NCLAT grants waiver to Mistry on plea against Tata Sons

Appellate tribunal sends case back to Mumbai bench of NCLT for hearing on merits

The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed Cyrus Investments Private Limited and Sterling Investments Private Limited a waiver to pursue their case of oppression and mismanagement against multinational conglomerate Tata Sons.

A bench headed by Justice S J Mukhopadhaya allowed the Mistry companies the relief of waiver, but dismissed the other appeal on maintainability saying that the firms did not possess more than 10 per cent of shares in Tata Sons — a requirement for filing the case, unless waiver is otherwise granted (Section 244 of the Companies Act 2013).

The appellate body has directed the Mumbai