Ousted Tata Sons chairman Cyrus Mistry has moved the National Company Law Appellate Tribunal (NCLAT), seeking a stay on the company's shareholder meeting called on February 6 to seek his removal. The tribunal will hear the matter today.
Mistry, who was formerly the chairman of the Tata group's holding company, was sacked in October in a surprise move that shocked the corporate world. Ratan Tata replaced him as acting chairman. However, Mistry still remains a director on the board of the company.
No reason was given for removing Mistry who was brought in less than four years ago with much fanfare. It is believed there were differences over management style and his approach of selling assets after writing them down. The board of Tata Sons, where 66 per cent shares are held by philanthropic trusts endowed by members of Tata family, said it was acting "for the long-term interest" of the firm.
This is Mistry's second attempt to block the Extraordinary General Meeting (EGM) after he was refused relief by the National Company Law Tribunal. Two investment firms backed by the Mistry have moved the NCLAT through their law firm 'Jaitley and Bakshi'.
On January 31, the Mumbai bench of National Company Law Tribunal (NCLT) had refused to grant a stay on the EGM. "There are no roadblocks for Tata Sons to hold the EGM. It can go ahead with the forthcoming EGM," the NCLT bench had said.