From the Newsroom: SC upholds removal of Cyrus Mistry as executive chairman of Tata Sons; PM Modi visits Bangladesh

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In your evening news brief, SC upholds removal of Cyrus Mistry as executive chairman of Tata Sons; Japanese owner of the container ship blocking the Suez Canal aims to free the ship "tomorrow night Japan time" and Prime Minister Narendra Modi on a two-day visit to Bangladesh.

Here is the top news of March 26, 2021:

The Supreme Court on Friday upheld the removal of Cyrus Mistry as executive chairman of Tata Sons and director on the board of the company.

The Court ruled in favour of Tatas in one of the most high-profile and publicly fought corporate battles.

A bench of Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian set aside the NCLAT order restoring Mistry as the chairman of Tata Sons.

The top court also refused to consider a plea by Shapoorji Pallonji group for fair compensation of their equity shares in Tata Sons.

The top court also refused to consider a plea by Shapoorji Pallonji group for fair compensation of their equity shares in Tata Sons. It said the value of SP group shares will depend on the valuation of Tata Sons’ equities and that the court would not get into determining what should be a fair value.

Shoei Kisen, the Japanese owner of the container ship blocking the Suez Canal, said it aims to free the ship "tomorrow night Japan time", the Nikkei reported on Friday.

The 400 m (430-yard) Ever Given, leased by Taiwan's Evergreen Marine Corp, is blocking transit through one of the world's busiest shipping channels for oil and grain and other trade linking Asia and Europe.

A spokeswoman for the owner in Japan said that the refloating work was ongoing but that the company did not yet know when the effort would succeed.

Prime Minister Narendra Modi arrived here on Friday on a two-day visit to Bangladesh during which he will attend the celebrations of the golden jubilee of the country's independence, the birth centenary of ‘Bangabandhu’ Sheikh Mujibur Rahman and hold talks with his counterpart Sheikh Hasina.

Modi, who is visiting Bangladesh on his first trip to a foreign country since the outbreak of the coronavirus, was received by Prime Minister Hasina at Dhaka's Hazrat Shahjalal International Airport upon his arrival. Modi's visit is taking place at a time Bangladesh is commemorating Mujib Borsho, the birth centenary of Sheikh Mujibur Rahman and 50 years of the country's war of liberation. The two countries are also celebrating 50 years of the establishment of dip...

Source: DHNS/ PTI