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<keyword id="46894" type="General" weightage="50" keywordseo="tata-sons" source="Orion">Tata Sons</keyword> Chairman N. Chandrasekaran has been honoured with France's highest order of merit, Legion d'Honneur, for bolstering relations and building business between India and France. The award was conferred on Chandrasekaran, 59, on Tuesday at the Foreign Ministry in Paris by Minister <keyword id="14065140" type="General" weightage="50" keywordseo="catherine-colonna" source="Orion">Catherine Colonna</keyword>, Minister of Europe and Foreign Affairs. He was accompanied by his wife Lalitha and son Pranav. "<keyword id="6355725" type="General" weightage="50" keywordseo="tata-group" source="Orion">Tata Group</keyword> is a major player in the Franco-Indian partnership: I had the pleasure of presenting its CEO, on behalf of the President of the Republic, with the insignia of Chevalier de la Legion d'honneur. Dear Natarajan Chandrasekaran, you are a friend of France," Colonna tweeted after presenting the award. "Dear Natarajan Chandrasekaran, you are a true friend of France," Ambassador of France to India, Emmanuel Lenain tweeted. The Legion of Honour is the highest French order of merit, both civil and military. It was established in 1802 by Napoleon Bonaparte. France is one of India's largest scientific partners, with over 25 R&amp;D centres, 15 joint Indo-French research laboratories, and 500 collaborative projects in the country. There are currently 10 <keyword id="8555" type="General" weightage="100" keywordseo="tata" source="Orion">Tata</keyword> group companies operating in France, according to Indo-French Chamber of Commerce and Industry (IFCCI) Director General Payal S. Kanwar. "The Tata family has deep-rooted ties with France right from JRD Tata who was half French and born in Paris to <keyword id="201933" type="General" weightage="50" keywordseo="simone-tata" source="Orion">Simone Tata</keyword> who was incidentally one of the founders of IFCCI. The recent historic order of 250 Airbus A320neos and A350s along with 800 Safran motors for Air India has further boosted business between both countries!" Kanwar wrote on her Instagram. Last year, Chandrasekaran got a five-year extension as the chairman of Tata Sons, the holding company and promoter of more than 100 Tata operating companies with aggregate annual revenues of more than $100 billion. He also chairs the boards of several group operating companies, including Tata Steel, Tata Motors, Tata Power, Tata Global Beverages, Indian Hotels Company and Tata Consultancy Services (TCS), of which he was chief executive from 2009-17. In addition to his professional career at Tata, Chandra was also appointed as a director on the board of India's central bank, the Reserve Bank of India, in 2016. He was appointed on the International Advisory Council of Singapore's Economic Development Board in 2018. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/ondc-not-an-immediate-risk-for-zomato-and-swiggy-as-lower-prices-are-due-to-discounts/articleshow/100298963.cms">ONDC not an immediate risk for Zomato and Swiggy as lower prices are due to discounts</a> <a href="https://www.businessinsider.in/stock-market/news/five-reason-why-markets-will-not-run-up-further-from-here/articleshow/100294718.cms">Five reasons why markets will not run up further from here</a> <a href="https://www.businessinsider.in/business/news/indias-super-rich-will-double-in-numbers-to-1-6-million-by-2027-knight-frank/articleshow/100298454.cms">India’s super rich will double in numbers to 1.6 million by 2027: Knight Frank</a>

Tata Sons chairman Chandrasekaran bestowed with France's highest civilian award

The Board of <keyword id="46894" type="General" weightage="80" keywordseo="tata-sons" source="Orion">Tata Sons</keyword> on Friday approved the reappointment of N. <keyword id="56148" type="General" weightage="80" keywordseo="chandrasekaran" source="Orion">Chandrasekaran</keyword> as the <keyword id="6420527" type="General" weightage="80" keywordseo="executive" source="Orion">Executive</keyword> Chairman for the next five years. The decision took place during a board meeting held on Friday. Accordingly, the Board reviewed the last five years' performance of the group and considered the reappointment of Chandrasekaran. In a statement, <keyword id="8555" type="General" weightage="100" keywordseo="tata" source="Orion">Tata</keyword> Sons said that <keyword id="5196318" type="General" weightage="20" keywordseo="ratan-n-tata" source="Orion">Ratan N. Tata</keyword>, who was a special invitee to this meeting, expressed his satisfaction on the progress and performance of the Tata Group under the leadership of Chandrasekaran. "He recommended his term be renewed for a further five-year period," the statement said. "The Board members commended the performance of the Executive Chairman and unanimously approved the reappointment of Mr. <keyword id="97017" type="General" weightage="20" keywordseo="n-chandrasekaran" source="Orion">N Chandrasekaran</keyword> as the Executive Chairman for the next five years." Tata Sons is the principal investment holding company and promoter of Tata companies. In 2020-21, the revenue of Tata companies, taken together, was $103 billion These companies collectively employ over 8,00,000 people. At present, there are 29 publicly-listed Tata enterprises with a combined market capitalisation of $314 billion as on December 31, 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cms">Taxing cryptocurrencies does not give them legal status, clarifies India’s finance minister</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/board-is-reviewing-some-serious-allegations-says-new-bharatpe-ceo/articleshow/89497260.cms">Board is reviewing some 'serious allegations', says new BharatPe CEO</a>

Tata Sons Board reappoints N. Chandrasekaran as Executive Chairman for the next five years

The management control of national carrier <keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword> is set to be handed over to a subsidiary of <keyword id="46894" type="General" weightage="20" keywordseo="tata-sons" source="Orion">Tata Sons</keyword>. According to highly placed sources, the Chairman of <keyword id="8555" type="General" weightage="80" keywordseo="tata" source="Orion">Tata</keyword> Group N. Chandrasekaran is in national capital to meet key Central government officials before the formal handing over ceremony. Notably, the process would entail constitution of a new <keyword id="203942" type="General" weightage="20" keywordseo="air-india-board" source="Orion">Air India Board</keyword> with Tata nominees. Earlier this week, in a communication to the airlines employees, a senior Air India official wrote: "The disinvestment of Air India is now decided to be on January 27, 2022. "The closing balance sheet as on January 20 has to be provided today, i.e., January 24, so that it can be reviewed by Tatas and any changes can be effected on Wednesday." The communication, which was reviewed by IANS, was sent to the employees by Director of Finance, Vinod Hejmadi. The communication further read: "The next three days will be hectic for our department and I request all of you to give your best in these last three-four days before we get divested. We may have to work till late in the night to complete the task given to us." Last month, the Competition Commission of India approved the acquisition of Air India, <keyword id="6378232" type="General" weightage="20" keywordseo="air-india-express" source="Orion">Air India Express</keyword> and Air India SATS Airport Services by Talace, which is a wholly-owned subsidiary of Tata Sons. The acquisition envisaged 100 per cent equity share capital of Air India and Air India Express, and 50 per cent for that of Air India SATS Airport Services by Talace. The airline, along with AIXL, is primarily engaged in the business of providing domestic and international scheduled air passenger transport service, along with air cargo transport service. Air India SATS Airport Services is engaged in the business of providing ground handling services at Delhi, Bengaluru, Hyderabad, Mangaluru and Thiruvananthapuram airports, and cargo handling services at Bengaluru airport. Tata Sons' subsidiary Talace had emerged as the highest bidder for the national carrier under the divestment process. It had quoted an enterprise value of Rs 18,000 crore for 100 per cent equity shareholding of the Centre in Air India along with that of Air India Express and AISATS. On its part, the Centre had stipulated a reserve price of Rs 12,906 crore.

Air India's control to be handed over to the Tata Group today

<ul><li>Captains of India Inc came out in droves to express shock over <keyword id="6356895" type="General" weightage="100" keywordseo="Cyrus-Mistry" source="Orion">Cyrus Mistry</keyword>’s death. </li><li>Prime Minister Narendra Modi says Mistry was a business leader who believed in India’s economic prowess.</li><li>Cyrus Mistry was a warm, friendly, and congenial person who built a strong relationship with the TCS family, said a statement by the company. </li><li>Maharashtra Deputy Chief Minister Devendra Fadnavis asks police to conduct a detailed investigation into the road accident that killed Cyrus Mistry.</li></ul>From disbelief to grief, the sudden death of Cyrus Mistry, the former boss of <keyword id="46894" type="General" weightage="20" keywordseo="tata-sons" source="Orion">Tata Sons</keyword>, evoked many reactions from people from all walks of life. Many from corporate India took to social networking platform Twitter to express their shock, while many of his friends contacted by BI said they were in a state of shock and could not comment on the matter. Prime Minister Narendra Modi in his tweet said: “The untimely demise of Shri Cyrus Mistry is shocking. He was a promising business leader who believed in India’s economic prowess. His passing away is a big loss to the world of commerce and industry. Condolences to his family and friends. May his soul rest in peace.” On a journey back from Ahmedabad, local sources in Palghar, said that a Mercedes with four people in it hit a divider and killed two people in the car instantly. One of them was Cyrus Mistry. <cmsannotation type="cmsannotation" annotationid="Cyrus was a warm, friendly, and congenial person: TCS" comment="subhead" text="Cyrus was a warm, friendly, and congenial person: TCS">Cyrus was a warm, friendly, and congenial person: TCS</cmsannotation> “Tata Consultancy Services mourns the untimely demise of our former chairman, Shri Cyrus Mistry. He was a warm, friendly, and congenial person who built a strong relationship with the TCS family during his time as the Chairman of the company. We offer our deepest condolences and prayers to his family and friends in their time of loss,” said a statement by TCS. Finance MInister Nirmala Sitharaman said that his death had come as a shock. She said that he was committed to carrying forward and strengthening his business in infrastructure and infra projects. "He desired to keep contributing to India's economic progress. Condolences to his family and friends," the FM said on micro-blogging site Twitter. Mistry was the sixth chairman of the <keyword id="8555" type="General" weightage="20" keywordseo="tata" source="Orion">Tata</keyword> Sons board and only second from outside the Tata family. He was ousted in a boardroom coup in October 2016, following which he fought a bitter legal battle with Tata Sons. Mistry’s family holds 18.37% in Tata Sons. Even as the who’s who of the country expressed their shock and disbelief, Maharashtra’s Deputy Chief Minister Devendra Fadnavis asked the police to conduct a detailed investigation into the road accident that killed Cyrus Mistry. Congress leader Rahul Gandhi also took to Twitter and said: “Saddened by the tragic news of the sudden news of demise of former Chairman of Tata Sons, Cyrus Mistry. He was among the brightest business minds of the country, who made a significant contribution to India’s growth story.” Gandhi offered his condolences to Mistry’s friends, family and admirers. Despite his high profile legal battle with the Tata Sons board, Mistry had admirers undoubtedly. Harsh Goenka of the RPG Group also took to Twitter to say that he was shocked to hear of the news of his sudden demise. Calling him a friend, gentleman and a man of substance, Goenka said, “He was instrumental in creating the global construction giant Shapoorji Pallonji and ably led the Tata Group. Similarly, CP Gurnani of Tech Mahindra said that the industry had lost a “brilliant mind and a gentle soul”. Many others like Ashishkumar CHauhan of the National Stock Exchange and Road Transport Minister Nitin Gadkari express condolences. Professor Nirmalaya Kumar, former member of the Group Executive Council at Tata Sons, took to Twitter to say: “My dear friend, ex-boss and chairman of Tata Sons. Thank you for the life lessons. Inconsolable - We shared a laugh last month on a park bench in London. RIP.” He further said that Mistry had given him an opportunity that no one else would have and mentored him with patience.

Cyrus and I shared a laugh last month on a bench in London, says former strategy head of Tata Sons

Who were the other passengers in the <keyword id="6356895" type="General" weightage="50" keywordseo="cyrus-mistry" source="Orion">Cyrus Mistry</keyword> fatal crash? The other three were family friends -- the Pandoles. Former <keyword id="46894" type="General" weightage="50" keywordseo="tata-sons" source="Orion">Tata Sons</keyword> chairman Cyrus <keyword id="6391150" type="General" weightage="100" keywordseo="mistry" source="Orion">Mistry</keyword> on Sunday died in a road accident while he was returning from Gujarat's Udwada to Mumbai. The three other occupants in the car were -- brothers Darius and Jehangir <keyword id="2120987" type="General" weightage="80" keywordseo="pandole" source="Orion">Pandole</keyword>, and Darius Pandole's wife <keyword id="1155406" type="General" weightage="50" keywordseo="anahita-pandole" source="Orion">Anahita Pandole</keyword>. Darius Pandole was CEO &amp; MD of JM Financial Private Equity and earlier was on the board of Tata companies. They had visited the Iranshah Atash Behram at Udvada on Sunday morning. Cyrus Mistry and the Pandoles had been to Udwada, where Parsis have their main fire temple, to pray for the father of Pandole brothers, who died recently. The <keyword id="14897706" type="General" weightage="50" keywordseo="udwada-fire-temple" source="Orion">Udwada Fire Temple</keyword> was restored over the past few years at a very high cost, borne entirely by the Mistry family. It re-opened fully about a year ago. The car was being driven by Anahita Pandole, a renowned gynaecologist at Mumbai's Beach Candy hospital. Darius Pandole was on the front passenger seat. Both were seriously injured and admitted to the hospital. The Pandole family owned Duke's, a maker of soft drinks like Mangola. They had sold the business to Pepsi more than 20 years ago. Dinshaw Pandole sold the company -- the father of Darius and Jehangir Pandole. Dinshaw Pandole had died last week. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/after-a-volatile-week-expect-markets-to-remain-rangebound-says-arun-kejriwal/articleshow/93993910.cms">After a volatile week expect markets to remain rangebound says Arun Kejriwal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/cyrus-mistrys-sudden-death-puts-spotlight-on-sp-groups-18-4-holding-in-tata-son/articleshow/93993371.cms">Cyrus Mistry's sudden death puts spotlight on SP group's 18.4% holding in Tata Son</a>

Who were the other passengers in the ill-fated Mistry crash?

<ol><li><keyword id="6356895" type="General" weightage="20" keywordseo="Cyrus-Mistry" source="Orion">Cyrus Mistry</keyword>, the former chairman of <keyword id="46894" type="General" weightage="50" keywordseo="tata-sons" source="Orion">Tata Sons</keyword>, was born in Mumbai on 4 July 1968. He was an Irish by nationality as his mother was Irish.</li><li>He was the second son of billionaire and construction magnate <keyword id="6689214" type="General" weightage="50" keywordseo="pallonji-mistry" source="Orion">Pallonji Mistry</keyword> and his elder brother is <keyword id="844645" type="General" weightage="50" keywordseo="shapoor-mistry" source="Orion">Shapoor Mistry</keyword>. Both his parents held Irish citizenship.</li><li><keyword id="6391150" type="General" weightage="100" keywordseo="mistry" source="Orion">Mistry</keyword> went to Cathedral &amp; John Connon School in Mumbai. He went to Imperial College in London and got a Bachelor of Engineering in civil engineering from University College London. </li><li>Pallonji Mistry died earlier this year in June. The Pallonji’s have had business interests in India for over 100 years. In the 1930s Mistry’s grandfather acquired a stake in Tata Sons. He also got a Masters degree in management from University of London. </li><li>The Mistry family has 18.37% in Tata Sons, which is the largest shareholding by a single entity.</li><li>Cyrus Mistry joined the Tata Sons board in 2006 after his father retired from it. He served as director on Tata Elxsi between 1990 and 2009 and was also a director on Tata Power board till 2006.</li><li>In 2013, Mistry was appointed chairman of Tata Sons and was also appointed chairman of several other Tata group companies. </li><li>Cyrus Mistry was married to Rohiqa Chagla, the daughter of lawyer Iqbal Chagla and granddaughter of jurist MC Chagla. It was his father in law that strategized his entire legal battle against Tata Sons. </li><li>Mistry has two sons – Firoz and Zahan Mistry.</li><li>Mistry was known to be a soft spoken and gentleman who believed he had to fight for his honour after he was evicted in an ugly boardroom battle.</li></ol>

10 things you need to know about Cyrus Mistry

<ul><li>In his four year tenure as a chairman, <keyword id="6356895" type="General" weightage="20" keywordseo="Cyrus-Mistry" source="Orion">Cyrus Mistry</keyword> was known to maintain a very low profile. </li><li>Cyrus <keyword id="6391150" type="General" weightage="100" keywordseo="mistry" source="Orion">Mistry</keyword>’s father Pallonji Mistry who passed away th<a href="https://www.businessinsider.in/thelife/personalities/news/pallonji-mistry-the-elusive-but-powerful-phantom-of-bombay-house/articleshow/92511725.cms">is June, was known as the Phantom of Bombay H</a>ouse. </li><li>In 2016, Cyrus Mistry was unceremoniously removed as the chairman without giving reasons and he was no more low profile. </li><li>Mistry called his removal from chairmanship ‘unique in history’.</li></ul>During his four-year tenure as the chairman of <keyword id="46894" type="General" weightage="80" keywordseo="tata-sons" source="Orion">Tata Sons</keyword>, Cyrus Mistry had earned a nickname – ‘the most low profile man with the most high profile job’. After all he came from a family, which is known to zealously protect its privacy. His father Pallonji Mistry who passed away th<a href="https://www.businessinsider.in/thelife/personalities/news/pallonji-mistry-the-elusive-but-powerful-phantom-of-bombay-house/articleshow/92511725.cms">is June, was known as the Phantom of Bombay H</a>ouse for the power he used to wield at the Tata group headquarters and was barely ever seen or heard. If the course ran smooth, Cyrus too would have remained so but in 2016, he was unceremoniously removed as the chairman without giving reasons and he was no more low profile. In a bitter boardroom coup, Mistry was asked to step down and when he refused, he was unceremoniously removed by the board of directors. Subsequently he was forced to step down from boards of other Tata companies too. His removal led to one of the ugliest battles that corporate India had ever seen. <cmsannotation type="cmsannotation" annotationid="‘Unique in history’" comment="subhead" text="‘Unique in history’">‘Unique in history’</cmsannotation> Mistry called his removal from chairmanship ‘unique in history’. In addition to questioning many business decisions saying that five companies of Tata group had writedowns that accounted to $18 billion; he also questioned the deal with Air Asia which is known to have made fraudulent transactions. “We managed to raise awareness among stakeholders of the challenges in governance and ethics in the group. These were tough messages that had to be sent for the long term interest of the group,” he told <a href="https://economictimes.indiatimes.com/opinion/interviews/i-have-a-lifetime-ahead-of-me-but-my-fight-continues-cyrus-mistry/articleshow/56073727.cms?from=mdr">ET in an interview right after he </a>was removed as the chairman. He had accused Ratan Tata of inappropriate intervention and Mistry was pushed to become a ‘lame duck chairman’. The case, as expected, went to court and after a string of shocking twists and turns, the Supreme Court passed an order for the Tata group, after which Mistry filed review petitions and they too were set aside by the country’s highest judicial authority. Mistry, however, never did believe it to be a short-term fight. “I have a lifetime ahead of me and my fight will go on,” he had said. If only, that were true. <cmsannotation type="cmsannotation" annotationid="Mistry’s Clementine mirror" comment="subhead" text="Mistry’s Clementine mirror">Mistry’s Clementine mirror</cmsannotation> Cyrus Mistry is survived by wife Rohiqa Mistry and two sons Firoz and Zahan. Rohiqa is the daughter of one of Mumbai’s famous lawyers Iqbal Chagla. The unusually quiet Mistry once spoke in an interview on the Tata website of her role in life. He called her a <a href="https://economictimes.indiatimes.com/magazines/panache/my-wife-does-not-hesitate-to-disagree-with-me-tata-groupscyrus-mistry/articleshow/54399682.cms?from=mdr">Clementine mirror who never shies</a> away from disagreeing with him. He compared her to Winston Churchill’s wife Clementine who had once famously pointed out the errors in the judgment of the war-time hero and Prime Minister of England during its darkest hours. Mistry’s elder brother Shapoor is the sole owner of the Shapoorji Pallonji group, which is known for its construction business in India and the Middle East. The group had also owned Eureka Forbes which was sold to a private equity fund in 2021. Mistry’s friend and NCP Sharad Pawar’s daughter Supriya Sule who is his friend, calls him an exceptionally hard-working person, who always puts his best foot forward. The golf loving Mistry too had admitted, during his tenure as Tata Sons chairman, that he has done a bad job of work life balance. However, immediately after his exit, the first thing he did even before he took the legal recourse, was to go on a holiday. <cmsannotation type="cmsannotation" annotationid="Timeline of events of Mistry-Tata case" comment="subhead" text="Timeline of events of Mistry-Tata case">Timeline of events of Mistry-Tata case</cmsannotation> 2011: Cyrus Mistry is appointed as the deputy chairman of Tata Sons. 2012: Cyrus Mistry takes over as the chairman of Tata Sons, as Ratan Tata becomes the chairman emeritus. 2016: Tata Sons removes Cyrus Mistry as the chairman and reinstates Ratan Tata as the interim chairman. Mistry companies move National Company Law Tribunal (NCLT) alleging oppression of minority shareholders and challenge his removal. 2017: Tata Sons names N Chandrasekhar as the chairman of Tata Sons. 2019: NCLT restores Mistry as the chairman of Tata Sons. 2020: Tata Sons challenges NCLT decision in the Supreme Court. SC stays NCLT decision. It also restrains Shapoorji Pallonji group from pledging its shares in Tata Sons. SC sets aside NCLT decision to reinstate Mistry as chairman of Tata Sons. 2022: SC rejects Mistry’s petition to review its earlier decision.

Life and times of Cyrus Mistry – the most low profile man with the most high profile exit

<keyword id="8187544" type="COMPANY" weightage="20" keywordseo="tata-digital">Tata Digital</keyword>, a subsidiary of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>, on Monday announced to invest up to $75 million in fitness startup <keyword id="3465872" type="COMPANY" weightage="20" keywordseo="curefit">CureFit</keyword>. <keyword id="705865" type="PERSON" weightage="20" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword>, CureFit Founder and CEO, will join Tata Digital as President, Tata Digital. In addition, he will continue in his leadership role at CureFit, the company said in a statement. "The CureFit partnership with its industry leading platform in fitness and wellness aligns very well with our overall healthcare proposition where fitness is increasingly becoming an <keyword id="1261040" type="PERSON" weightage="20" keywordseo="integral-part">integral part</keyword> of a consumers' life," said <keyword id="161053" type="PERSON" weightage="20" keywordseo="N-Chandrasekaran">N. Chandrasekaran</keyword>, Chairman Tata Sons. Tata Digital set up its operations in August 2019, to build consumer centric digital businesses for deep consumer engagement and their needs across multiple verticals. On the other hand, CureFit is a leading player in a fitness and wellness market that is growing at 20 per cent per annum and is expected to reach $12 billion by 2025. Before the today's announcement, CureFit had raised nearly $418 million. "Being part of Tata Digital will enable us to nationally scale up our offerings for our customers. Tata Digital has highly inspiring vision to create next generation consumer platform and I am very excited to be part of Tata Digital team that is shaping this vision," said Bansal. Curefit offers a holistic range across fitness and yoga, mental wellbeing, healthy meals, and consultations, diagnostics as well as personal training. "Tata digital partnership will significantly accelerate Cure.fit's growth as a fitness and wellness leader and it will open up access to large set of new consumer base," said <keyword id="145348" type="PERSON" weightage="20" keywordseo="Sudhir-Sethi">Sudhir Sethi</keyword>, Chairman Chirate Ventures from CureFit board. SEE ALSO: <a href="https://www.businessinsider.in/india/news/heres-why-fuel-prices-in-india-may-not-come-down-in-a-big-way/slidelist/83299743.cms">Here’s why fuel prices in India may not come down in a big way ⁠— at least not this year</a>

Tata Digital to invest $75 million in fitness startup CureFit

Shares of <keyword id="46108" type="COMPANY" weightage="20" keywordseo="Sterling">Sterling</keyword> and <keyword id="8370737" type="LOCATION" weightage="20" keywordseo="Wilson-Solar">Wilson Solar</keyword>, a <keyword id="261354" type="COMPANY" weightage="20" keywordseo="Shapoorji-Pallonji-Group">Shapoorji Pallonji Group</keyword> (<keyword id="6953502" type="COMPANY" weightage="20" keywordseo="SP-Group">SP Group</keyword>) company, plunged over 10 per cent after the Supreme Court dismissed appeals of the group and set aside the judgement which had ordered the reinstatement of <keyword id="6356895" type="PERSON" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword> as Chairman of <keyword id="46894" type="COMPANY" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>. Around 2.30 p.m., shares of Sterling and <keyword id="8987948" type="COMPANY" weightage="20" keywordseo="wilson-solar-ltd">Wilson Solar Ltd</keyword> on the BSE were trading at ₹244.95, lower by ₹27.45 or 10.08 per cent from its previous close. A bench headed by Chief Justice S.A. Bobde said all questions of law are in favour of Tata Group and dismissed the appeals filed by Mistry. The top court upheld the Tata Sons decision to sack Cyrus Mistry on October 24, 2016. <keyword id="6371516" type="COMPANY" weightage="20" keywordseo="shapoorji-pallonji">Shapoorji Pallonji</keyword> Group counsel had argued that Mistry was removed because he was going to place a draft governance structure at the Board meeting on October 24, 2016. "We find all the questions of law are liable to be answered in favour of the appellants (Tata Group) and the appeals filed by the Tata Group are liable to be allowed and Shapoorji Pallonji group is liable to be dismissed," said the top court. The top court said the value of SP Group shares will depend on the valuation by Tata Sons equities and the court will not determine the fair value. In December 2019, the NCLAT had ruled that the proceedings of the Board meeting of Tata Sons held on October 24, 2016 removing Cyrus Mistry as chairperson was illegal. The Mistry family, which runs SP Group, owns an 18.4 per cent stake in Tata Sons. SEE ALSO: <a href="https://www.businessinsider.in/india/news/the-entire-crew-of-the-massive-ship-that-has-blocked-suez-canal-is-indian/articleshow/81699456.cms">The entire crew of the massive ship that has blocked Suez Canal is Indian</a> <a href="https://www.businessinsider.in/politics/elections/checkout-the-list-of-mamata-banerjee-favourite-tv-and-sports-celebrities-who-are-fighting-for-tmc/slidelist/81700172.cms">Mamata Banerjee's favourite celebs who are fighting for Trinamool Congress in some of the toughest constituencies</a> <a href="https://www.businessinsider.in/stock-market/news/suryoday-small-finance-bank-shares-listed-at-4-less-than-the-issue-price/articleshow/81700313.cms">Suryoday Small Finance Bank shareholders lost 7% of their investment within minutes of listing</a> <a href="https://www.businessinsider.in/stock-market/news/kalyan-jewellers-makes-a-lacklustre-debut-listing-at-15-discount-to-issue-price/articleshow/81700343.cms">Kalyan Jewellers makes a lacklustre debut, listing at 15% discount to issue price</a>

Sterling & Wilson shares fall 10% after Supreme Court's verdict against SP Group in the Cyrus Mistry vs Tata case

<ul><li>The National Company Law Appellate Tribunal (NCLAT) ruled that Cryus Mistry’s removal as <keyword id="3932388" type="PERSON" weightage="20" keywordseo="Chairman-of-Tata-Sons">chairman of Tata Sons</keyword> was illegal.</li><li><keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> has four weeks to appeal the decision at Supreme Court.</li><li>The NCLAT order appears to even go beyond the specific reliefs sought by Mistry, the Tata Sons statement said</li></ul>The National Company Law Appellate Tribunal (NCLAT) ruled that <keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword>’s <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-can-return-as-tata-sons-chairman-three-years-after-he-was-thrown-out-by-ratan-tata/articleshow/72868406.cms">removal as chairman from Tata Sons was illegal</a> and has directed the company to <a href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistry-net-worth-and-full-profile/articleshow/72870160.cms">hand him back his position</a>. However, the court has a left window of four weeks for Tata Sons to appeal at the Supreme Court. As it seems right now, the salt-to-software conglomerate, which also owns companies like the luxury car maker Jaguar Land Rover and the British tea brand Tetley is in no mood to give up. "It is not clear as to how the NCLAT Order seeks to over-rule the decisions taken by shareholders of Tata Sons and listed Tata operating companies at validly constituted shareholder meetings. The NCLAT order appears to even go beyond the specific reliefs sought by the Appellant," the company’s spokesperson told Business Insider. But Mistry sees this as a clear win. "Today's victory is not a personal victory for me, but is a victory for the principles of good governance and minority shareholder rights," he said a statement shared with the press. The Tata vs Mistry battle is far from over Within two months of his dismissal, Mistry’s family-run investment firms approached the NCLT. Mistry’s primary argument was that his removal as chairman of Tata Sons violated the Companies Act by forcing him to leave without ‘due process’ being followed and also accused the Board of ‘oppression and mismanagement’. While the lower court, the NCLT, had turned down Mistry’s appeal, today’s victory at the appellate tribunal gives Mistry a second chance to prove his charges against the Board and Ratan Tata. "The outcome of the appeal is a vindication of my stand taken when the board of Tata Sons, without warning or reason removed me, first as executive chairman, and subsequently as director of Tata Sons," he said. One of India’s biggest corporate disputes may be tested at the country’s highest court soon. 
	

	
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 See also: <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-can-return-as-tata-sons-chairman-three-years-after-he-was-thrown-out-by-ratan-tata/articleshow/72868406.cms">Cyrus Mistry can return as Tata Sons Chairman three years after he was thrown out by Ratan Tata</a> <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-still-has-to-prove-the-charges-against-ratan-tata-and-tata-sons-board/articleshow/72868673.cms">First Cut: The legal implications of Mistry's victory in the case against Tata Sons</a> <a href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistry-net-worth-and-full-profile/articleshow/72870160.cms">The volatile fortunes of low-profile Cyrus Mistry who was made the Chairman of Tata Sons only to be ousted soon after — now he’s fighting his way back</a>

Tata Sons says the court gave Cyrus Mistry more than he wanted

<ul><li><keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword> has been reappointed as the <keyword id="3932388" type="PERSON" weightage="20" keywordseo="Chairman-of-Tata-Sons">chairman of Tata Sons</keyword> by the National Company Law Appellate Tribunal (NCLAT).</li><li>Mistry will return to the helm of the Tata conglomerate after a three-year-long battle in courts.</li><li>He was ousted in October 2016 being chairman for nearly four years.</li></ul>Cyrus Mistry will be back at the helm of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> in another four weeks-- if no other legal hurdles stop him. After over three years spent battling in courts, Mistry’s <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-can-return-as-tata-sons-chairman-three-years-after-he-was-thrown-out-by-ratan-tata/articleshow/72868406.cms">removal as chairman </a>was deemed illegal by the National Company Law Appellate Tribunal (NCLAT). As Mistry returns to power, the current executive chairman of the company — N Chandra — might have to look for a new job. Mistry served as Tata Sons chairman just shy of four years before the board removed him from the helm in October 2016. His net worth is currently at $10 billion. Here’s a quick look at Mistry’s journey from being the son of a construction tycoon to leading Tata Sons a second time:

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Tata Sons says the court gave Cyrus Mistry more than he wanted

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