NCLT dismisses Mistry’s plea against Tata firms

Cyrus Mistry. | (File photo | Reuters)

Cyrus Mistry. | (File photo | Reuters)

MUMBAI: An Indian tribunal has dismissed a petition by former Tata Sons’ chairman Cyrus Mistry that alleged mismanagement and oppression of minority shareholders at Tata group firms, the Mint economic daily’s website and TV channels reported on Monday.

The National Company Law Tribunal, a quasi-judicial body, also refused to grant a waiver to Mistry’s family-owned companies from a shareholding requirement that would have allowed the companies to file the petition.

On March 7, Cyrus Investments Pvt. Ltd and Sterling Investments Pvt. Ltd – two companies owned by Cyrus Mistry’s family – requested the tribunal to waive the requirement that shareholders hold at least 10 percent of a company to file a petition against promoters.

The tribunal said a final order would be issued on Friday, according to the media reports.

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