{"id":47851,"date":"2017-04-18T03:51:29","date_gmt":"2017-04-17T22:21:29","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=47851"},"modified":"2017-04-18T03:51:29","modified_gmt":"2017-04-17T22:21:29","slug":"nclt-dismisses-mistry-firms-petition-tata-sons","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/nclt-dismisses-mistry-firms-petition-tata-sons","title":{"rendered":"NCLT dismisses Mistry firms&#8217; petition against Tata Sons"},"content":{"rendered":"<figure id=\"attachment_44208\" aria-describedby=\"caption-attachment-44208\" style=\"width: 300px\" class=\"wp-caption alignright\"><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/Law.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"44208\" data-permalink=\"https:\/\/www.legalindia.com\/news\/abu-jundal-six-others-get-life-2006-arms-haul-case\/law-9\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/Law.jpg?fit=302%2C201&amp;ssl=1\" data-orig-size=\"302,201\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Law\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/Law.jpg?fit=300%2C200&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/Law.jpg?fit=302%2C201&amp;ssl=1\" class=\"wp-image-44208 size-medium\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/Law.jpg?resize=300%2C200&#038;ssl=1\" alt=\"NCLT dismisses Mistry firms' petition against Tata Sons\" width=\"300\" height=\"200\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/Law.jpg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/Law.jpg?resize=150%2C100&amp;ssl=1 150w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/Law.jpg?w=302&amp;ssl=1 302w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-44208\" class=\"wp-caption-text\">NCLT dismisses Mistry firms&#8217; petition against Tata Sons<\/figcaption><\/figure>\n<p>The National Company Law Tribunal (NCLT) here today dismissed a petition by two firms belonging to Cyrus Mistry&#8217;s family, seeking waiver of an eligibility condition for moving the forum against Tata Sons.<\/p>\n<p>An NCLT bench of B S V Prakash Kumar and V Nallasenapathy said, &#8220;The waiver is dismissed, the company petition dismissed.&#8221;<\/p>\n<p>The two firms had sought to challenge Mistry&#8217;s ouster from Tata Sons last year and alleged that there was mismanagement and oppression of minority shareholders.<\/p>\n<p>They urged the NCLT to use its discretion and waive an eligibility condition for filing such a petition.<\/p>\n<p>The tribunal had held last month that the plea was not maintainable, because the petitioner firms did not meet one of the eligibility criteria prescribed by the Companies Act.<\/p>\n<p>The two Mistry family firms contended that under the Act, the tribunal can waive a requirement that petitioner should hold at least one-tenth of &#8216;issued share capital&#8217; of the company, or represent at least one-tenth of the company&#8217;s minority shareholders.<\/p>\n<p>Tata Sons had argued that if preference capital was also considered, the petitioner firms held only 2.17 per cent of the total issued share capital of Tata Sons.<\/p>\n<p>Mistry was removed as Chairman of Tata Sons, the holding firm of Tata Group, one of the country&#8217;s largest conglomerates, last October.<\/p>\n<p>( Source &#8211; PTI )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Company Law Tribunal (NCLT) here today dismissed a petition by two firms belonging to Cyrus Mistry&#8217;s family, seeking waiver of an eligibility condition for moving the forum against Tata Sons. An NCLT bench of B S V Prakash Kumar and V Nallasenapathy said, &#8220;The waiver is dismissed, the company petition dismissed.&#8221; The two [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":44208,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[146,31987,117,80,39263,38609,38607,188,34686],"class_list":["post-47851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-court","tag-featured","tag-law","tag-legal-news","tag-mistry-firms","tag-national-company-law-tribunal","tag-nclt","tag-petition","tag-tata-sons"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NCLT dismisses Mistry firms&#039; petition against Tata Sons - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"The National Company Law Tribunal (NCLT) here today dismissed a petition by two firms belonging to Cyrus Mistry&#039;s family, seeking waiver of an eligibility - Get the latest legal news from the Supreme Court, High Courts, and government. 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A Sundaram, counsel for Cyrus Mistry family companies, pressed for interim\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"NCLT clears way for Tata Sons to hold EGM on Feb 6","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/Law-300x200.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":51839,"url":"https:\/\/www.legalindia.com\/news\/hc-refuses-stay-sessions-court-order-quashing-summons-tata-group-chairman-cyrus-mistry","url_meta":{"origin":47851,"position":1},"title":"HC refuses to stay sessions court order quashing summons to Tata Group chairman Cyrus Mistry","author":"Legal India Admin","date":"March 8, 2018","format":false,"excerpt":"In some reprieve for ousted Tata Group chairman Cyrus Mistry, the Bombay High Court today refused to stay a sessions court order quashing a summons issued to him in a Rs 500-crore defamation suit. Justice N W Sambre admitted for further hearing a petition filed by Tata Group's managing trustee\u2026","rel":"","context":"In &quot;High Profile Cases&quot;","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/03\/Cyrus-Mistry.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":45445,"url":"https:\/\/www.legalindia.com\/news\/cyrus-mistry-challenge-tata-sons-decision-remove-chairman-bombay-high-court","url_meta":{"origin":47851,"position":2},"title":"Cyrus Mistry to challenge Tata Sons decision to remove him as chairman in Bombay high court","author":"Legal India Admin","date":"October 25, 2016","format":false,"excerpt":"Cyrus Mistry has decided to move Bombay High Court against Tata Sons' decision to remove him from Chairman's post+ . In a surprise development on Monday evening, Cyrus Mistry+ was sacked as chairman of Tata Sons. He was replaced by Ratan Tata. The decision was taken at the board meeting\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"Cyrus Mistry","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/10\/Cyrus-Mistry.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":53121,"url":"https:\/\/www.legalindia.com\/news\/win-win-for-63-moons-mcas-plea-to-supersede-63-moons-board-dismissed-by-nclt-under-sec-397-of-companies-act-1956","url_meta":{"origin":47851,"position":3},"title":"Win-win for 63 moons; MCA\u2019s plea to supersede 63 moons Board dismissed by NCLT under Sec. 397 of Companies Act, 1956","author":"Legal India Admin","date":"June 12, 2018","format":false,"excerpt":"Mumbai, June 9, 2018: Surpassing the Board of 63 moons technologies limited (formerly known as FTIL) under Section 397 of the Companies Act, 1956, the National Company Law Tribunal (NCLT), Chennai dismissed the plea of the Ministry of Corporate Affairs (MCA). 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Mistry and the other accused had approached the sessions court after\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/12\/Cyrus-Mistry.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p6H5Bf-crN","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/47851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/comments?post=47851"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/47851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media\/44208"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media?parent=47851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/categories?post=47851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/tags?post=47851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}