Tata Group stocks rise after SC rules in favour of Tata Sons against Cyrus Mistry – News 24-7 Live News 24-7 Live
Tata Group stocks rise after SC rules in favour of Tata Sons against Cyrus Mistry

Tata Group stocks rise after SC rules in favour of Tata Sons against Cyrus Mistry

  • The Apex Court set aside the NCLAT order restoring Cyrus Mistry as executive chairman of the Tata Group and allowed the appeals filed by Tata Group.
  • The court set aside the order of December 17, 2019, which had allowed the reinstatement of Cyrus Mistry as Tata Sons chairman.
  • Among stocks, Tata Steel and Tinplate Company of India rallied 6 percent each.

Tata group stocks rose up to 6 percent after Supreme Court rules in favour of Tatas against Mistry. The Apex Court set aside the NCLAT order restoring Cyrus Mistry as executive chairman of the Tata Group and allowed the appeals filed by Tata Group.

A bench of Chief Justice SA Bobde and Justices AS Bopanna and V Ramasubramanian said, “all the questions of law are liable to be answered in favour of the appellant’s Tata Group and the appeals filed by the Tata Group are liable to be allowed and SP Group is liable to be dismissed.”

The court set aside the order of December 17, 2019, which had allowed the reinstatement of Cyrus Mistry as Tata Sons chairman. It had on January 10 last year granted relief to Tata group by staying the NCLAT order by which Mistry was restored as the executive chairman of the conglomerate.The feud between the two parties began in 2016 after Mistry was ousted as the chairman of the conglomerate. N Chandrasekaran was appointed as the executive chairman of Tata Sons.

News Source: CNBC TV 18

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