Tata group stocks jump as SC rejects Shapoorji Pallonji group’s pleas
A Supreme Court bench, led by Chief Justice SA Bobde, dismissed appeals of the Shapoorji Pallonji group and set aside the December 2019 NCLAT judgement which had ordered the reinstatement of Cyrus Mistry as chairman of Tata Sons
Mumbai: Shares of top Tata group companies surged on Friday after a Supreme Court bench, led by Chief Justice SA Bobde, dismissed appeals of the Shapoorji Pallonji group and set aside the December 2019 NCLAT judgement which had ordered the reinstatement of Cyrus Mistry as chairman of Tata Sons.
Shares of Tata Consultancy Services were 1.3% higher to ₹3108, Tata Steel rose 5% to ₹760, Tata Motors jumped 4% to ₹297, Tata Consumer climbed 2% higher to ₹627 and Titan Company gained 3% to ₹1498 on the BSE.
Shares of SP group company Sterling & Wilson Solar Ltd were down 4.19% at ₹261 apiece.
The top court allowed the appeals filed by the Tata Group, holding that well-settled principles had been overturned by the NCLAT when it decided the dispute in the previous round.
"All the questions of law are liable to be favoured for Tata group. The appeals are allowed by Tata group," Chief Justice SA Bobde said.
The court also negated the NCLAT’s finding regarding “oppressive” practices resorted to by the Tata Sons Pvt Ltd in removing Mistry as the chairman of Tata Sons by a board meeting in October 2016.
About the issues relating to valuation of shares and the SP Group pledging its shares in Tata Sons to raise funds, the top court maintained that both parties were at liberty to raise these before appropriate forum and that the court would not pass any order.
The Mistry family owns an 18.4% stake in Tata Sons.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High