NCLT paves the way for EGM to remove Mistry

NCLT paves the way for EGM to remove Mistry

The National Company Law Tribunal (NCLT) adjourned the hearing on a petition filed by Cyrus Mistry’s investment companies.

The two-member NCLT bench, however, allowed the extraordinary general meeting (EGM) of Tata Sons on February 6, to seek the ouster of Cyrus Mistry as a director to go ahead as proposed originally.

As per the request sought for adjournment by Mistry’s lawyers, NCLT deferred the hearing. Mistry’s counsels will now have to present their arguments on February 13 and 14 while Abhishek Manu Singhvi, appearing for the Tatas, will respond to the arguments on February 20 and 21. The bench did specify that if the petitioners fail to argue on these dates, then the petition would be dismissed.

“The issue of EGM was already decided in the last hearing about the contempt petition filed by two Mistry companies where it was dismissed. Tata Sons can go ahead with the forthcoming EGM,” a division bench of NCLT said.

A Sundaram, counsel for Cyrus Mistry family companies, specified that they may look for further legal recourse with regards to the EGM. “They (the NCLT bench) have not passed any order with regards to the EGM. Therefore, we will have to see what action we to be taken with regards to the EGM which is why we wanted the case to be adjourned,” Sundaram said.
DH News Service
 

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