New Delhi– The National Company Law Appellate Tribunal (NCLAT) on Friday dismissed Tata Sons’ ousted Chairman Cyrus Mistry’s plea for an injunction against the proposed extra-ordinary general meeting (EGM) of the Tata Group’s holding company.
The petition was moved by Mistry’s investment companies — Cyrus Investment and Sterling Investment Corp. — on Thursday, two days after the National Company Law Tribunal (NCLT), Mumbai, did not restrain Tata Sons from holding the proposed EGM on February 6, 2017.
The holding company of the global industrial conglomerate has called a shareholders’ meet to remove Mistry as a Director on the company’s Board.
Tata Sons’ Board ousted Mistry earlier on October 24, 2016, as its Chairman and appointed Ratan Tata as Interim Chairman.
However, Mistry still remains a Director on the Board of the holding arm of the $100 billion-plus group.
Tata Trusts hold 66 per cent stake in the holding company of the Tata Group, with Mistry’s family holding over 18 per cent interest.