The National Company Law Tribunal (NCLT) on June 9 has rejected former Tata Group chief Cyrus Mistry’s petition against Tata Sons. Mistry has challenged his dismissal as chairman of the business conglomerate. In his petition, he has also alleged operational mismanagement.
While passing the order, Mumbai NCLT’s division bench, headed by B.S.V. Prakash Kumar and V. Nallasenapathy ruled that Cyrus was removed as Tata Sons chairman because shareholders lost trust in him.
Mistry who was removed as executive chairman of Tata Sons, on October 24, 2016 by its board had filed a petition before the NCLT under Section 241 and Section 242 of the Companies Act.