Tata Group shares were mixed after NCLAT restored Cyrus Mistry as chairman of Tata Group.
Tata Global Beverages (down 5.24%), Tata Coffee (down 3.88%), Tata Motors (down 3.72%), Tata Chemicals (down 2.67%), Tata TeleServices Maharashtra (down 1.64%), Tata Power (down 1.43%) and Tata Investment Corporation (down 1.4%) declined.
Tata Steel (up 0.16%), Tata Metaliks (up 1.15%), Tata Communications (up 1.34%), Tinplate Company of India (up 1.61%), Tata Steel Long Products (up 1.85%) and Rallis India (up 1.88%) advanced.
The National Company Law Appellate Tribunal (NCLAT) has ruled in favour of Cyrus Mistry on petition challenging his removal as Chairman of Tata Sons. The tribunal restored Mistry as the Executive Chairman of Tata Group, holding the appointment of N Chandrasekaran as executive chairman illegal.
Mistry, a scion of the wealthy Shapoorji Pallonji family that owns a minority stake in Tata Sons, has been locked in a legal feud with Tata Sons and Tata family patriach Ratan Tata.
Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016. He had taken over as the chairman in 2012 after Ratan Tata announced his retirement.
Two months after his removal, Mistry's family-run firms approached the National Company Law Tribunal (NCLT) as minority shareholders, against Tata Sons, Ratan Tata, and some other board members.
Mistry accused the Tatas of mismanagement and oppression of minority shareholder interests. Tata denied the charges.
NCLT had dismissed the petitions saying Mistry did not meet this condition and declined his request for a waiver.
Later, Mistry approached the NCLAT over the NCLT order.
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