Tata Sons is in the works to make sure its ousted chairman Cyrus Mistry and his team get no waiver walkover to argue their case on merit in the National Company Law Tribunal. Leading Tata counsel AM Singhvi said, "A waiver gateway opens only in compelling and exceptional cases, which this is not. A waiver can be granted only if there is supervening public and national interest, or if the Mistry camp is without any alternate legal remedy, which is not demonstrated by them."
The case involves Mistry's two family-held firms which moved the NCLT as minority shareholders of Tata Sons to essentially challenge his removal from the company board as an oppressive act. The NCLT decision on waiver would be a landmark one and significant for both boards and shareholders of companies as it is the first such case being argued under the new Companies Act.
