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TGBL - Tata Consumer Products News Story

$4.76 0.0  0.0%

Last Trade - 18/08/20

Sector
Consumer Defensives
Size
Large Cap
Market Cap £4.96bn
Enterprise Value £4.96bn
Revenue £1.11bn
Position in Universe 150th / 1809

UPDATE 1-Mistry's reinstatement at Tata Sons backed by tribunal

Wed 18th December, 2019 12:31pm
(Adds detail from court hearing)
    By Aditi Shah
    NEW DELHI, Dec 18 (Reuters) - Cyrus Mistry has won backing
from a tribunal for reinstatement as executive chairman of Tata
Sons, the holding company behind Indian conglomerate Tata Group,
lawyers said on Wednesday, knocking shares in group companies.
    Mistry has been embroiled in a legal battle with Tata Group
since being ousted in 2016 over charges of shareholder
oppression and mismanagement. https://reut.rs/2PVIa1c
 
    Tata Sons has four weeks to file an appeal with India's top
court over the ruling of the quasi-judicial National Company Law
Appellate Tribunal (NCLAT), one of the lawyers said.
    Tata Sons and Mistry did not immediately respond to requests
for a comment. 
    Shares in group company Tata Motors  TAMO.NS  fell 3%, Tata
Global Beverages  TAGL.NS  nearly 4% and Indian Hotels Company
 IHTL.NS  finished nearly 3% lower.
    Mistry had also contested his removal as chairman and
alleged inappropriate interference in the company's affairs by
family patriarch and the conglomerate's former chairman Ratan
Tata.
    The NCLAT two-judge bench in its ruling deemed the
appointment of current Tata Sons chairman N Chandrasekaran
illegal and asked Ratan Tata to refrain from interfering, one of
the lawyers said. 
    Tata Group is one of India's oldest and biggest
conglomerates with interests in sectors including technology,
steel and automobiles. 
    The clash between Mistry and Ratan Tata has been one of the
most high profile and publicly fought corporate battles in
India.
    Mistry is a scion of the Shapoorji Pallonji family that
holds a minority stake in Tata Group.
    Tata Trusts, a group of public charities, owns a controlling
66% stake in holding company Tata Sons and is chaired by Ratan
Tata. 

 (Reporting by Aditi Shah in New Delhi, additional reporting by
Derek Francis and Chandini Monnappa in Bengaluru; editing by
Rashmi Aich and Jason Neely)
 ((derek.francis@thomsonreuters.com; +91-9986311363 and
@derekfrancis089 on Twitter;))
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