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Tata Sons cannot forcibly buy Cyrus Mistry’s shares for now: NCLAT (Lead)
New Delhi, Aug 24 (IANS) In a temporary relief to Cyrus Mistry, the National Company Law Appellate Tribunal (NCLAT) on Friday stated that Tata Sons cannot force him to sell his shares till the disposal of his appeal.
However, the appellate tribunal declined his plea for a stay on the conversion of Tata Sons into a private company.
The two-judge bench headed by Justice S.J. Mukhopadhyaya said it will decide on the conversion of Tata Sons, parent company of $103 billion Tata Group, from a public limited company into a private limited company after hearing the final arguments. The next hearing of the case is slated for September 24.
Mistry, who took over as Tata Group Chairman in December 2012 and was ousted in October 2016 by the Tata Sons board, had filed the petition with the NCLAT against the July 9 decision of the NCLT (National Company Law Tribunal) Mumbai bench.
The bench had upheld the decision of the Tata Sons board dismissing Mistry as Chairman.
On July 9, the NCLT Mumbai bench ruled that the Tata Sons Board of Directors was competent to remove the Executive Chairman and that Mistry was ejected as the board members had lost confidence in him.
The NCLT verdict had come on a petition filed by Mistry after he was abruptly ousted as the Chairman that had created an upheaval in the Indian corporate world.
Mistry later quit from the board of other six Tata Group companies but challenged the Group, and former and interim Chairman Ratan Tata’s decisions, before the NCLT.
Last September, the shareholders of Tata Sons agreed to convert the public limited company into a private limited company, which in effect would restrict any shareholder from selling its stake to outsiders.
The shareholders approved the conversion saying it would help the company become more swift in decision making despite Mistry’s opposition to it. Mistry, through his family firms Cyrus Investments and Sterling Investments, owns 18.4 per cent of Tata Sons while 66 per cent is owned by Tata Trusts.
Mistry’s family had termed the decision as an act of oppression of minority shareholders.
On August 10, the Registrar of Companies approved the decision of Tata Sons to go private.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.