The National Company Law Tribunal (NCLT) has on Monday dismissed the lawsuit filed by Cyrus Mistry against Tata Sons.
NCLT Mumbai's main bench including BSV Prakash Kumar and V Nallasenapathy has made it clear in the judgment that there is no merit in Mistry's contention. The bench has also said that Mistry was removed as the Chairman of Tata Sons due to the loss of confidence by Tata Sons board and majority of its members.
In the plea, Mistry contended that he was removed as Chairman of Tata Sons due to the mismanagement by the board and oppression of minority shareholders of the group. Mistry was removed after he sent out some crucial information about the company to the I-T department, the bench said. He also leaked details to the public against the company's shareholders and its board, the bench said.
Mistry was removed as Tata Sons Chairman in October 2016. Mistry's firm, Cyrus Investment, later approached the NCLT alleging oppression and mismangement by Tata Sons board including Ratan Tata for the ouster of Mistry as Chairman of Tata Sons.