Live Help
Get News Alerts from Taxmann.com on your desktop.
No Thanks Allow
You have blocked the notification on recent updates. Click below to re-subscribe.
No Thanks
You have already subscribed to Taxmann’s notification.
No Thanks UnSubscribe
Your Session Will Expire in   seconds.
If you do not wish to log-out, choose 'Let me continue'
Reset Session Cancel Session
 

NCLT dismisses Cyrus Mistry’s petition against removal of Tata Sons

July 13, 2018[2018] 95 taxmann.com 121 (NCLT - Mum.)
209 Views

The NCLT observed that the board and majority of its members lost confidence in Mistry after he sent out certain crucial information about the company to the Income Tax department, leaked details to the media and came out openly in public against the company's shareholders and its board

• The NCLT further noted that although Mistry was appointed as the chairman to preside over the board, he "could not become a sovereign authority over the company because the superior body in any company at first level are the shareholders, thereafter, the board, elected by those shareholders.

• "As long as the board is not removed and as long as they work within the powers endowed upon them to manage the affairs of the company, there can't be any sovereign concept in corporate structure, it is a collective responsibility of the board and their actions are accountable to shareholders of the company".

• NCLT did not find any material to say that Mr Tata or Trusts Nominee Directors caused the removal of Cyrus as chairman as a retort to the purported legacy issues set out in this company petition.

read more

taxmann.com
Payment
Best view in 1140 x 768