Moneycontrol
Apr 21, 2017 04:08 PM IST | Source: CNBC-TV18

Cyrus Mistry moves NCLAT challenging NCLT's order

Cyrus Mistry has moved the Company Law Appellate Tribunal challenging NCLT.

Days after the National Company Law Tribunal (NCLT) dismissed Cyrus Mistry's waiver petition, the former Tata Sons chairman moved the National Company Law Appellate Tribunal (NCLAT) challenging the NCLT's order.

CNBC-TV18 learns from sources that Cyrus Mistry moved the tribunal on the maintainability issue -- whether he has locus standi in his complaint over corporate governance issues at Tata Sons.

 

In March this year, NCLT had dismissed a petition filed by Cyrus Mistry’s companies terming their plea is not maintainable under sections 241 and 242 of the Companies Act as his firms do not have the necessary one-tenth stake to move a case of oppression and mismanagement against Tata Sons.

Sources also say that the hearing date is expected to be issued today or tomorrow.

If NCLAT overrules NCLT’s order on the maintainability clause, the case is likely to be re-inducted back to NCLT for hearing.

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