Mumbai : The Mumbai bench of the National Company Law Tribunal (NCLAT), which has resumed hearings of the legal tussel between Cyrus P Mistry and the Tata Sons, on Wednesday heard Mistry’s petition charging the latter with oppression and mismanagement.
Arguments made by Mistry’s counsel said the articles of association with the Tata Sons board, in particular, the Article 121, makes the Tata Sons’ board a dummy board and gives all the powers to the Tata Trust, reports moneycontrol.com.
Furthermore, the Shapoorji Pallonji (SP) Group asked for at least one nominee seat on the board of Tata Sons, as the SP Group has an around 18 percent shareholding in Tata Sons and is completely unaware of the business proceedings of the conglomerate.
The counsel also called for the greater transparency and an outlining for better corporate governance.
In October 2016, the board of Tata Sons. Mistry is locked in a legal battle with the Tatas after his sacking as chairman of Tata Sons in October 2016.
