Bombay HC permission for EGMs without intervention: Tata Sons
Mumbai, Dec 16 (IANS) Tata Sons on Friday said Bombay High Court has allowed Tata group companies to hold their respective EGMs (extra-ordinary general meetings) without any intervention and as planned.
Tata Sons disclosed the information a day after industrialist Nusli Wadia — who is also Director in several Tata Group companies — approached Bombay High Court.
Several Tata Group companies have called EGMs to decide whether or not to remove Wadia and Tata Sons’ ousted Chairman Cyrus Mistry from their respective boards.
“The Hon’ble Bombay High Court denied every interim relief as claimed by the plaintiff and Nusli Wadia,” Tata Sons said in a statement.
“The Hon’ble Bombay High Court has allowed the EGMs of all Tata Companies to proceed without any intervention and as planned.”
According to Tata Sons, votes during the EGMs of its various group companies will be counted and factored in as per the law.
“The Hon’ble Bombay High Court, with the consent of parties, passed an order that one board seat amongst the maximum permissible directors as per the Articles of each company, should remain unfulfilled until the resolution of this suit,” the statement said.