Updated: December 20, 2016 7:36:05 pm
Ousted chairman of Tata Sons Cyrus Mistry’s family-controlled investment firm has moved the National Company Law Tribunal (NCLT) against Tata Sons on Tuesday. The company filed a petition against oppression and mismanagement of Tata Sons under Section 241 of Companies Act. NCLT will hear the petition on December 22.
While resigning from the boards of the Tata group firms yesterday, Mistry had launched a scathing broadside against Ratan Tata and vowed to shift his fight to a “larger platform”. “Having deeply reflected on where we are in this movement for cleaning up governance and regaining lost ethical ground, I think it is time to shift gears, up the momentum, and be more incisive in securing the best interests of the Tata Group,” Mistry had said.
Meanwhile, Tata Power said that Mistry has resigned as director of the company with immediate effect, ahead of the extraordinary general meeting next week for his removal from the board. “… Cyrus Mistry has resigned as Director of the company with immediate effect,” Tata Power said in a BSE filing, citing a communication sent by him to the company on December 19.
After an eight-week bitter boardroom battle, ousted Tata Group Chairman Cyrus P Mistry has quit from the boards of six listed companies including Tata Motors and Indian Hotels on Monday.
(With PTI inputs)
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