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Ousted chairman of Tata Group Cyrus Mistry moved National Company Law Tribunal against the industrial giant on Tuesday, a day after he resigned from all Tata Group companies.
Mistry moved the tribunal citing “oppression and mismanagement” by the company, reports The Economic Times.
Earlier, Mistry had ruled out chances of a truce with Ratan Tata, claiming his fight is for larger issue of governance and that he will slug it out without giving up his family's 18.5 percent holding in the $103-billion conglomerate.
In his statement announcing his resignation from the firm, Mistry said:
However, a counter-statement from Tata Group has dismissed the various allegations made in Mistry’s statement, calling it a “deliberate strategy”.
In another official statement, Tata Sons also announced their decision to contest the allegations put forth by Mistry in the court.
Terming his fight a "movement for cleaning up governance and regaining lost ethical ground," Mistry had said, "It is time to shift gears, up the momentum and be more incisive in securing the best interests of the Tata Group.”
He said he has decided to "shift this campaign to a larger platform and also one where the rule of law and equity is upheld".
(With PTI inputs)
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Published: 20 Dec 2016,06:39 PM IST