#TataMistry: NCLT dismisses Mistry’s transfer petition, imposes 10 lakh cost

The President of the NCLT earlier today dismissed a Company Application (Transfer Petition) preferred by the Mistry camp seeking transfer of their Company Petition filed against Tata Sons to Delhi bench from Mumbai bench..Justice MM Kumar also imposed a cost of Rs. 10 lakh on Mistry for filing the petition. The company petition will now continue to be heard at NCLT, Mumbai..Mistry’ firms, Cyrus Investments Ltd. and Sterling Investments Ltd had applied to the Principal Bench of the NCLT for transfer of the case against Tata Sons for alleged mismanagement and oppression of minority shareholders, following NCLAT’s ruling granting waiver and remitting case back to NCLT Mumbai Bench..Mistry’s application for transferring was based on averments that the Mumbai Bench, while passing its order on waiver also held a prima facie view that there was no cause of action. Fearing a bias, which has already crept in the waiver order, Mistry had requested for a transfer to the principal bench of any other bench, as it may deem fit..The transfer petition was opposed Tata Sons. The main objection of the Tata Sons was that the move to seek transfer of the Company Petition is a clear case of “bench hunting and forum shopping”..Abhishek Manu Singhvi, Mukul Rohatgi, Mohan Parasaran and Amit Sibal, Senior Advocates, along with advocates from Karanjawala and Co. and Shardul Amarchand Mangaldas and Co. represented Tata Sons and others..Desai & Diwanji and Chambers of Jaitley and Bakshi represented Mistry firms..Read the Application.Read the Order.Click here to download the Bar & Bench Android App