Ratan Tata praises NCLT judgement
New Delhi [India], July 10: Tata Trusts chairman Ratan Tata on Monday welcomed the National Company Law Tribunal (NCLT) verdict that dismissed the petitions of former Tata Group chief Cyrus Mistry against Tata Sons.
Tata Trusts owns over 60 percent in the Tata Sons while Mistry family owns over 18 per cent in the business group.
Ratan Tata, in a statement, said, “Judgement of NCLT, delivered today has been a vindication of actions that Tata Sons felt obliged to take in Oct ’16. It’s a reinforcement of principles and forthrightness that prevails in our judiciary, which makes all of us proud of our country and its democracy.”
The NCLT on Monday rejected Mistry’s petition challenging his dismissal as chairman of the business conglomerate.
Mistry was ousted from the board of Tata Sons after a four-year stint in October 2016.
Mumbai NCLT’s division bench, headed by B.S.V. Prakash Kumar and V. Nallasenapathy, in an oral order, ruled that Cyrus was removed as Tata Sons chairman because shareholders lost trust in him.