Tata vs Mistry: Tribunal grants no interim reliefs, asks Mistry for evidences to prove allegations
Mistry's family-owned companies filed a suit against Tata Sons in the National Company Law Tribunal against the oppression and mismanagement of Tata Sons under Section 241 of the Companies Act
National Company Law Tribunal on Thursday reportedly refused to give any interim relief to ousted Tata Sons chairman Cyrus P Mistry on a petition filed by Mistry's family-owned companies.
Cyrus Investments Private and Sterling Investment earlier filed a petition with NCLT against the oppression and mismanagement of Tata Sons under Section 241 of the Companies Act.
Stating it would not consider granting interim relief now or entertain interim proceedings, a NCLT bench consisted of B S V Prasad Kumar and V Nallasenapathy on Thursday decided hear the petition on January 31 and February 1 next year.
Meanwhile, Tata Sons issued a statement saying it believes the petition is not maintainable in law, reports said.
"The parties have been directed to file replies and rejoinders in a fixed time in January, 2017. The Court also ordered the petitioner (Mistry family's investment firms) not to seek for any further interim reliefs in the subject matter," read the company statement.
"[The company] believes that the petition is not maintainable in law and the court will hear Tata Sons on this issue at the outset at the next hearing," it added.
According to reports, Mistry's family holds more than 18 per cent in Tata Sons while Tat has a 66 per cent stake in the company.
Earlier, Cyrus Investments Private and Sterling Investment filed 344-page petition.