Ratcheting up his war against Tata Sons, ousted Chairman Cyrus Mistry on Tuesday moved the National Company law Tribunal (NClT) alleging oppression and mismanagement of minority interest, a charge the holding firm of the $103 billion group denied and said it will contest.
Citing sections 241 and 242 of the Companies Act, which deal with shareholder oppression and mismanagement, Mistry asked NClT to “supersede the existing board of directors” of Tata Sons and appoint an administrator to look after its day- to-day affairs.