The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday deferred its verdict on the ousted Tata Sons chairman Cyrus Mistry’s petition against the Tata Group.
The NCLT would pronounce the judgment on July 9 as the bench was not ready with the final order.
The bench, comprising B.S.V. Prakash Kumar and V. Nallasenapathy, said it wanted to make some corrections before pronouncing the verdict. The NCLT was earlier expected to deliver its verdict on July 4.
The charge by Mr. Mistry is that his removal as chairman and subsequently as a director on the board of Tata Sons was the result of oppression by Tata Sons’ promoters (Tata Trusts) as they owned more than 68% stake in Tata Sons.
Mr. Mistry’s investment firms, that filed the petition, hold 18% in Tata Sons, though the holding with voting rights is only 4%.
Mr. Mistry had moved the Mumbai bench of NCLT in December 2016 but the bench had dismissed his petition in early 2017 citing eligibility clause, which was challenged in the NCLAT (National Company Law Appellate Tribunal), which asked the NCLT bench to hear the matter afresh.
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