The Mistry Companies had filed petitions challenging his removal from Tata Sons but NCLT had yesterday held their plea 'not maintainable' as both the firms did not fulfil the eligibility criteria of 10 per cent shareholding to move NCLT.
The petitioners had alleged 'mismanagement' at Tata Sons and 'oppression of minority shareholders' and argued that the removal of Mistry from Tata Sons was not proper.
Sundaram said that the petitioners were not just minority shareholders but a different class of shareholders because the decisions taken by Tata Sons were "oppressive" (against them).
On alleged mismanagement at Tata Sons, the Mistry Companies' lawyer said it seems that "Tata Sons is becoming a 'Board Management Company'.
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Sundaram further alleged that the Articles of Association of Tata Sons were not in public interest.
Arguments by Mistry Companies concluded today. Tata Sons and other parties have been asked to argue on the next date of hearing, March 17.
Mistry's firms had pleaded that under the Act, the NCLT can waive the requirement that a petitioner should hold at least one-tenth of the 'issued share capital' of the company or represent at least one-tenth of the minority shareholders.
However, Tata Sons had opposed the petitions, saying that as per a Supreme Court order, the petitioners were not eligible under the Companies Act as minority shareholders to file such pleas before the NCLT.
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