On Monday (July 9th, 2018) Mumbai Branch of
National Company Law Tribunal (NCLT) dismissed the Petition filed by Cyrus Mistry against Tata Sons, Ratan Tata, and several others, through an oral order.
The Tribunal favouring Tata Sons stated that the board of directors are competent to remove executive directors and that they didn’t find any merit in legacy issues raised by Mr. Mistry against Tata Sons. Further, the Tribunal said that Mr. Cyrus Mistry was ousted because the board and majority of its members lost their confidence on him after he leaked out certain crucial information about the company to the I-T department, and to the media which came out openly in public against the company's shareholders and its board.
The fight between Cyrus Mistry and team Tata started in October 2016 when Cyrus Mistry was removed as the Chairman of Tata Sons. After that, he filed a suit under
Sections 241 and 244 of the Companies Act, 2013 alleging oppression and mismanagement in Tata Sons. In his plea, Mr. Cyrus Mistry had said that his removal as Tata Sons' chairman was illegal. He had also alleged mismanagement at Tata Sons, oppression of minority shareholders, a breakdown of corporate governance and excessive interference by Tata Trusts.
National Company Law Tribunal to start second Phase of e-courts mandatorily from 1st Jan 2020 [Read Order]
Legal Insiders
Dec 28, 2020
Dev Kumar Patel
(
Editor: Ekta Joshi
)
15 Shares
In an appreciable move, National Company Law Tribunal, New Delhi on 24th December 2020 has decided to start second phase of e-court which is Automatic Case Number Generation for all the benches wherein e-filing procedure has been implemented. The order was issued after the approval of the Hon’ble Acting President Shri BSV Prakash Kumar.In the order it was informed that the Competent Authority has decided that Automatic Case Number Generation should be mandatorily started from 1st January...
NCLT Has No Jurisdiction to Examine Legality of Action Taken Under MPID Act, 1999: Bombay High Court
Judiciary
Nov 23, 2020
Richa Shah
(
Editor: Ekta Joshi
)
7 Shares
The NCLT has no jurisdiction to examine the legality or validity of action taken under MPID Act, 1999 as per the Bombay High Court. It said that it is only the designated Court constituted under Section 6 if the said act that will have exclusive jurisdiction to deal with the same.Division bench consisted of two judges: Justice SC Gupte and Justice Madhav Jamdar. The order dated January 28, 2019 was quashed and set aside the passed by the Member (Judicial), NCLT, Mumbai Bench and they directed...
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