Cyrus Mistry camp withdraws clarificatory plea from NCLAT

NEW DELHI: The Cyrus Mistry camp today withdrew its recent application with NCLAT seeking clarification on the forum's order that rejected its plea for a stay on shareholder meeting called to remove him from the Tata Sons board.

Cyrus Investments' application was listed before the National Company Law Appellate Tribunal (NCLAT) bench headed by its Chairman Justice S J Mukhopadhaya. However, the counsel representing Mistry side withdrew the application.

They submitted that they do not want to pursue the matter.

"It was just a procedural application only. It was for some clarification and then the counsel decided among themselves," said one of the counsel in the know.

On February 3, NCLAT had quashed a set of petitions filed by the investment firms seeking stay over the shareholder meeting called by Tata Sons for Mistry's removal as a director.

At the said EGM, the Tata holding company removed Mistry after securing the shareholders' nod.

While deciding the pleas by the investment firms, the appellate tribunal in its order had said the National Company Law Tribunal ( NCLT) would decide first on its maintainability and then whether a waiver should be given or not.

On February 14, NCLT heard arguments on maintainability of petitions filed by the two firms controlled by Cyrus Mistry's family against his ouster from Tata Sons.

The arguments will resume on February 20 at NCLT.