Shapoor Mistry walks out from the board of Indian Hotels
Shapoor Mistry, the elder brother of former Tata group chairman Cyrus Mistry, has reportedly resigned from the board of Tata group led Indian Hotels. His younger brother, Cyrus Mistry on Tuesday decided to step down from the board of Wadia Group companies, reported a leading English business daily.
Shapoor Mistry, chairman of Shapoorji Pallonji & Co Ltd was inducted in the board of the company as an independent director in 2003.
According to the industry observers, the decision to quit may have been taken after the recent National Company Law Tribunal (NCLT) ruling in favour of Tata Sons.
Nasser Munjee has also resigned from the boards of GoAir, a low-cost carrier and Britannia, a biscuit product maker, as he was not comfortable being on the board of Tata and Wadia group companies. The decision to quit was Munjee’s personal call as Nusli Wadia had no issues with him, reported a leading English business daily.
Earlier Tata group had to convene special extraordinary general meetings to oust Cyrus Mistry and Nusli Wadia from the boards of several companies of the group, reported a leading English business daily
Indian Hotels Co Ltd is currently trading at Rs 125.6, down by Rs 0.95 or 0.75% from its previous closing of Rs 126.55 on the BSE.
The scrip opened at Rs 126.55 and has touched a high and low of Rs 127.4 and Rs 125.05 respectively. So far 218776(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 12519.26 crore.
The BSE group ‘A’ stock of face value Rs 1 has touched a 52-week high of Rs 143 on 14-Jul-2016 and a 52-week low of Rs 88.8 on 21-Nov-2016. Last one week high and low of the scrip stood at Rs 130.2 and Rs 123.8 respectively.
The promoters holding in the company stood at 38.65 % while Institutions and Non-Institutions held 39.94 % and 21.4 % respectively.
The stock is currently trading above its 50 DMA.