All Tata Group stocks soar in trade as Ratan Tata prevails in the legal battle with Cyrus Mistry at India's Supreme Court
- The Supreme Court today ruled in favour of the Tata Group in its almost five-year long battle with its former chairman and a major shareholder Cyrus Mistry.
- As soon as the news broke, the share market celebrated the win as Tata Group stocks jumped.
- A thankful Ratan Tata said that the judgment comes “after relentless attacks on my integrity and ethical conduct of the group”.
The Supreme Court today ruled in favour of the salt-to-aviation giant Tata Group in its almost five-year long battle with its former chairman and shareholder Cyrus Mistry. The court also dismissed an appellate court order that allowed Cyrus Mistry to be reinstated as the group Chairman.
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And as soon as the news broke, the share market celebrated the win as Tata Group stocks jumped.
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|Company||Share price jump as of 1 pm|
|Tata Consultancy Services||+1.51%|
|Tata Global Beverages||+1.91%|
Cyrus Mistry, whose family holds a majority stake – as much as 18.5% stake in Tata Sons (the holding company of the Tata Group), was appointed as Chairman in 2012 and ousted in 2016.
Ratan Tata also went on to talk about the news on Twitter. A thankful Tata said that the judgment comes ‘after relentless attacks on my integrity and ethical conduct of the group”.
https://t.co/CjAR6LzIah— Ratan N. Tata (@RNTata2000) 1616742606000
The top court said that all the laws were in favour of the Tata Group. “We cannot adjudicate on the question of compensation and they can take the route under Article 75. Order of NCLAT is set aside. Appeal by TATA group is upheld. Appeal by SP group is dismissed. Appeal by Cyrus Investments is dismissed,” said Chief Justice of India SA Bobde during the order.
The top court further said, “We leave it to Tata Sons, Mistry to take legal route to resolve issue of shares. Value of Tata Sons shares depends on equity.”
Ratan Tata wins the fight against Cyrus Mistry at the Supreme Court
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