The National Company Law Tribunal (NCLT) has dismissed the contempt petition filed by the investment firms of Cyrus Mistry’s family against Tata Sons and others on charges of violating the tribunal’s December 22 order by convening an extraordinary general meeting (EGM) to consider the removal of Mr. Mistry from the company’s board.
The tribunal, however, allowed Mr. Mistry to file a rejoinder that would be heard along with the main petition filed by the former chairman of the Tata Group. The main petition, which relates to Mr. Mistry’s allegations of mismanagement and oppression of minority shareholders by Tata Sons, Ratan Tata and the directors of the holding company of the diversified conglomerate, is scheduled to be heard on January 31.
Mr. Mistry was abruptly removed as the chairman of Tata Sons on October 24, 2016.
The contempt petition, which was filed by Cyrus Investments and Sterling Investment Corporation, had sought an injunction against Tata Sons holding the extraordinary general meeting to consider the removal of Mr. Mistry as a director. The EGM is scheduled for February 6.
“The petition is dismissed with the liberty of filing an application within three days on holding the meeting on February 6,” said NCLT member B.S.V. Prakash Kumar. “It [the petition] will be heard with the main matter,” Mr. Kumar said.
The tribunal has also directed Tata Sons to file their replies as well.
