Belying Tata Sons’ hope of seeing the end to the tussle with former Chairman Cyrus Mistry, the latter is now planning to move the appellate tribunal contesting the ruling by National Company Law Tribunal (NCLT).
Mistry camp is readying to move the National Company Law Appellate Tribunal (NCLAT) and has a battery of eminent lawyers for the next stage of the battle, multiple sources close to the development told BusinessLine .
The move comes after National Company Law Tribunal (NCLT) rejected a waiver petition filed by the ousted Tata Sons’ chairman on Monday. The tribunal also dismissed the main petition, which it heard on April 4.
The Mistry camp has the option to move the NCLAT and then the Supreme Court.
A final call will be taken after reviewing NCLT’s order, which will be posted on the tribunal’s website on Friday. The sources, who declined to be identified, did not divulge the strategies nor the names of the legal teams being readied for the legal battle.
When contacted Cyrus Mistry’s office declined to comment.
Tata Sons in its response to NCLT’s Monday order had said,“We hope this brings to an end a vexatious campaign against the company, the Tata Trusts and Ratan N Tata. Tata Sons will continue its focus on its future development under the stewardship of our Executive Chairman N Chandrasekaran.”
“Mistry has failed demonstrably to build a case. We trust that NCLT’s decision brings this matter to a close,” the statement, which quoted Tata Sons Chief Operating Officer FN Subedar, said.
On December 20, Mistry had moved the NCLT asking it to protect Tata Sons from “oppression and mismanagement of minority interest”.
The suits, filed through two of his family firms, Cyrus Investments and Sterling Investment Corporation, had stated that the Shapoorji Pallonji group owns 18.37 per cent stake in Tata Sons.