Tata Sons oppose waiver plea of Mistry firms

Tata Sons on Friday opposed a petition filed by two firms belonging to its ousted chairman Cyrus Mistry's family seeking waiver of an eligibility condition for moving the National Company Law Tribunal. The rationale behind the condition was to ensure stability, Tata Sons said.

The Mistry family firms have challenged Cyrus’s removal as a director of Tata Sons. Tata Sons’ lawyer Abhishek Manu Singhvi argued before the NCLT bench of BSV Prakash Kumar and V Nallasenapathy on Friday that the Company Act intended not only to curb vexatious litigation by imposing a condition of 10% stake, but also to ensure ‘stability’ of the company.