NCLT dismisses complains filed by Cyrus Mistry against Tata Sons

Mumbai : The Mumbai bench of the National Company Law Tribunal (NCLT) today dismissed the petition filed by Cyrus Mistry’s investment firms against Tata Sons, its chairman emeritus Ratan Tata and others. Welcoming the verdict Tata Sons has said that the order of the NCLT vindicates the position of Tata Trusts and Tata Sons.

The NCLT bench presided by B.S.V. Prakash Kumar and V. Nallasenapathy in an oral order ruled that Mistry was removed as Tata Sons chairman because shareholders lost trust in him. “We have not found any purported merit or issues raised by the minority shareholder in his petition under the Section 241 and 242 of The Companies Act, 2013,” ruled NCLT in a packed courtroom.

“The judgement has only re-affirmed and vindicated that Tata Sons and its operating companies have always acted in a fair manner and in the best interest of its stakeholders. The Tata Group has always been committed and will continue to be committed to transparency and good corporate governance of global standards,” said Mr N Chandrasekaran, Chairman Tata Sons.

“Tata Sons hopes that a finality will be given to the judgement of NCLT, Mumbai by all concerned in the larger interest of companies, the shareholders and the public,” Mr Chandrasekaran added.