Cyrus Mistry camp on Friday failed to get any relief from the National Company law Appellate Tribunal (NClAT) which dismissed the petitions by two investment firms, backed by Mistry family, to stay February 6 EGM of Tata Sons to remove the ousted chairman from the board.
The NClAT declined to stay the scheduled EGM of Tata Sons, and during the proceedings it suggested parties to go for an “honourable settlement” as it was denting the image of both sides and may hurt their business interests and morale of Their employees as well.
“We are not going to grant any relief. We are dismissing the three appeals. We would pass a detailed order later,” said a two-member bench headed by Justice S J Mukhopadhaya.
Today when the proceedings commenced, the tribunal asked counsels representing both the sides to consult and explore any “probability of sitting between parties to find any honourable settlement” and adjourned the matter for 15 minutes.
However, both the side could not reach on a common point.
Senior advocate CA Sundaram appearing for the two Mistry family-backed investment firms suggested to defer the EGM for one or two months and during this period his side would negotiate and try to resolve the issue.