Setback for Cyrus Mistry; NCLT rejects plea for transfer of cases to Delhi

Mumbai: The National Company Law Tribunal, NCLT, on Friday dismissed petition brought in by Cyrus Mistry who had appealed to the forum to transfer his cases to New Delhi as, according to the plea, they have already approached the Mumbai forum earlier and do not want to go there again.

The Tribunal has also imposed a cost of Rs 10 lakh on Mistry's two investment firms -- Cyrus Investments and Sterling Investments -- that have been at the fore of litigation alleging "oppression of minority shareholders" and "mismanagement" at Tata Sons.

On Thursday NCLT had reserved its order on the appeal filed by Mistry. The principal bench of the NCLT, headed by Chairman Justice M M Kumar, pronounced its verdict.

C A Sundaram, lawyer for Mistry family firms -- Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd -- had on Thursday argued in favour of the investment firms saying "Mumbai bench could have a cause of bias". He also told the tribunal his clients are being asked to go to a forum they have already approached in past.

Tata Group lawyers Abhishek Manu Singhvi and Mukul Rohatgi opposed Sundaram saying Mistry's transfer plea was nothing but a case of "forum shopping".