India's leading who is in a legal soup with Cyrust Mistry has announced that the board will meet on January 17 for announcing its third quarter result for FY20. In a regulatory filing, the IT bellwether said that the meeting is to take on record the audited financial results of the company under Indian Accounting Standards for the quarter and nine months ended December 31, 2019, and consider declaration.
On Friday, the SC put a stay on the NCLT order reinstating Mistry in the role of the chairman of Tata Sons and director with TCS.
"TCS, which moved Supreme Court last week, has a sought to set aside the NCLAT ruling to reinstate Cyrus Mistry as a director on its board. On the directorship, TCS needs clarity, following which it would conduct the board meeting," the mentioned source said.
"TCS is hopeful of getting a stay on its petition filed before Supreme Court," he added.
Also on the sidelines, the lawyer of Mistry said that he is not interest to pursue the chairmanship of Tata Sons as well as directorship at several of the group companies.
For last two years, it was TCS who kick started earnings seasons, but this time it was Infosys who came up with better than expected results despite seasonally weak quarter.
Stock of TCS was quoting down on the BSE by 0.28% at Rs. 2207.60 per share.