A scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors.
The NCLT held that the two petitions filed by Cyrus Mistry's family companies against his ouster from Tata Sons were not maintainable.
A top corporate tribunal has reserved its orders on the maintainability of petitions filed by Cyrus Mistry's investment companies against Tata Sons.
The petition moved by Mistry's investment company has been slated to come up for hearing on Friday.
Cyrus Mistry replied to the NCLT on the "counter-allegations" made by the holding company of the industrial conglomerate.