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<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, Shares of <keyword id="19950119" type="General" weightage="20" keywordseo="tata-consultancy-services" source="keywords">Tata Consultancy Services</keyword> (TCS) plunged more than 3 per cent in the morning trade on Tuesday as its promoter <keyword id="19991117" type="General" weightage="20" keywordseo="tata-sons" source="keywords">Tata Sons</keyword> sold around 2.3 crore shares, or 0.65 per cent of equity stake, in the IT services major through block deals. TCS shares tumbled 3.30 per cent to a low of Rs 4,015.65 apiece on the NSE. On the BSE, the stock plunged 3.15 per cent to Rs 4,014 per piece, emerging a major drag on the benchmark Sensex. According to exchange data, more than 2.53 crore shares traded on the BSE in morning deals against the two-week average of around 1 lakh. Market experts said the decline in TCS share price is mainly due to the Tata Sons stake sale. Following the fall in TCS share value, the market valuation of India's leading software company eroded Rs 45,497.45 crore to Rs 14,54,109.37 crore on the BSE. The block deal initiated by Tata Sons was aimed to offload up to 2.34 crore shares of TCS at a floor price of Rs 4,001 per share. This floor price represented a 3.65 per cent discount from the previous day's closing price. The deal is estimated to be valued around Rs 9,000 crore. The buyer and seller's official confirmation, however, will be made public later in the evening when the stock exchanges release the data. As of December 2023, promoters and promoter group entities hold a 72.41 per cent stake in TCS, of which 72.38 per cent shareholding is owned by Tata Sons. The 30-share BSE Sensex benchmark nosedived 622.03 points, or 0.86 per cent, to 72,126.39, while the broader Nifty slumped 209.40, or 0.95 per cent, to 21,846.30. The stock was the biggest laggard on the BSE index. On Monday, TCS's shares settled nearly 2 per cent lower amid reports that its promoter Tata Sons is likely to sell a minority stake in the IT major. <keyword id="19924335" type="General" weightage="20" keywordseo="tata-group" source="keywords">Tata Group</keyword>'s stocks have been in the spotlight after a report from <keyword id="20856835" type="General" weightage="20" keywordseo="spark-capital" source="keywords">Spark Capital</keyword> in March mentioned that Tata Sons might go public by September 2025 to meet the Reserve Bank of India's (RBI) scale-based regulations. The RBI mandates that upper-layer <keyword id="21002582" type="General" weightage="20" keywordseo="non-banking-financial-companies" source="keywords">Non Banking Financial Companies</keyword> (NBFCs) are required to list on the stock exchanges within three years. Tata Sons has been named among 15 upper-layer NBFCs, with a total market valuation of Rs 31.6 lakh crore, Tata Sons is the owner of 29 publicly-listed Tata Group entities.

TCS shares tank over 3% after Tata Sons divests 0.65% stake

Billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s Reliance Industries and <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="153" meta.entityid="Tata Group">Tata Group</keyword> have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list. TIME listed Reliance in the 'Titans' category (one of the five categories under which the companies were divided, other being Leaders, Disrupters, Innovators, and Pioneers). Tata was listed in 'Titan's' category while Serum under 'Pioneers'. "Reliance Industries was founded as a textile and polyester company 58 years ago by Dhirubhai Ambani. Today the sprawling conglomerate -- which has aligned its growth with Indian Prime Minister Narendra Modi's vision for a 'self-reliant' India -- is the country's most valuable company, with a market capitalisation of more than USD 200 billion," TIME said. Now led by Dhirubhai's son Mukesh, the Mumbai-based company has ventures in energy, retail, and telecommunications, among others, and has made its chairman Asia's richest man, it said. The publication went on to stated that in February, Reliance came out on top in a fiercely competitive race to dominate India's burgeoning streaming market by striking a USD 8.5 billion merger deal with Disney's India business. "The deal will bring together more than 100 television channels and give the combined group around a 31 per cent share of India's streaming market compared to rivals Netflix and Amazon Prime with 8 per cent each," according to analytics firm Comscore. Reliance has revolutionised several economic sectors in the world's most populous country by making world-class products and services available at affordable prices with multiple innovations. Under Mukesh Ambani, the firm's telecom arm Jio revolutionised India's digital landscape and drove digital inclusion on an unprecedented scale with the most affordable mobile data tariffs in the world. It set up the world's largest single location refining complex. Reliance Retail is ranked among the top 100 retailers globally and in FY24 it registered 1.06 billion footfalls across its 18,800+ stores (67 per cent of which are in small towns and villages). Reliance is investing USD 10 billion in building the most comprehensive ecosystem for new energy and new materials in India and has set an ambitious goal to reach net-zero carbon by 2035. TIME described Serum as the world's biggest vaccine maker, churning out billions of vaccines. The company makes 3.5 billion doses every year, including for measles, polio, and most recently, HPV. "Serum's CEO Adar Poonawalla says the company's success can largely be chalked up to its private ownership. Not being beholden to shareholders allows it to keep vaccine prices low (the R21 will cost USD 4 a shot)," the publication said. Tata Group, it said, was founded in 1868 and has a vast portfolio extending from steel, software, watches, subsea cables, and chemicals, to salt, grains, air-conditioners, fashion, and hotels. "But as rivals have aggressively courted new businesses, it struggled to keep up with stiff competition. In 2017, after over a century of family management, N Chandrasekaran took over as chairman despite having no personal ties to the family -- highly unusual when India's business landscape is ruled by family succession plans," TIME said. As chair, he has transformed the group by investing in tech manufacturing, AI, and semiconductor chips. In 2023, it became the first Indian company to assemble iPhones, and is building another plant, it said, adding that in September, Tata announced a partnership with Nvidia to develop an AI cloud in India. "And this year, it announced plans for the country's first major semiconductor manufacturing facility. The moves seem to be paying off: in February, Tata's combined market capitalisation reached a whopping USD 365 billion, more than the entire economy of India's neighbour and rival, Pakistan," it added. This is the fourth edition of annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world. To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then, TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

Reliance, Tata on TIME's list of world's most influential companies

<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:

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

<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

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

Mumbai, <keyword id="30335" type="ORGANIZATION" weightage="20" keywordseo="Shares">Shares</keyword> of <keyword id="6370462" type="DOMAIN" weightage="20" keywordseo="tata-communications">Tata Communications</keyword> plunged over 6% on Wednesday after the government announced to sale its entire 26.12% stake in the company. At 12.10 p.m., its shares were trading at ₹1,060.65, lower by ₹69.30 or 6.13% from its previous close. In a notice Department of Investment and Public Asset Management (DIPAM) said that the <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword> intends to disinvest its entire shareholding of 26.12% of paid up equity capital in Tata Communications, erstwhile Videsh Sanchar Nigam Ltd (VSNL), through OFS by promoters through the stock exchanges and thereafter to the strategic partner as per <keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">SEBI</keyword>'s norms. DIPAM has invited proposals from eligible merchant bankers to assist and advise the government in the process. VSNL, a central public sector enterprise was privatised in 2002 by disinvesting 25% shareholding along with transfer of management control to Panatone <keyword id="3777368" type="DOMAIN" weightage="20" keywordseo="finvest">Finvest</keyword> Limited, the strategic partner (SP). Subsequent to the strategic disinvestment, the name of the Company was changed to Tata Communications Limited (TCL). <keyword id="46894" type="COMPANY" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> holds 14.07% stake in the company. On Tuesday, Tata Communications reported a four-fold growth on a year-on-year basis in its consolidated net profit for the quarter-ended December at ₹309.4 crore. However, compared to the July-September quarter, its net profit was down 19.6%. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/why-indigo-paints-1000-crore-ipo-is-a-hit-even-before-it-opened-for-subscription/articleshow/80357759.cms?upcache=2">Indigo Paints’ ₹1,000 crore IPO is a hit even before it opened⁠ for subscription— here’s why</a> <a href="https://www.businessinsider.in/international/news/jack-ma-the-billionaire-founder-of-alibaba-and-ant-group-resurfaced-after-he-went-missing-in-china/articleshow/80360004.cms">Jack Ma resurfaces – Alibaba founder makes his first public appearance after he was feared to be “missing” for nearly two months</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphone-deals-and-discount-on-amazon-great-republic-day-sale/articleshow/80358909.cms">Best smartphone deals and offers on Amazon Great Republic Day Sale</a>

Tata Communications stocks plunge 6% as govt plans to off-load its stake

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

<keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> Interim Chairman <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword>'s emotional side came to the fore at the <keyword id="176309" type="ORGANIZATION" weightage="20" keywordseo="EGM">EGM</keyword> as he claimed an definite move was being made to damage his personal reputation over the last two months. 
 
Here's what he said to shareholders - "There has been a move to damage my personal reputation and the reputation of this great group. These days are very lonely because newspapers are full of attacks, most of them unsubstantiated. Nevertheless very painful." 
 
"Coming here this week with all the shareholders I felt so moved emotionally and I am deeply touched with the warmth and support and affection they have shown. I could not leave from here today without expressing my deepest gratitude to the shareholders. It has been a pleasure to be here." 
 
"I could have gone wither way but your support has been over whelming and remarkable. It has more for my sense of goodwill today than anything else that has happened. The group has been there for 150 years. It has strong governance, fairplay. The truth will prevail, however painful the process maybe. The truth will prevail." 
 
"Once again I thank all of you for your support and wish you a happy new year."

"The truth will prevail" - Here's Ratan Tata's full emotional speech at EGM

New Delhi, Mar 12 () Tata Sons on Thursday bought shares worth a little over Rs 356 crore in Tata Motors DVR, Tata Power, and Tata Steel through open market transactions. According to bulk deal data on the NSE, Tata Sons bought over 1.84 crore shares in Tata Motors DVR (differential voting right) at an average price of Rs 43.15, while a total of more than 1.38 crore shares were picked up in Tata Power at Rs 38.72 apiece. Besides, Tata Sons purchased over 77 lakh shares at an average price of Rs 287.44 apiece. As per the shareholding data for the December 2019 quarter, Tata Sons is a promoter for Tata Power and Tata Steel and held 31.64 per cent and 34.26 per cent stakes in the firms, respectively. On the NSE, Tata Motors DVR settled at Rs 44.8, up 2.99 per cent, while Tata Power settled at Rs 41.2, rising 8.71 per cent. Tata Steel closed the counter at Rs 291.45, down 2.77 per cent. SRS HRS

Tata Sons picks shares worth over Rs 356 cr in Tata Motors DVR, Tata Power, Tata Steel

Ousted <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> Chairman <keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> hit out at shareholders and Tata trustees during an EGM. 
 Mistry told shareholders the <keyword id="6355725" type="CITY" weightage="100" keywordseo="Tata-Group">Tata Group</keyword> is nobody's personal fiefdom and it belonged to all shareholders, not just Tata trustees. 
 
“Group companies do not belong to the directors. Heart of Tata Group's sustainability is governance reform. Governance character across Group require repair to company law,” said Mistry. 
 
Mistry said governance of Tata Trusts has to become more accountable, transparent. 
 
“Entire Tata Group is now at an inflection point. Trustees managing business could jeopardise legal status. EGM notice doesn't contain even whisper of reason for my replacement,” said Mistry. 
 
The feud between Tata Group and Cyrus Mistry has still not been settled and amidst the feud, global proxy advisory firm ISS has asked minority shareholders to vote against Mistry's removal as director of Tata Consultancy Services. ISS said that neither the company nor its majority owner Tata Sons had provided compelling reasons for his removal. 
 
TCS is now planning on holding an extra-ordinary general body meeting on December 13 to vote Cyrus Mistry out of the board. Tata Sons had already ousted Mistry as chairman of India's largest IT firm, put group veteran Ishaat Hussain in his place.

Cyrus Mistry to shareholders: Tata Group is nobody's personal fiefdom

Ousted <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Sons&amp;sortorder=effectivedate">Tata Sons</a>’ chairman <a href="http://www.businessinsider.in/searchresult.cms?query=Cyrus+Mistry&amp;sortorder=effectivedate">Cyrus Mistry</a> has now moved a petition at the <keyword id="6396354" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Appellate-Tribunal">National Company Law Appellate Tribunal</keyword>. This move made by Mistry is to clear his position of maintainability of the case and stall <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> shareholders meeting, which is to be held on February 6 and is called to vote out Mistry from the board. 
 <keyword id="6396355" type="UNKNOWN" weightage="20" keywordseo="NCLAT">NCLAT</keyword> judges, however, did not pass an order on Tata Sons shareholder meeting on Feb 6 and clear its position of maintainability of the case before starting his arguments on the main petition, so that he could appeal against any adverse decision. 
 
Recently, hearing of the petition filed by Mistry's family firms against Tata Sons was adjourned for two weeks by NCLAT at the request of Mistry's counsel C Aryama Sundaram. 
 
According to the two-member bench comprising of B.S.V. Prakash Kumar and V. Nallasenapathy, Mistry firms' refusal to argue the main petition was disobedience of the court. The judge has called the next hearing on Feb 13 and 14. 
 
"The roadmap of the hearing was already laid out of Dec 22, 2016 and Jan 18, 2017. There was time in between but the petitioner had not appealed on any order. It was obvious that matters had been dealt with. Therefore the argument is unmeritorious. Hope that the petitioner (Mistry firms) will argue after two weeks, failing which the petition will stand dismissed," Justice Kumar told ET. 
 
Mistry’s counsel- Sundaram wanted the NCLT judges to pass an order on <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Sons+shareholder&amp;sortorder=effectivedate">Tata Sons shareholder</a> meeting on Feb 6 and clear its position of maintainability of the case before starting his arguments on the main petition, so that he could appeal against any adverse decision. 
 
"We were very particular that an order should be passed on it either way rather than keep it pending, otherwise Feb 6th will come and go," Sundaram told the press on Tuesday after the hearing. "Now we may want to take other remedies against the order and that is why we asked for an adjournment. Today the bench indicated that the interim application (against holding Tata Sons shareholder meeting) was refused and rejected."

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