Cyrus Mistry to appeal against NCLT order


New Delhi,jul 10:
Ousted Tata Sons chairman Cyrus Mistry on Monday said he would appeal against the order of National Company Law Tribunal (NCLT) that dismissed pleas challenging his removal.A statement from Mistry’s office described the NCLT, Mumbai, ruling as “disappointing although not surprising”.
“We will continue to strive for ensuring good governance and protection of interests of minority shareholders and all stakeholders in Tata Sons from the wilful brute rule of the majority,” the statement said.In a ruling today, the tribunal said it was not accepting Mistry’s contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group.”The ruling is in line with the earlier position expressed by the tribunal. An appeal on merits will be pursued,” the statement said.Uder the Companies Act 2013, an order of NCLT can be challenged before the National Company LawAppellate Tribunal.According to the statement, matters like TTSL, Air Asia, ‘recovery of dues’ from serial entrepreneur C Sivasankaran, non-closure of a loss-making Nano, a struggling resolution of Tata Steel Europe and all present serious issues will be pursued.”Not


Please enter your comment!
Please enter your name here