Don't force Cyrus Mistry to sell his shares: NCLAT to Tata Sons
The National Company Law Appellate Tribunal NCLAT on Friday directed Tata Sons to not force former chairperson Cyrus Mistry into selling his shares in...
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday directed Tata Sons to not force former chairperson Cyrus Mistry into selling his shares in the company, till his appeal is pending.
The appellate tribunal, however, said that the decision on the conversion of Tata Sons into a private firm would be taken after the final argument. The next hearing has listed for September 24.
In its last hearing on August 14, the NCLAT had reserved its order on Mistry's plea, challenging the conversion of Tata Sons into a private company.
Last month, the NCLAT's Mumbai bench had rejected a plea filed by Mistry against his dismissal as chairman of the business conglomerate.
Following this, Mistry moved NCLAT through his investment firms - Cyrus Investments Pvt. Ltd and Sterling Investment Corp. Pvt. Ltd, against the order by NCLAT's Mumbai bench.