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Tata Sons gets green light from Registrar of Companies to go private: Report

10 August, 2018 5:48 AM
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Tata Sons gets green light from Registrar of Companies to go private: Report

The move is a setback for the Mistry family, which has filed a petition that seeks to stay Tata Sons' conversion into a private limited company

Tata Sons has been cleared by the Registrar of Companies (RoC) to become a private limited company, according to a report by Business Standard.

The report cites a certificate of incorporation filed by Tata Sons, the holding company of the Tata Group.

The move is a setback for the Mistry family, which has filed a petition that seeks to stay Tata Sons'Â conversion into a private limited company.

Cyrus Investments and Sterling Investment, both run by the Mistry family, are minority shareholders in Tata Sons, jointly owning an 18.4 percent stake in the holding company.

The National Company Law Appellate Tribunal (NCLAT) had on Wednesday asked Tata Sons to file an affidavit and written responses by Friday about its conversion from a deemed public company to a private limited company.

The NCLAT gave Tata Sons this instruction while hearing Cyrus Investments' petition. The petition challenges the order passed by National Company Law Tribunal (NCLT) on July 9, which supported Tata Sons' move.

Shareholders of Tata Sons had in September last year voted to become a private limited company, a decision opposed by former chairman Cyrus Mistry and his family.

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Source: moneycontrol.com

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