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Cyrus Investments, one of the Shapoorji Pallonji family’s holding companies, has objected to Tata Sons’ attempt to convert the primary holding company of the $104-billion Tata Group into a private limited company from a public limited one, saying it amounts to oppression of minority shareholders.
Apart from voting against it, ousted Tata Sons chairman Cyrus Mistry will move the National Company Law Tribunal (NCLT) against the resolution.
The Mistry family holds 18.4 per cent in Tata Sons.
In a notice to its annual general meeting (AGM) on September 21, Tata Sons has sought approval of its shareholders to amend its memorandum of association and articles of association for the purpose of converting itself from a public limited company into a private limited one, and to change its name from Tata Sons Limited to Tata Sons Private Limited.
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