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22
December 2016
Tata
Sons on Thursday said the National Company Law Tribunal (NCLT) has not granted
any interim relief to its ousted Chairman Cyrus Mistry.
"The
National Company Law Tribunal today (Thursday) did not grant any interim
reliefs," Tata Sons said in a statement. The Total Investment & Insurance Solutions
"The
parties have been directed to file replies and rejoinders in a fixed time table
in January, 2017. The court also ordered the petitioner (Mistry) not to seek
for any further interim reliefs in the subject matter." The Total Investment & Insurance Solutions
On
Tuesday, Tata Sons had been served with a petition filed before the NCLT by
Mistry's investment companies under Sections 241 and 242 of the Companies Act.
According
to the holding company of the industrial conglomerate Tata Group, the petition
is 'not maintainable in law' and the court will hear Tata Sons on this issue at
the next hearing.
The
development comes a few days after Mistry had stepped down from positions held
by him in Tata Group companies which have called extra-ordinary general
meetings (EGMs) to remove him from their respective Boards. The Total Investment & Insurance Solutions
Tata
Sons' board had ousted Mistry on October 24 and appointed Ratan Tata as interim
Chairman. The Total Investment & Insurance
Solutions
Tata
Trusts holds 66 per cent stake in the holding company of the industrial
conglomerate Tata Sons, whereas Mistry's family holds over 18 per cent
interest.
"Having
deeply reflected on where we are in this movement for cleaning up governance
and regaining lost ethical ground, I think it is time to shift gears, up the
momentum, and be more incisive in securing the best interests of the Tata
Group," Mistry had said on Monday.
"Towards
this end, the objective of effective reform and the best interests of
employees, public shareholders and other stakeholders of the Tata Group (the
very people I sought to protect as Chairman) would be better served by my
moving away from the forum of the extra-ordinary general meetings." The Total Investment & Insurance Solutions
"It
is with this thought in mind that I have decided to shift this campaign to a
larger platform and also one where the rule of law and equity is upheld. I had
initially not thought that one would need to seek an external forum to
adjudicate issues that should never have arisen in the first place." The Total Investment & Insurance Solutions
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