NCLT dismisses Cyrus Mistry’s waiver petition

As reported,  the Mumbai Bench of the  National Company Law Tribunal (NCLT) headed by Member B.S.V. Kumar refused to grant a waiver to Cyrus Mistry family firms from the minimum shareholding requirement for filing a petition. NCLT also dismissed the main petition filed by the two entities – Cyrus Investments Pvt. Ltd. and Sterling Investment Corporation Pvt. Ltd. alleging mismanagement and oppression of minority shareholders at Tata Sons Ltd. In an oral order, the two-member Bench dismissed the waiver petition and the main petition. The Tribunal had earlier ruled that the petition was not maintainable but decided to hear the matter to decide if a waiver could be granted.

Source: The Hindu

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