The National Company Law Appellate Tribunal (NCLAT) dismissed Cyrus Mistry's petition

Mistry had moved the appellate body after his petition was dismissed by NCLT in April against Tata Sons on grounds of maintainability but granted a waiver with respect to criteria related to shareholding that allows the expelled chairman to again be in motion towards the National Company Law Tribunal (NCLT).

Mr. Mistry, who was suddenly expelled as the chairman of Tata Sons in October last year, had moved the appellate body after his petition was dismissed by NCLT in April.

Incidentally, the tribunal had earlier ruled that the petition was not maintainable but had decided to hear the matter to make a decision if a waiver could be granted.

Earlier, on 17 April, the Mumbai bench of the National Company Law Tribunal (NCLT) had rejected the waiver plea filed by the investment firms while on 6 March; it had set out-of-the-way over maintainability

A bench headed by chairperson justice S.J. Mukhopadhaya asked NCLT to dispose off the matter in three months.

The tribunal had concluded its hearing on 24 July and reserved its judgement.

The two investment firms—Cyrus Investments Pvt. Ltd and Sterling Investments Pvt. Ltd—had moved NCLAT over maintainability of their petitions filed against the Tata group and waiver required for it under the Company Act 2013.

The appellate tribunal had had the sense of hearing both pleas together.

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