The National Company Law Tribunal (NCLT) today dismissed Cyrus Mistry’s plea, who had challenged his ouster as chairman of the Tata Group, according to television channel according to CNBC-TV18. Mistry’s family owns over 18% stake in Tata Sons, the holding company of Tata Group, though holding with voting rights is only under 4%. Mistry had taken over as the chairman of Tata Group in 2012 after Ratan Tata announced his retirement.
Mistry, who was the sixth chairman of the Tata Sons, was ousted from the position in October 2016. Two months later, Mistry and his family-run investment firm, Cyrus Investments, approached the NCLT, as minority shareholders, against Tata Sons and others including Ratan Tata alleging oppression and mismanagement.