Ex-Tata Sons Chairman Cyrus Mistry's brother who was on the board of Indian Hotels resigned on April 25.
Ex-Tata Sons Chairman Cyrus Mistry's brother who was on the board of Indian Hotels resigned on April 25.
Indian Hotels, in a notification undersigned by Beejal Desai, Vice President, Legal and Company Secretary, informed the bourses that Mistry had resigned from the board of the company with immediate effect.
"As per the communication received today, pursuant to Regulation 30 of the Sebi Regulations, 2015, we wigh to inform you that Mr Shapoor Mistry has resigned as a Director of the Company with immediate effect," the notification said.
The move could be perceived as a fallout of the National Company Law Tribunal's ruling against the petitions filed by Cyrus Mistry which levelled charges against the salt-to-hotels conglomerate and Ratan Tata.
The petition was dismissed as - the NCLT said - Mistry failed to make a case in front of the tribunal. Mistry's family firms had dismissed a petition seeking a waiver of an eligibility condition for moving the forum against Tata Sons.
An NCLT bench of B S V Prakash Kumar and V Nallasenapathy said, "The waiver is dismissed, the company petition dismissed," according to a PTI report at the time.
According to the report, the two firms had sought to challenge Mistry's ouster from Tata Sons last year and alleged that there was mismanagement and oppression of minority shareholders.
They urged the NCLT to use its discretion and waive an eligibility condition for filing such a petition.
The tribunal had held last month that the plea was not maintainable, because the petitioner firms did not meet one of the eligibility criteria prescribed by the Companies Act.
The two Mistry family firms contended that under the Act, the tribunal can waive a requirement that petitioner should hold at least one-tenth of 'issued share capital' of the company, or represent at least one-tenth of the company's minority shareholders.
Tata Sons had argued that if preference capital was also considered, the petitioner firms held only 2.17 per cent of the total issued share capital of Tata Sons.
Mistry was removed as Chairman of Tata Sons, the holding firm of Tata Group, one of the country's largest conglomerates, last October.
On the BSE, Indian Hotels' stock was trading at Rs 127.00, up Rs 0.45 or 0.36% from previous close.
(With background inputs from PTI)
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