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’ conversion into a private limited company.
The RoC approved the change in Tata Sons’ status on August 6.
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.
Moneycontrol could not independently verify the news.
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.
The NCLAT will hear arguments on the mater on August 14.
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.
Tata Sons had been a private limited company since 1917, but its status changed to that of a public limited company in 1976.