Press Esc to close
Wednesday 29 March 2017
News updated at 2:00 AM IST

Cyrus Mistry moves contempt application at NCLT against Tatas

Jan 12, 2017, Mumbai, PTI
Tata Sons had called a shareholders' meeting on February 6 to remove Mistry as director of the holding company of the $103-billion Tata Group. PTI File Photo.
 Two investment firms owned by the family of Cyrus Mistry on Wednesday filed a contempt application at NCLT against Tata Sons and its directors including Ratan Tata, alleging violation of the tribunal’s order in initiating steps to remove him from the board.

In the application filed at the National Company Law Tribunal, Cyrus Investments and Sterling Investment sought an injunction against Tata Sons from “convening or holding of the EGM scheduled on February 6, 2017 or any other date or from transacting any business thereat”.

It also sought punishment for Tata, other directors of Tata Sons and trustees of Sir Ratan Tata Trust and Sir Dorabjee Trust — N A Soonawala, R K Krishnakumar and R Venkatramana — with “simple imprisonment for a term which may extend to six months” or fine of Rs 2,000 or both.

The application alleged that the respondents have “committed a breach” of the NCLT order passed on December 22 by issuing a special notice on January 3, 2017 for the removal of Mistry as a director from the board of Tata Sons, “in clear violation of the order”.

It claimed that the move to remove Mistry was against the order of NCLT which stated that the respondents will not “initiate any action or proceedings over this subject matter pending disposal of this company petition”.

“It is submitted that if the EGM is allowed to be held the same would also constitute a deliberate and contumacious breach of the aforesaid dated December 22, 26 and all those participating in and voting at such meting would also be guilty of contempt,” it said.

The application further said: “It is therefore absolutely just, necessary and convenient that Respondent No 1 (Tata Sons) be restrained by an order and injunction of this tribunal from convening or holding such a meeting or from transacting any business thereat”.

Last week, Tata Sons had called a shareholders’ meeting on February 6 to remove Mistry as director of the holding company of the $103-billion Tata Group.

Go to Top

Photo Gallery
People  are purchasing Mango leaves and Neem leaves on the eve of Ugadi festival ...

People are purchasing Mango leaves and Neem leaves on the eve of Ugadi festival ...

A group of Marathi women, dressed in traditional attires, with placards displaying...

A group of Marathi women, dressed in traditional attires, with placards displaying...

Yakult's new brand ambassador and Bollywood actor Shilpa Shetty at a promotional event...

Yakult's new brand ambassador and Bollywood actor Shilpa Shetty at a promotional event...

‘King of fruits’ mango has arrived for sale at Eidgah Maidan near Channamma Circle in Hubballi...

‘King of fruits’ mango has arrived for sale at Eidgah Maidan near Channamma Circle in Hubballi...

Children with flowers, neem leaves and jaggery all set to welcome the New Year...

Children with flowers, neem leaves and jaggery all set to welcome the New Year...

Roads wear deserted look on Tuesday as temperature soars in Surat...

Roads wear deserted look on Tuesday as temperature soars in Surat...

Security forces chasing away local protesters who tried to disrupt an anti-militant operation...

Security forces chasing away local protesters who tried to disrupt an anti-militant operation...

Smoke billowing out of the house which was targeted by the security forces personnel for...

Smoke billowing out of the house which was targeted by the security forces personnel for...

A man carries schoolchildren on his bicycle on a road in Srinagar, India...

A man carries schoolchildren on his bicycle on a road in Srinagar, India...

Russian opposition leader Alexei Navalny, foreground, speaks to press in a court room in Moscow....

Russian opposition leader Alexei Navalny, foreground, speaks to press in a court room in Moscow....

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523