Setback for Cyrus Mistry, NCLT dismisses waiver petition
Apr 17, 2017, 18:13 IST
The National Company Law Tribunal (NCLT) has dismissed waiver petition filed by former Tata Sons’ Chairman Cyrus Mistry, who alleged mismanagement and oppression of the interest of minority shareholders at the company.
The tribunal said Mistry and his family did not meet the requirements for waiver. Under the Companies Act, a petitioner should hold at least one-tenth of the issued share capital of a company or represent 10% of the total number of members to take up such a case at the NCLT.
Mistry owns only 2.17% of Tata Sons shares.
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The tribunal said Mistry and his family did not meet the requirements for waiver. Under the Companies Act, a petitioner should hold at least one-tenth of the issued share capital of a company or represent 10% of the total number of members to take up such a case at the NCLT.
Mistry owns only 2.17% of Tata Sons shares.