Page 3324 - Business Finance
Guar seed futures fall on market trend
Guar seed prices dropped by Rs 11.50 to Rs 4,145 per quintal in futures trade today following trimming of bets by investors depressed by discouraging physical leads. Market players said, traders minimised holdings in line with the market trend where prices ruled in red on mounting stocks due to constant supplies from growing regions amid withdrawal of support by guar gum makers at higher levels, which led to fall in its prices. At the National Commodity and Derivatives Exchange, guar seed delivery for October slipped by Rs 11.50, or 0.28 per cent to Rs 4,145 per quintal, with an open interest of 84,010 lots. The delivery for July contract slackened by Rs 11, or 0.27 per cent, to Rs 3,990 per quintal, having an open interest of 20,770 lots.
NCLT rejects Cyrus Mistry's petition against Tata Sons
The National Company Law Tribunal (NCLT) on Monday rejected former Tata Group chief Cyrus Mistry's petition against Tata Sons.Mistry's petition challenged his dismissal as chairman of the business conglomerate, and also highlighted alleged operational mismanagement.Mumbai NCLT's division bench, headed by B.S.V. Prakash Kumar and V. Nallasenapathy, in an oral order ruled that Cyrus was removed as Tata Sons chairman because shareholders lost trust in him.Mistry was removed as executive chairman of Tata Sons, on October 24, 2016 by its board.Through his investment firms-Cyrus Investments Pvt. Ltd and Sterling Investment Corp. Pvt. Ltd, Mistry had filed a petition before the NCLT under Section 241 and Section 242 of the Companies Act, which deal with oppression and mismanagement.Mistry was named chief of Tata Group in November 2011 and took over as Tata Sons chairman in December 2012, following the retirement of Tata Sons Chirman Emeritus, Ratan Tata.
Japan Stocks gains on firm offshore cues, weaker yen
Share of major exporters were mostly higher, with Sony Corp, Mitsubishi Electric, Toyota, and Canon were up in a range of 1% to 2%.
Board of Dhanlaxmi Cotex approves change in directorate
At meeting held on 09 July 2018
Tata Sons welcomes NCLT verdict; Mistry to challenge ruling
Tata Sons today said the NCLT order dismissing pleas of Cyrus Mistry vindicates that the group and its operating firms have always acted in a fair manner even as Mistry said he would challenge the ruling. In a legal battle running for nearly two years, the National Company Law Tribunal (NCLT), Mumbai today dismissed the pleas of Mistry challenging his removal as Tata Sons Chairman in October 2016. Welcoming the order, Tata Sons Chairman N Chandrasekaran hoped "that a finality will be given to the judgement of NCLT, by all concerned in the larger interest of companies, the shareholders and the public". "The judgement has only reaffirmed and vindicated that Tata Sons and its operating companies have always acted in a fair manner and in the best interest of its stakeholders," he said in a statement. The Tata Group has always been committed and will continue to be committed to transparency and good corporate governance of global standards, he added. On the other hand, a statement from ...
Board of Hariyana Ship Breakers appoints CFO
At meeting held on 09 July 2018
Market hovers near day's high
Key indices were trading near day's high in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was up 262.48 points or 0.74% at 35,920.34. The Nifty 50 index was up 77.65 points or 0.72% at 10,850.30. Upbeat global stocks boosted sentiment on the domestic bourses.
NCLT dismisses Mistry's plea against removal as Tata Sons chairman
The National Company Law Tribunal (NCLT) today dismissed pleas of Cyrus Mistry challenging his removal as Tata Sons chairman as also the allegations of rampant misconduct on part of Ratan Tata and the company's Board. A special bench of the tribunal held that the Board of Directors at Tata Sons was "competent" to remove the executive chairperson of the company. NCLT bench members B S V Prakash Kumar and V Nallasenapathy said that Mistry was ousted as chairman because the Tata Sons' Board and its majority shareholders had "lost confidence in him". Reading out the judgement's operative part, the bench said that "he (Mistry) admittedly sent out crucial information related to the Tata firms to the Income Tax department, leaked information to the press, and after he came out in public against the company and its board members". It further said: "The removal of Cyrus Mistry as executive chairperson was because the board lost confidence and not because they were contemplating that he would ..
NCLT dismisses ousted Chairman Cyrus Mistry's petition against Tata Sons
MUMBAI (Reuters) - An Indian tribunal dismissed on Monday a petition by former Tata Sons Chairman Cyrus Mistry who had alleged oppression of minority shareholders and mismanagement, giving the $100 billion conglomerate an initial win in a drawn-out feud.
Yes Bank Ltd jumps 3%
The stock is quoting at Rs 363.35, up 3.05% on the day as on 12:49 IST on the NSE. Yes Bank Ltd is up 20.08% in last one year as compared to a 10.91% spurt in NIFTY and a 13.02% spurt in the Nifty Bank index.
Hero MotoCorp Ltd up for a fifth straight session today
The stock is quoting at Rs 3645.1, up 0.22% on the day as on 12:44 IST on the NSE. Hero MotoCorp Ltd is down 2.3% in last one year as compared to a 10.94% jump in NIFTY and a 3.5% jump in the Nifty Auto.
Fairdeal Filaments to hold board meeting
On 14 July 2018
Mistry to appeal against NCLT order
Ousted Tata Sons chairman Cyrus Mistry today said he would appeal against the order of National Company Law Tribunal (NCLT) that dismissed pleas challenging his removal. A statement from Mistry's office described the NCLT, Mumbai, ruling as "disappointing although not surprising". "We will continue to strive for ensuring good governance and protection of interests of minority shareholders and all stakeholders in Tata Sons from the wilful brute rule of the majority," the statement said. In a ruling today, 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. "The ruling is in line with the earlier position expressed by the tribunal. An appeal on merits will be pursued," the statement said. Under the Companies Act 2013, an order of NCLT can be challenged before the National Company Law Appellate Tribunal. According to the statement, matters like TTSL, Air ...
Tata Sons welcomes NCLT order
Tata Sons today said the NCLT order dismissing pleas of Cyrus Mistry vindicates that the group and its operating firms have "always acted in a fair manner and in the best interest of its stakeholders". The National Company Law Tribunal (NCLT) Mumbai today dismissed pleas of Mistry challenging his removal as Tata Sons Chairman in October 2016. Welcoming the order, Tata Sons Chairman N Chandrasekaran hoped "that a finality will be given to the judgement of NCLT, by all concerned in the larger interest of companies, the shareholders and the public". "The judgement has only re-affirmed and vindicated that Tata Sons and its operating companies have always acted in a fair manner and in the best interest of its stakeholders," he said in a statement. The Tata Group has always been committed and will continue to be committed to transparency and good corporate governance of global standards, he added. NCLT in today's ruling said it was not accepting Mistry's contentions that his removal was due
Gold prices hit two-week high on short covering, weaker dollar
BENGALURU (Reuters) - Gold prices hit a near two-week high on Monday as investors covered their short positions and the dollar slipped to its weakest since mid-June, while lingering U.S.-Sino trade tensions also supported the bullion.
NCLT upholds Tata Sons 2016 move sacking Cyrus Mistry as Chairman
In a significant ruling, the National Company Law Tribunal (NCLT) on Monday upheld the October 24, 2016 decision of the Tata Sons Board of Directors dismissing its then Chairman Cyrus Mistry, a company official said here, which Mistry's office termed as "disappointing" while Tata Sons welcomed the decision.
Indian Bank soars more than 2%
The stock is quoting at Rs 350.2, up 2.23% on the day as on 12:49 IST on the NSE. Indian Bank is up 14.07% in last one year as compared to a 10.91% spurt in NIFTY and a 18.8% spurt in the Nifty PSU Bank index.
HCL Technologies Ltd up for a third straight session
The stock is quoting at Rs 960.4, up 1.75% on the day as on 12:49 IST on the NSE. HCL Technologies Ltd is up 13.03% in last one year as compared to a 10.91% spurt in NIFTY and a 35.87% spurt in the Nifty IT index.
Reliance Infrastructure Ltd gains for a third straight session today
The stock is quoting at Rs 398.15, up 3.46% on the day as on 12:49 IST on the NSE. Reliance Infrastructure Ltd is down 22.9% in last one year as compared to a 10.91% spurt in NIFTY and a 10.54% spurt in the Nifty Energy index.
Mahindra & Mahindra Ltd gains for a fifth straight session
The stock is quoting at Rs 934.7, up 1.05% on the day as on 12:44 IST on the NSE. Mahindra & Mahindra Ltd is up 36.71% in last one year as compared to a 10.94% jump in NIFTY and a 3.5% jump in the Nifty Auto.