Ousted Tata Sons chairman Cyrus Mistry may be down but not out. Mistry is still peeved at the way he was ousted from Tata Sons. In his latest salvo , Mistry has now approached the National Company Law Appellate Tribunal (NCLAT) against the order of NCLT dismissing his plea challenging his removal as chairman of the company.
A petition was filed before the appellate tribunal against the July 9 order of the Mumbai bench of the National Company Law Tribunal (NCLT).
“We have filed the appeal today,” Mistry’s counsel said. Mistry’s appeal is now with the registry of the NCLAT, which would forward it after technical verification.
Asked as to when would the matter be listed for hearing, the counsel said: “Nothing has been decided as of now.”
On July 9, NCLT Mumbai had dismissed pleas of Cyrus Mistry challenging Mistry’s removal as Tata Sons chairman as also the allegations of rampant misconduct on part of Ratan Tata and the company’s Board.
A special bench of the tribunal held that the Board of Directors at Tata Sons was “competent” to remove the executive chairperson of the company.
NCLT bench members B S V Prakash Kumar and V Nallasenapathy said that Mistry was ousted as chairman because the Tata Sons’ Board and its majority shareholders had “lost confidence in him”.
Under the Companies Act 2013, an order of NCLT can be challenged before the National Company Law Appellate Tribunal (NCLAT).
Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016. He had taken over as the chairman in 2012 after Ratan Tata announced his retirement.