Mistry's petition against TATA sons to be decided within three months by NCLT

Published on 24 Jan 2018 by Tushar

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Presence of any Shapoorji Pallonji Group nominees on the Board of Tata Sons or their involvement with the company in any manner will not be in the best interest of Tata Group, Ratan Tata's counsel told the NCLT. 
Tata's counsel S N Mukherjee told the tribunal that both - Pallonji and Cyrus Mistry - were elected to the Board of Tata Sons by virtue of the Tata Trusts voting in their favour and not out of their own motion.

The appellate tribunal had said that although Mistry's companies did not meet the minimum shareholding norm, under exceptional circumstances, this statutory requirement can be waived. 
It directed the NCLT, which had dismissed Mistry's petition against Tata Sons on the ground of not meeting the minimum shareholding criterion, to decide the case in three months.

Source: EconomicTimes


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