Shares of Tata Group companies were in demand after the Supreme Court on Friday ruled in favour of Tata Group, junking appeals by Cyrus Investments.
Tinplate Company of India (up 5.7%), Tata Motors (up 4.36%), Tata Power (up 4.36%), Tata Investment Corporation (up 3.08%), Tata Chemicals (up 3.05%), Titan Company (up 3%), Tata Coffee (up 2.84%), Tata Communications (up 2.75%), Tata Metaliks (up 2.58%), Tata Elxsi (up 2.22%), Tata Consumer Products (up 2.05%), Voltas (up 2.05%) and TCS (up 0.92%) advanced.
Meanwhile, shares of Pallonji Group's Sterling and Wilson Solar tumbled 4.09% to Rs 261.25.
A Supreme Court (SC) bench headed by Chief Justice S A Bobde and also comprising Justices A S Bopanna and V Ramasubramanian ruled in favour of the Tatas in their battle with the Mistry group by setting aside the National Company Law Appellate Tribunal (NCLAT) order which had re-instated Mistry on Tata Sons' board and had termed current Chairman N Chandrasekaran's as ''illegal".
The country's apex court also rejected Mistry group's plea against the conversion of Tata Sons into a private company. The bench also refused to entertain Mistry group's plea for fair compensation for their 18.5% stake in Tata Sons saying the value of Mistry's stake will depend on valuation of Tata Sons assets and that it would not get into determining what should be a fair value.
SC's verdict in nearly five-year-old case puts an end to the corporate war between Tata Group and the Mistrys. A legal tussle erupted between the two sides after Cyrus Mistry was removed from Tata Sons' chairman post in October 2016. While the National Company Law Tribunal (NCLT) sided with the Tatas, the NCLAT had termed Mistry's removal as illegal. The NCLAT in its 2019 order reinstated Mistry as Tata Group chairman and also termed N Chandrasekaran's appointment to the chairman's post of the over $100 billion salt-to-software conglomerate as illegal. The Tatas then moved SC seeking to overturn the NCLAT judgement.
Tata Trusts, which owns 66% stake in Tata Sons, is chaired by Ratan Tata, the patriarch of the Tata group, while the Mistry family owns 18.4% stake in the company.
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