Tata Sons' [TATAS.UL] ousted chairman Cyrus Mistry, in his first legal salvo against the conglomerate, has appealed to a quasi-judicial body to either replace the company's current board of directors or appoint a retired Supreme Court judge as its non-executive chairman.
Continue Reading Below
Mistry ratcheted up his battle against the $100 billion software-to-salt conglomerate by launching legal proceedings on Tuesday and filing a petition under the Companies Act of 2013 at the National Companies Law Tribunal (NCLT).
The complaint, which levels allegations on mismanagement and corporate governance failures within the company, also seeks to restrain Tata Sons from issuing any new equity, or altering its articles of association.
(Reporting by Promit Mukherjee and Euan Rocha; Editing by Himani Sarkar)