Mistry has questioned the rationale behind some actions like the free sale of its telecom arm to Airtel, massive debt-driven acquisitions by Tata Steel
These resolutions would impose restriction on free transferability of shares held by the companies in Tata Sons
Sebi has not seen much merit in Mistry's allegations against Ratan Tata and the Tata Group
The judgement noted that 'even though the executive chairman was appointed by the board, one point to be remembered is that it is not a position elected by the shareholders'
The decision came at the fag-end of the trading session and saw most Tata group stocks react to the development
Ousted Tata Sons chairman Cyrus Mistry will move the NCLT against the resolution
Cyrus Mistry was the sixth and youngest chairman of Tata Sons and took over after Ratan Tata retired in December 2012
Kumar writes in his blog that only lawyers and PR firms gained from Tata-Mistry war; the board could have just let the clock run out in five months
Kumar's blog chronicles the events of the day and those that followed subsequently, including disbanding of the group executive council, of which Mistry was a member
According to sources, top law firms are receiving a lot of queries seeking possible legal implications due to their position on boards
The NCLT has decided to hear the matter expeditiously and give an order in about a month's time
Tata-Mistry spat has contributed $10 billion decline in market value of group's listed companies
However, Mistry firms can challenge the dismissal in National Company Law Appellate Tribunal
The petitions have alleged 'mismanagement' in the Tata Group and 'oppression' of minority share-holders
Following his ouster as chairman Tata Sons, In December 2016, Cyrus Mistry & his investment firms filed a petition against Tata Sons and its directors, Tata Trusts, its chairman & several individuals
Mistry, in the petition filed under the Companies Act, claimed that his removal was due to a result of mismanagement by the board's trustees and oppression of minority shareholders of the group
The NCLT held that corporate governance does not take precedence over corporate democracy, but is part of corporate democracy.
The finance minister has decided not to meet either side, as the government does not want to be seen getting embroiled in the Tata Group turmoil
Mistry camp also refuted allegations of "significant issues of conflict of interest in relation to the Shapoorji Pallonji Group
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