Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
April 28, Friday 2017 3:46 PM       

       HEADLINES: Skirmishes at Munnar strike pandal shame to democratic Kerala: Oommen Chandy                                              Munnar skirmish: Police’s attempt to move striking members to hospital failed                                              Delaying Senkumar’s appointment akin to challenging rules of land: Chennithala                                              ‘Collector Bro’ all praise for new education loan repayment scheme                                              Dinakaran case: Delhi Police arrests Hawala operator Naresh                                              Malegaon blast: Col. Purohit moves SC after HC rejects bail                                              SC to hear plea against linking Aadhaar with PAN cards                                              Possibility of major conflict with N Korea: Trump                                              Brilliant Uthappa powers KKR to top of IPL 10                                              Samuels replaces injured de Kock                                              Kapil Dev's wax figure to grace Madame Tussauds Delhi                                              Gujarat Lions dismiss RCB for 134 allout in IPL                                              Kaumudi Facebook
       BUSINESS Next Article: Air India lowers age limit for elderly travel concession  
       Mistry appeals against NCLT rejecting waiver plea in Tata case
 
         Posted on :23:12:22 Apr 21, 2017
   
A A
       Last edited on:23:12:22 Apr 21, 2017
         Tags: Mistry appeals against NCLT rejecting waiver
 
NEW DELHI: Ousted Tata Sons Chairman Cyrus Mistry has moved appellate tribunal NCLAT against the National Company Law Tribunal, which had rejected his plea for waiver in the eligibility criteria for filing case against the Tata Group.
 
The petition is likely to come for hearing next week before the National Company Law Appellate Tribunal bench, headed by NCLAT Chairman Justice S J Mukhopadhaya.
 
On April 17, National Company Law Tribunal had dismissed a petition filed by two firms belonging to Cyrus Mistry's family, seeking waiver of an eligibility condition for moving the forum against Tata Sons.
 
The Companies Act mandates that a petitioner should hold at least one-tenth of the issued share capital of a company or represent 10 per cent of the total number of members to file cases alleging mismanagement and oppression of minority shareholders.
 
The two firms -- Cyrus Investment Pvt Ltd and Sterling Investments Pvt Ltd had sought to challenge Mistry's ouster from Tata Sons last year and alleged that there was mismanagement and oppression of minority shareholders.
 
They had urged the NCLT to use its discretion and waive an eligibility condition for filing such a petition. The tribunal had held last month that the plea was not maintainable, because the petitioner firms did not meet one of the eligibility criteria prescribed by the Companies Act.
 
The firms contended that under the Act the tribunal can waive a requirement that petitioner should hold at least one- tenth of `issued share capital' of the company, or represent at least one-tenth of the company's minority shareholders.
 
Tata Sons had argued that if preference capital was also considered, the petitioner firms held only 2.17 per cent of the total issued share capital of Tata Sons.
 
Mistry was removed as Chairman of Tata Sons, the holding firm of Tata Group, one of the country's largest conglomerates, last October.
A A
       BUSINESS
Next Article: Air India lowers age limit for elderly travel concession
 
 
BUSINESS HEADLINES
Sensex slips below 30,000-mark  
Sensex retreats from record, down 104 pts  
Pay fee or go to Tihar Jail: SC to Sahara  
Realty sector revived after demonetisation: PropTiger Report  
I voluntarily gave up rail budget: Suresh Prabhu  
Rupee scales near 21-mth high of 64.26 on global cues  
Nifty closses above lifetime high of 9,300-mark  
PM to review infra performance with officials today  
US dollar ends sharply lower against rupee  
Sensex rebounds 291 pts; French Prez race, RIL Q4 in limelight  
Thailand expects 12 lakh tourists from India in 2017  
GST great illustration of cooperative federalism: Modi  
Niti Aayog lists promoting digi-payments as achievement  
Hero Cycles eyes setting up Rs 400 cr project  
Impact of demonetisation abated: IMF  
Mistry appeals against NCLT rejecting waiver plea in Tata case  
Air India lowers age limit for elderly travel concession  
SEBI court quashes non-bailable warrant against Sahara chief  
India needs to accelerate investment in children, education:WB  
Sensex extends gains, up 86 pts on bargain hunting  
Jaitley may take up H-1B visa issue with US authorities  
'India moving forward to become major destination for FDI'  
Sensex surrenders early gains, falls 95 pts  
Apple, Coke, Airtel among cos pulled up for 143 misleading ads  
Inflation cools to 5.7%, food prices heat up  
 
Should Senkumar be reinstated as DGP, law and order?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy