Tata Sons on Wednesday said it will take appropriate legal recourse against the NCLAT judgement to reinstate ousted Chairman Cyrus Mistry, while stating it was not clear how the order sought to over-rule decisions taken by its shareholders and those of listed group firms at 'validly constituted shareholder meetings'.
Life seems to come full circle for Cyrus Mistry. He was restored as executive chairman of Tata sons on Wednesday with the NCLAT terming the appointment of N Chandrasekaran as the head of the holding company of salt-to-software conglomerate as "illegal."
As National Company Law Appellate Tribunal (NCLAT) on Wednesday ordered reinstatement of Cyrus Mistry as Executive Chairman of Tata Sons, Twitter users voiced their views on the issue.
Tata Sons on Thursday announced the appointment of Pratik Pal as the CEO of Tata Digital. Pratik Pal has worked with Tata Consultancy Services for over 27 years.
At the National Stock Exchange, the shares of the airline closed 6.26 per cent higher at Rs 341. It had risen as much as 14.35 per cent to an intra-day high of Rs 366.95.
"The company has considered it appropriate to write off the entire investment of Rs 28,651.69 crore in Tata Teleservices Limited," Tata Sons said in a filing.
From Tata to Satyam, the shocking exits of top company execs that rocked corporate India
In its last hearing, the tribunal had reserved its judgment on the conversion of Tata Sons and had said the question of interim relief would come up once the plea filed by Cyrus Investments was admitted.
Mistry was removed as the Tata Sons board and majority of its members lost confidence in him, the NCLT Mumbai's main bench of B S V Prakash Kumar and V Nallasenapathy said in a judgement.
Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48 per cent stake in TCS and the transaction is likely to be happen this week, the reports added.
Automakers like Toyota Kirloskar Motor, Honda Cars India, Skoda and Isuzu have already announced price hikes from January next year.
Tata Sons today elevated its group CFO Saurabh Agrawal and group company Titan's managing director Bhaskar Bhat as directors on the board of the group.
The scheme, valid until December 12, 2017, would be offered across 11 projects by Tata Housing in seven cities.
The development comes close on the heels of Tata Group announcing the sale of its consumer mobile business to Bharti Airtel.
“I am being sacked” was the text message former Tata Sons chairman Cyrus P Mistry sent to his wife Rohiqa minutes after he was asked to either resign or face termination
The Mistry family, which owns 18.4 per cent of Tata Sons, had called the move "oppression of the minority interests" and stated that it would vote against the proposal. Tata Trusts holds 66 per cent in Tata Sons.
Aa Tata Sons spokesperson said that the reinstatement of Tata Sons as a private company was considered by the board to be in the best interest of the company.
The combined market valuation of the Kumar Mangalam Birla-led listed companies stood at Rs 3,42,354.87 crore at the end of Friday's trade
During his stint at Aditya Birla, Agrawal oversaw the multi-billion Idea-Vodafone merger
Tata Sons on Monday welcomed the order of an apex corporate tribunal which ruled against a petition by Cyrus Mistry's firms that had alleged mismanagement by the company.
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