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.
NCLT Benches to Switch Back to Virtual Hearings From 12th April.
Legal Insiders
Apr 13, 2021
Athira Nair
(
Editor: Ekta Joshi
)
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Due to a significant increase in the number of COVID-19 cases throughout the country. The National Company Law tribunal (NCLT) has decided to take up regular hearing through Video Conference.This decision comes in rebuttal of its order dated February 23rd, for resumption of physical hearings. The tribunal has sent a notice to the benches stating the they will take up the cases through virtual mode. The principal bench of NCLT shall comprise of BSV Prakash Kumar (Acting President) and...
NCLT to switch to virtual hearings from April 12, 2021
Legal Insiders
Apr 10, 2021
Prachi Jain
(
Editor: Ekta Joshi
)
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Due to the raging pandemic throughout the country, the NCLT, National Company Law Tribunal has switched to video conference with effect from April 12, 2021, at all its Benches.The decision supersedes the order dated February 23, 2021 for the resumption of physical hearings.The Benches that will take up the cases through virtual hearings are already notified by the Tribunal.The principal bench of the NCLT shall comprise of BSV Prakash Kumar (acting president) and Hemant Kumar Sarangi...
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