Shares of various Tata group companies witnessed mixed trends today after the National Company Law Tribunal (NCLT) dismissed pleas of Cyrus Mistry against Tata Sons for removing him as chairman. IT bellwether Tata Consultancy Services (TCS) fell over one per cent to Rs 1,890.30, while Tata Motors rose nearly two per cent to Rs 275.85 on the BSE.
In late morning trade, the scrips of Tata Steel and Tata Power climbed over one per cent to Rs 560.05 and Rs 72.80, respectively. Gaining more than one per cent, Tata Chemicals too was trading in the green at Rs 711.30. The shares of Tata Coffee went up over two per cent to Rs 121.00. In a legal battle running for nearly two years, the NCLT today dismissed the pleas of Cyrus Mistry challenging his removal as Chairman of Tata Sons.
Mistry was removed as the Tata Sons board and majority of its members lost confidence in him, the tribunal said. In its ruling, the tribunal said it was not accepting Mistry's contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group. Mistry was ousted as Tata Sons Chairman in October 2016.