NCLT adjourns waiver application of Mistry firms

 The National Company Law Tribunal (NCLT) on Tuesday adjourned hearing on a waiver application by Cyrus Mistry’s family firms till March 17. Cyrus Mistry’s family firms had sought a waiver on the minimum shareholding requirement in order to challenge the Tatas at the NCLT.

“We have placed this waiver application on the ground that we have a substantial interest in the company and we are large shareholders having more than 18% of the equity capital of the company and in such circumstances that they should permit us to maintain this petition and to argue it,” Mistry’s counsel Aryama Sundaram said.

“We have placed our submissions showing that we have various acts, where we are truly concerned and corporate governance is what we are looking for. We are truly concerned about the trust involvement in the affairs of the board. So these are all grounds that we have taken,” Sundaram added.

The development comes just a day after NCLT stated that Mistry’s family firms are not qualified to file a petition alleging mismanagement of Tata Sons and oppression of minority shareholders. Cyrus Mistry was ousted as the chairman of Tata Sons on October 24, following which the Tata and the Mistry family have been locked in a legal battle. Even if NCLT decides against granting a waiver to the Mistry family firms, they have the option to challenge the ruling in the courts.

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