Mistry moves against Tata Sons' EGM
Thursday - February 2, 2017 6:24 pm ,
Category : BUSINESS
New Delhi/Mumbai: Tata Sons' ousted Chairman Cyrus Mistry on Thursday approached the New Delhi-based National Company Law Appellate Tribunal (NCLAT) for an injunction against the proposed extra-ordinary general meeting (EGM) of the Tata Group's holding company.
The first phase data from the government's "Operation Clean Money", launched earlier this week, has revealed deposits worth lakhs of crores in old notes made after demonetisation into accounts and are being scrutinised by Indian tax authorities, senior officials have said.
"These 18 lakh cases even by primary data analytics we found to be glaring because their deposits and income size are simply not matching. Number of deposits made in these 18 lakh deposits is not a small number...its in lakhs of crores," Revenue Secretary Hasmukh Adhia told BTVi in an interview regarding the lakhs of taxpayers identified by the Income Tax Department who will be served notices seeking explanation within 10 days.
The petition moved by Mistry's investment company has been slated to come up for hearing on Friday.
The development comes two days after the National Company Law Tribunal (NCLT), Mumbai, did not restrain Tata Sons from holding the proposed EGM on February 6, 2017.
The holding company of the global industrial conglomerate has called a shareholders' meet to remove Mistry as a Director on the company's Board.
Tata Sons' Board had ousted Mistry earlier on October 24, 2016, as its Chairman and appointed Ratan Tata as Interim Chairman.
However, Mistry still remains a Director on the Board of the holding arm of the $100 billion-plus group.
Tata Trusts hold 66 per cent stake in the holding company of the Tata Group, with Mistry's family holding over 18 per cent interest.-IANS
The first phase data from the government's "Operation Clean Money", launched earlier this week, has revealed deposits worth lakhs of crores in old notes made after demonetisation into accounts and are being scrutinised by Indian tax authorities, senior officials have said.
"These 18 lakh cases even by primary data analytics we found to be glaring because their deposits and income size are simply not matching. Number of deposits made in these 18 lakh deposits is not a small number...its in lakhs of crores," Revenue Secretary Hasmukh Adhia told BTVi in an interview regarding the lakhs of taxpayers identified by the Income Tax Department who will be served notices seeking explanation within 10 days.
The petition moved by Mistry's investment company has been slated to come up for hearing on Friday.
The development comes two days after the National Company Law Tribunal (NCLT), Mumbai, did not restrain Tata Sons from holding the proposed EGM on February 6, 2017.
The holding company of the global industrial conglomerate has called a shareholders' meet to remove Mistry as a Director on the company's Board.
Tata Sons' Board had ousted Mistry earlier on October 24, 2016, as its Chairman and appointed Ratan Tata as Interim Chairman.
However, Mistry still remains a Director on the Board of the holding arm of the $100 billion-plus group.
Tata Trusts hold 66 per cent stake in the holding company of the Tata Group, with Mistry's family holding over 18 per cent interest.-IANS
