NCLT rejects waiver plea of Mistry's family firms

The National Company Law Tribunal (NCLT) has rejected the waiver plea filed by Cyrus Mistry’s family firms.

The tribunal also dismissed the company’s petition after dismissing the waiver plea. This is the second major blow for the Mistry camp after the NCLT had, on March 6, stated that the family firms are not qualified to file a petition alleging mismanagement of Tata Sons and oppression of minority shareholders.

Cyrus Mistry’s family firms had sought a waiver on the minimum shareholding requirement in order to challenge the Tata Sons at the NCLT.

Reacting to the NCLT decision, Tata Sons stated that the ruling vindicates the position of the group. “We are pleased that Mistry’s claims have been dismissed by the NCLT,” Tata Sons COO F N Subedar said.