Cyrus Mistry moves against Tata Sons' extraordinary general meeting

Tata Sons' Board had ousted Mistry earlier on October 24, 2016, as its Chairman and appointed Ratan Tata as Interim Chairman.

Ousted Tata Sons Chairman Cyrus Mistry. | PTI File Photo

NEW DELHI/MUMBAI: Tata Sons' ousted Chairman Cyrus Mistry on Thursday approached the New Delhi-based National Company Law Appellate Tribunal (NCLAT) for an injunction against the proposed extraordinary general meeting (EGM) of the Tata Group's holding company.

The petition moved by Mistry's investment company is slated to come up for hearing on Friday.

The development comes two days after the National Company Law Tribunal (NCLT), Mumbai, did not restrain Tata Sons from holding the proposed EGM on February 6, 2017.

The holding company of the global industrial conglomerate has called a shareholders' meet to remove Mistry as a Director on the company's Board.

Tata Sons' Board had ousted Mistry earlier on October 24, 2016, as its Chairman and appointed Ratan Tata as Interim Chairman.

However, Mistry still remains a Director on the Board of the holding arm of the $100 billion-plus group.

Tata Trusts holds 66 per cent stake in the holding company of the Tata Group, with Mistry's family holding over 18 per cent interest.

Here is a recall of the Tata-Mistry row:

Cyrus Pallonji Mistry, who was the chairman of Tata Group, an Indian business conglomerate, between 2012 and 2016, was ousted on October 24, 2016. He was the sixth chairman of the group, and only the second (after Nowroji Saklatwala) to not bear the surname Tata. The board of Tata Sons (the group's holding company) voted to remove Mistry from the post of chairman and Ratan Tata took over as the interim chairman. Subsequently, Natarajan Chandrasekaran was named the new chairman.

Mistry's family firm Shapoorji Pallonji Group, which has 18.4 per cent in Tata Sons — the holding company of the $100- billion salt-to-software conglomerate — has been fighting against his "illegal" removal as chairman. In October last year, there was news about Cyrus Mistry filing caveats against Tata Sons at the company law tribunal, but later his office denied it.

Reports had suggested that Cyrus Mistry did not enjoy good relations with Tata Trusts, and Ratan Tata in particular.