Mumbai: The National Company Law Appellate Tribunal said a plain reading of the petition filed by Cyrus Mistry’s family firms against Tata Sons showed allegations relating to oppression and mismanagement, and that it could not be termed as a frivolous application. Mistry, who was removed as Tata Sons chairman last year, had a small victory on Thursday as NCLAT granted a legal waiver to his family firms to file a case against Tata Sons. The National Company Law Tribunal had earlier rejected the petition as their shareholding was less than what was needed under law to move against the company. The NCLAT judgement, delivered by Justice SJ Mukhopadhaya, noted that there were several exceptional facts and circumstances that necessitated allowing the waiver appeal. The appellate body sent the case back to NCLT for hearing on merits.
Tata Sons declined to comment on the matter.
The family firms of Mistry — Cyrus Investments and Sterling Investments — are trying to press allegations of mismanagement and oppression of minority shareholder interests at Tata Sons.
The legal battle followed an ugly public spat between Mistry and the Tata Group after he was sacked in October last year.
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