Mumbai: The National Company Law Tribunal (NCLT) Monday dismissed the pleas of Cyrus Mistry challenging his removal as Chairman of Tata Sons.
Mistry was removed as the Tata Sons board and majority of its members lost confidence in him, the NCLT Mumbai’s main bench of B S V Prakash Kumar and V Nallasenapathy said in a judgment.
The tribunal said it was not accepting Mistry’s contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group.
Mistry was removed because the board and majority of its members lost confidence in him after he sent out certain crucial information about the company to the I-T department, leaked details to the media and came out openly in public against the company’s shareholders and its board, the bench said.In October 2016, Mistry was ousted as Tata Sons Chairman.
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