The National Company Law Appellate Tribunal (NCLAT) on Friday refused to stay conversion of Tata Sons into a private limited company.
Cyrus Mistry, in his plea, had earlier sought status quo over the conversion of Tata Sons into a private company from a public limited firm.
The NCLAT had reserved its order on Mistry's plea on August 14.
In September last year, Tata Sons had received shareholders' nod to convert itself into a private limited company from being a public limited company, limiting Cyrus Mistry family's ability to sell their stake to outsiders.
A public limited company allows shareholders to legally sell their stake to anyone but a shareholder of a private limited firm cannot sell the shares to external investors.
The Mistry camp had challenged the July 9 order of the Mumbai bench of the National Company Law Tribunal (NCLT) which dismissed their pleas against his removal as Tata Sons chairman.
(With inputs from PTI)