovereign authority", "his way is highway" etc in its order.
Mistry and his team are reviewing the legal situation