INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Mumbai bench of National Company Law Tribunal (NCLT) on Wednesday adjourned much-awaited order pronouncement on the
Tata-Mistry feud to July 9
Justices BSV Prakash Kumar and V Nallasenapathy were to pronounce the verdict today
The case relates to two-year-old feud between Tata Sons and Cyrus Mistry, who was axed as Tata Sons chairman on October 24, 2016.
The Mistry
camp claims that Cyrus' removal as chairman and subsequently as director on the board Tata Sons was the result of oppression by the
promoters, led by Tata Trusts, ET reported
The trust owns over 68 per cent in Tata Sons
The Mistry family owns 18.6 per cent stake in Tata Sons, but has only 4 per cent voting rights
Market analysts and observers say the Tata Group did not see any turnaround under Mistry, as was widely expected, and except for TCS and to
some extent Tata Motors, almost all other businesses of the conglomerate, including Tata Steel, actually went downhill under him
Total market capitalisation of 26 listed Tata companies has risen 30 per cent to Rs 10.86 lakh crore, from Rs 8.34 lakh crore on October
24, 2016, with TCS alone contributing 54 per cent of this rise
