The National Company Law Tribunal (NCLT) will give its order on January 18 on contempt proceedings initiated by Cyrus Mistry against Tata Sons and others for violating the tribunal’s December 22 order by convening an extraordinary general meeting (EGM) to consider removal of Mr. Mistry from the company’s board.
The former Tata Sons chairman had through two family investment firms sought directions from the NCLT including one that Tata Sons not take action to remove him from the board. In its December 22 interim order, the tribunal had said no party would “initiate any action or proceedings over this subject matter pending disposal of this company petition”.
Since Tata Sons had issued special notice convening an EGM to consider Mr. Mistry’s removal, Cyrus Investments and Sterling Investment had on January 11 filed a contempt petition charging Tata Sons and its directors including Ratan Tata of acts of “wilful disobedience”. Petitioners had also sought an injunction on the February 6 EGM.
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A bench of BSV Prasad Kumar (Member-Judicial) and V Nallasenapathy (Member-Technical) heard concluding arguments on Monday and reserved orders.