Mumbai (IANS) - The apex corporate tribunal adjourned till March 17 hearing on Cyrus Mistry's investment companies' plea to waive off the bar on them to file a minority interest petition. The waiver petition was being heard a day after the National Company Law Tribunal (NCLT) ruled that the petition filed by Mistry's investment companies -- Cyrus Investment and Sterling Investment Corp -- against Tata Sons was non-maintainable.
Under the current rules, only a shareholder with more than 10% effective shareholding can file a minority interest petition with the NCLT. The Companies Act empowers the NCLT to waive off this requirement for a petitioner to hold at least 10% of the total issued share capital of the company. The holding company of the industrial conglomerate Tata Group had argued that the Mistry family held less than three% of the the total issued share capital of Tata Sons.
On Monday, the NCLT ruled against the maintainability of the petition filed against Tata Sons, citing governance lapses and compromise of minority shareholder interests after Mistry was ousted as the Chairman of the holding company of the industrial conglomerate. On October 24 last year, Tata Sons' Board ousted Mistry as its Chairman and appointed Ratan Tata as Interim Chairman.