The Tata-Mistry feud that hogged the limelight in the past two years is all set to intensify with Cyrus Mistry deciding to challenge the NCLT verdict that went against him today.
The much-awaited NCLT ruling, which came in as resounding victory for the Tatas, was hailed by many including the group patriarch Ratan Tata.
Earlier in the day, the Mumbai bench of the National Company Law Tribunal (NCLT) dismissed the petitions filed by the Mistry family alleging oppression of minority shareholders and corporate governance issues at the biggest corporate entity in the country.
The NCLT said it is not accepting Mistry's contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group.
The Mistry family owns a tad over 18.3 per cent in Tata Sons, the holding company of the Tata Group, which in turn is 66.8 per cent owned by over a dozen Tata Trusts, the largest public charity in the country.
Welcoming the NCLT verdict, Ratan Naval Tata, the chairman of the Tata Trusts, said "The judgement is a vindication of the actions that Tata Sons felt obliged to take in October 2016."
Welcoming the order, Tata Sons chairman N Chandrasekaran hoped "a finality will be given to the judgement of the NCLT, by all concerned in the larger interest of companies, the shareholders and the public."
Similarly, Shailesh Haribhakti, a noted corporate governance expert and chairman of leading auditing form Desai Haribhakti, said though the order is a resounding victory for the Tata group, "I am of the view that Mistry should take appropriate legal advice to move forward to the Supreme Court or accept the decision as final."
Disclaimer: No Business Standard Journalist was involved in creation of this content