TCS gets Supreme Court's stay on NCLAT order reinstating Mistry as director

New Delhi, Jan 10 () India's largest IT services firm Tata Consultancy Services (TCS) on Friday said the Supreme Court has stayed the NCLAT order that directed the reinstatement of Cyrus Mistry as a director of the company.

Earlier this month, TCS had filed an appeal in Supreme Court to stay the NCLAT judgement dated December 18, which directed reinstatement of Cyrus Pallonji Mistry as Director of the company for rest of the tenure.

"The Hon'ble Supreme Court of India has, vide its order dated January 10, 2020, granted a stay on the operation of the said judgement and has posted the matter for detailed hearing at alater date," TCS said in a regulatory filing on Friday.

The Supreme Court has also stayed in toto the NCLAT order restoring Mistry as executive chairman of the Tata Group, observing that there were "lacunae" in the orders passed by the Tribunal.

Meanwhile, in a separate filing, the Mumbai-based company has said it will announce its financial results for the December quarter on January 17.

The company has set January 25 as record date for payment of the third interim dividend (if declared).

TCS said its board will meet on January 17 to approve the audited financial results for the December 2019 quarter.

The board will also consider declaration of a third interim dividend to the equity shareholders, it added. SR MKJ