NCLAT to hear Mistry pleas on maintainability, waiver on May 4

New Delhi: The National Company Law Appellate Tribunal will hear on May 4 maintainability of ousted Tata Group chairman Cyrus Mistry's petition alleging "mismanagement and oppression of minority" at Tata Sons, along with waiver of shareholding requirement rules.

During the hearing today, the counsel representing the Mistry camp informed the NCLAT that they will file another appeal against the order of the National Company Law Tribunal rejecting their waiver application on April 17.

Senior lawyer C A Sundaram said they are in the process of doing so, following which the NCLAT bench headed by Justice S J Mukhopadhyay adjourned the matter to May 4.

The appellate tribunal was hearing the matter in which the Mumbai bench of the NCLT had dismissed the maintainability of the petition from two investment firms backed by the Mistry family.

On April 17, the NCLT had rejected the waiver plea while on March 6, it had set aside the one over maintainability.