With Tata Sons seeking to remove him as director from main listed group entities, Nusli Wadia on Monday hit back saying he has been targetted for his &quot;independence of mind and action&quot; and he is not required to act in their interest as he does not not serve the Tata group in any capacity.

In a letter to the shareholders of Tata Steel -- which has convened an EGM on December 21 to consider a resolution by Tata Sons to remove Cyrus Mistry and him as directors -- Wadia said several allegations levelled against him were false, unsubstantiated and baseless.

Terming the allegation that he has acted in concert with Mistry as &quot;totally false and baseless&quot;, he wrote, &quot;My actions as an independent director are totally independent and not linked to any individual.&quot;

Stating that he is the only independent director that Tata Sons has sought to remove from Tata Steel, Tata Chemicals and Tata Motors, Wadia said, &quot;The reasons for which I am being sought to be removed as director is my independence of mind and action...&quot;

Reacting to the allegation that he was acting against the interest of the group, he said, &quot;I do not serve the Tata group in any capacity and I am not required to act in their interest. The statement is irrelevant to my position as an Independent Director of Tata Steel. It is also baseless and unsubstantiated.

&quot;I have a fiduciary responsibility to act as an Independent director in the best interest of the companies on whose board I serve, no more or less.&quot;

He further said, &quot;My independent stand has aggravated Tata Sons and my removal is being sought because I chose not to follow their diktat. My fiduciary duty is to your company and not to an unidentified Tata group.&quot;

Wadia further said Tata Sons&#39; principal allegations against him &quot;are unsubstantiated, baseless, false, motivated, defamatory and libellous and have been made with the intention of harming my reputation.&quot;

He also claimed that it was &quot;the first time in the history of corporate India that a promoter is using his muscle power with false and vindictive allegations to remove an Independent director&quot;.

&quot;Although it is my removal that you are being asked to vote upon, the real &#39;person&#39; on trial is the institution of the independent director itself and not me,&quot; he said.

Underlining his actions as an independent director, Wadia recalled that he differed &quot;strongly&quot; with Ratan Tata &quot;in the acquisition of Corus but a decision was ultimately taken by consensus&quot;.

Further, Wadia said he &quot;differed strongly providing continuous financial resources towards Tata Steel Europe from the year 2012 prior to Tata stepping down. From that date to now the capital employed in the business has risen by around Rs 25,000 crore with nil return.&quot;

Any return on investment to the shareholders of Tata Steel from its investments in Tata Steel Europe looks a near impossibility, he said.

&quot;The shareholders of Tata Steel have already suffered a serious impairment of approximately Rs 35,000 crore and are likely to have further substantial impairments in future,&quot; Wadia claimed.

Alleging violation of insider trading regulations, Wadia said, &quot;I believe that Mr Ratan Tata, Mr Noshir Soonawala and the Board of Tata Sons even post notification of the insider trading regulations (January 25m 2015) sought access to information and documents of Tata Steel, Tata Motors and other Tata companies.&quot;

Recalling that he joined Tata Steel as a director almost four decades ago when JRD Tata invited him, Wadia said at that point of time JRD encouraged freedom of thought and expression.

&quot;It is both sad and unfortunate that Tata Sons and its interim Chairman Ratan Tata are not only not practicing this great tradition but effectively destroying it,&quot; Wadia wrote.

Last month Wadia had sent a legal notice to Tata Sons stating &quot;the special notice for EGM of Tata Steel shareholders are aimed at defaming me as the content of the notice are false, frivolous, and per se defamatory, which are now established to be unsubstantiated for which I shall be compelled to initiate legal proceedings to protect my interest.&quot;&nbsp;

(PTI)

Wadia slammed Tatas for their proposal to remove him as independent director of Tata Steel

With Tata Sons seeking to remove him as director from main listed group entities, Nusli Wadia on Monday hit back saying he has been targetted for his "independence of mind and action" and he is not required to act in their interest as he does not not serve the Tata group in any capacity. In a letter to the shareholders of Tata Steel -- which has convened an EGM on December 21 to consider a resolution by Tata Sons to remove Cyrus Mistry and him as directors -- Wadia said several allegations levelled against him were false, unsubstantiated and baseless. Terming the allegation that he has acted in concert with Mistry as "totally false and baseless", he wrote, "My actions as an independent director are totally independent and not linked to any individual." Stating that he is the only independent director that Tata Sons has sought to remove from Tata Steel, Tata Chemicals and Tata Motors, Wadia said, "The reasons for which I am being sought to be removed as director is my independence of mind and action..." Reacting to the allegation that he was acting against the interest of the group, he said, "I do not serve the Tata group in any capacity and I am not required to act in their interest. The statement is irrelevant to my position as an Independent Director of Tata Steel. It is also baseless and unsubstantiated. "I have a fiduciary responsibility to act as an Independent director in the best interest of the companies on whose board I serve, no more or less." He further said, "My independent stand has aggravated Tata Sons and my removal is being sought because I chose not to follow their diktat. My fiduciary duty is to your company and not to an unidentified Tata group." Wadia further said Tata Sons' principal allegations against him "are unsubstantiated, baseless, false, motivated, defamatory and libellous and have been made with the intention of harming my reputation." He also claimed that it was "the first time in the history of corporate India that a promoter is using his muscle power with false and vindictive allegations to remove an Independent director". "Although it is my removal that you are being asked to vote upon, the real 'person' on trial is the institution of the independent director itself and not me," he said. Underlining his actions as an independent director, Wadia recalled that he differed "strongly" with Ratan Tata "in the acquisition of Corus but a decision was ultimately taken by consensus". Further, Wadia said he "differed strongly providing continuous financial resources towards Tata Steel Europe from the year 2012 prior to Tata stepping down. From that date to now the capital employed in the business has risen by around Rs 25,000 crore with nil return." Any return on investment to the shareholders of Tata Steel from its investments in Tata Steel Europe looks a near impossibility, he said. "The shareholders of Tata Steel have already suffered a serious impairment of approximately Rs 35,000 crore and are likely to have further substantial impairments in future," Wadia claimed. Alleging violation of insider trading regulations, Wadia said, "I believe that Mr Ratan Tata, Mr Noshir Soonawala and the Board of Tata Sons even post notification of the insider trading regulations (January 25m 2015) sought access to information and documents of Tata Steel, Tata Motors and other Tata companies." Recalling that he joined Tata Steel as a director almost four decades ago when JRD Tata invited him, Wadia said at that point of time JRD encouraged freedom of thought and expression. "It is both sad and unfortunate that Tata Sons and its interim Chairman Ratan Tata are not only not practicing this great tradition but effectively destroying it," Wadia wrote. Last month Wadia had sent a legal notice to Tata Sons stating "the special notice for EGM of Tata Steel shareholders are aimed at defaming me as the content of the notice are false, frivolous, and per se defamatory, which are now established to be unsubstantiated for which I shall be compelled to initiate legal proceedings to protect my interest." (PTI)

My independent stand has aggravated Tatas: Nusli Wadia hits back

Refuting allegations that he misled the selection committee set up in 2011 to find new Tata Sons Chairman, Cyrus Mistry today hit out at Ratan Tata saying his predecessor&#39;s &quot;conduct has eroded the Tata brand and values materially&quot;.

On a series of allegations leveled against him by Tata Sons in a letter to stakeholders of Tata firms, Mistry said, &quot;Repeat a lie a thousand times and hope it becomes a truth, seems to be Mr Ratan Tata&#39;s last-ditch effort to overcome a monumental disaster his actions have unleashed&quot;.

Earlier, Tata Sons today accused Mistry of misleading the selection panel to get selected as Chairman, retracting on his promises, concentrating powers and using free-hand given to him to weaken management structures.

The press statement from Tata Sons under Ratan Tata contains a &quot;regurgitation of fake innuendo that Mr Tata has resorted to through unnamed and named spokesmen in recent weeks&quot;, Mistry&#39;s office said in a statement.

Denying the above allegations, the statement said, &quot;On the contrary if Tata Sons had any point at all to make, it would have complied with law to form a Committee now to logically present charges against Mr Mistry. Armed with nothing better than the limp nature of contents of today&#39;s statement, it was obviously not an option for Mr Tata.&quot;

Lashing out at the interim Chairman of Tata Sons, it said: &quot;Mr Ratan Tata&#39;s conduct has eroded the Tata Brand and values materially...Far from hurting the Tata Sons businesses intentionally, Mr Mistry is saving the Tata Group from the whimsical ineptitude of Mr Ratan Tata.&quot;

The statement further said that the Tata Trusts have done great work in the past. &quot;However some of the recent actions by Mr Ratan Tata and his coterie that now runs the Trusts have raised great concern on the ethics that surround decision-making.&quot;

On the allegations of misleading the selection committee, Mistry&#39;s office said: &quot;Unsurprisingly, Mr Ratan Tata&#39;s close personal friend Lord Kumar Bhattacharya, the constant feature of the Selection Committee, then and now, just six months ago spoke positively of Mr Mistry&#39;s performance.&quot;

On charges that Mistry gradually concentrated all power and authority and took advantage of free hand given to him, the statement said: &quot;The structure of the Tata Sons Chairman being the Chairman of key Tata Group operating companies is something that preceded Mr Ratan Tata&#39;s time, and an approach he encouraged and perpetuated.

&quot;To say that Mr Mistry concentrated power in his hands across companies is meaningless since Mr Mistry expanded the oversight over his work by focusing on better board effectiveness and getting his work overseen by over 50 independent directors.&quot;

The allegation of concentration of power is &quot;new-found wisdom being written after seven weeks of failure to come up with any reason for upstaging Mr Mistry&quot;, it added.

(PTI) 
&nbsp;

Tata Sons earlier claimed Cyrus Mistry misled selection committee to get himself elected chairman

Refuting allegations that he misled the selection committee set up in 2011 to find new Tata Sons Chairman, Cyrus Mistry today hit out at Ratan Tata saying his predecessor's "conduct has eroded the Tata brand and values materially". On a series of allegations leveled against him by Tata Sons in a letter to stakeholders of Tata firms, Mistry said, "Repeat a lie a thousand times and hope it becomes a truth, seems to be Mr Ratan Tata's last-ditch effort to overcome a monumental disaster his actions have unleashed". Earlier, Tata Sons today accused Mistry of misleading the selection panel to get selected as Chairman, retracting on his promises, concentrating powers and using free-hand given to him to weaken management structures. The press statement from Tata Sons under Ratan Tata contains a "regurgitation of fake innuendo that Mr Tata has resorted to through unnamed and named spokesmen in recent weeks", Mistry's office said in a statement. Denying the above allegations, the statement said, "On the contrary if Tata Sons had any point at all to make, it would have complied with law to form a Committee now to logically present charges against Mr Mistry. Armed with nothing better than the limp nature of contents of today's statement, it was obviously not an option for Mr Tata." Lashing out at the interim Chairman of Tata Sons, it said: "Mr Ratan Tata's conduct has eroded the Tata Brand and values materially...Far from hurting the Tata Sons businesses intentionally, Mr Mistry is saving the Tata Group from the whimsical ineptitude of Mr Ratan Tata." The statement further said that the Tata Trusts have done great work in the past. "However some of the recent actions by Mr Ratan Tata and his coterie that now runs the Trusts have raised great concern on the ethics that surround decision-making." On the allegations of misleading the selection committee, Mistry's office said: "Unsurprisingly, Mr Ratan Tata's close personal friend Lord Kumar Bhattacharya, the constant feature of the Selection Committee, then and now, just six months ago spoke positively of Mr Mistry's performance." On charges that Mistry gradually concentrated all power and authority and took advantage of free hand given to him, the statement said: "The structure of the Tata Sons Chairman being the Chairman of key Tata Group operating companies is something that preceded Mr Ratan Tata's time, and an approach he encouraged and perpetuated. "To say that Mr Mistry concentrated power in his hands across companies is meaningless since Mr Mistry expanded the oversight over his work by focusing on better board effectiveness and getting his work overseen by over 50 independent directors." The allegation of concentration of power is "new-found wisdom being written after seven weeks of failure to come up with any reason for upstaging Mr Mistry", it added. (PTI)

Cyrus Mistry, Tata Sons spar over concentration of power in hands of chairman

In a letter to the shareholders, Tata Sons interim Chairman Ratan Tata today sought support for a special resolution to remove Cyrus Mistry as director of Tata group companies.&nbsp;

Ahead of the Extraordinary General Meetings (EGMs) of six Tata group firms, Ratan Tata said that the continued presence of the ousted executive in respective boards is a serious &quot;disruptive influence&quot; and can make the companies &quot;dysfunctional&quot;.

He said the decision to remove Mistry as the Chairman of Tata Sons was taken as the board had lost confidence in him and his ability to lead the conglomerate.&nbsp;

He also said the &quot;deliberated action&quot; to remove Mistry by the Tata Sons board was taken after relationship with him steadily deteriorated and &quot;several attempts to remediate went unheeded&quot;.

He further said Mistry was offered an opportunity to step down voluntarily from the Chairman position, which he rejected.

&quot;The right step would have been for him to resign as director. Unfortunately, he has not yet done so and his continued presence as a director is a serious disruptive influence on these company boards, which can make the company dysfunctional, particularly given his open hostility towards the primary promoter, Tata Sons,&quot; Tata wrote.

Following special resolution moved by Tata Sons to remove Mistry as director, TCS has called an EGM on December 13, Indian Hotels Co Ltd on December 20, Tata Steel on December 21, Tata Motors on December 22, Tata Chemicals on December 23 and Tata Power on December 26.

(WION with inputs from PTI)&nbsp; 
&nbsp;

Interim Chairman Ratan Tata said the group had offered Mistry an opportunity to step down voluntarily, which he had rejected

In a letter to the shareholders, Tata Sons interim Chairman Ratan Tata today sought support for a special resolution to remove Cyrus Mistry as director of Tata group companies. Ahead of the Extraordinary General Meetings (EGMs) of six Tata group firms, Ratan Tata said that the continued presence of the ousted executive in respective boards is a serious "disruptive influence" and can make the companies "dysfunctional". He said the decision to remove Mistry as the Chairman of Tata Sons was taken as the board had lost confidence in him and his ability to lead the conglomerate. He also said the "deliberated action" to remove Mistry by the Tata Sons board was taken after relationship with him steadily deteriorated and "several attempts to remediate went unheeded". He further said Mistry was offered an opportunity to step down voluntarily from the Chairman position, which he rejected. "The right step would have been for him to resign as director. Unfortunately, he has not yet done so and his continued presence as a director is a serious disruptive influence on these company boards, which can make the company dysfunctional, particularly given his open hostility towards the primary promoter, Tata Sons," Tata wrote. Following special resolution moved by Tata Sons to remove Mistry as director, TCS has called an EGM on December 13, Indian Hotels Co Ltd on December 20, Tata Steel on December 21, Tata Motors on December 22, Tata Chemicals on December 23 and Tata Power on December 26. (WION with inputs from PTI)

Mistry removed as Tata Sons lost confidence in him: Ratan Tata

Indian industrialist Nusli Wadia, an independent director on some Tata Group companies, on Monday served a defamation notice on the board of Tata Sons asking it to withdraw &quot;false, defamatory and libelous&quot; allegations against him.

Tata Sons told PTI that &quot;the company will respond to the notice appropriately&quot;.

Mr Wadia is an independent director on some Tata Group companies which have called extraordinary general meetings (EGMs) to remove him from their boards for allegedly siding with ousted chairman Cyrus Mistry.

Citing the Tatas&#39; move to remove him from the boards of Indian Hotels, Tata Chemicals, Tata Motors and Tata Steel, as an attempt to &quot;tarnish his personal integrity and corporate image&quot;, he asked Tata Sons to desist from the move or else face legal action.

&quot;These allegations are baseless, false, defamatory and libelous, and have been made with the intention of harming my reputation,&quot; Mr Wadia said in the notice, dated November 21.

Mr Wadia said the Tatas remarks in the move to oust him from the Tata Steel board as an independent director, has &quot;lowered&quot; his image in front of the &quot;esteemed colleagues on board of Tata Steel, and its public shareholders, who you claim will benefit from my removal&quot;.

When contacted, the Tata Sons spokesman told PTI that &quot;the company will respond to the notice appropriately&quot;.

Asking the Tatas to withdraw the allegations against him immediately, terming them &quot;baseless and false&quot;, Mr Wadia said the Tatas seem to have embarked on a &quot;personal vendetta&quot; against him.

Mr Wadia in his defamation notice said the Tatas&#39; attempt has irreparably marred his image and said &quot;the leaking of the notice (for EGM to remove him from the boards) has damaged his reputation with the public at large&quot;.

&quot;I demand that you withdraw these allegations forthwith,&quot; Mr Wadia said in the eight-page notice served to all the 10 board members of Tata Sons, including Mr Mistry.

He also said the allegations made against him are the reaction to the board of meeting of Tata Chemicals on November 10 wherein the &quot;independent directors refused to accept an unsigned statement tabled and read out by Bhaskar Bhat, asking for the removal of chairman Cyrus Mistry&quot;.

Tata Sons had moved to remove Mr Wadia, who was a childhood friend of Rata Tata and was appointed by him when he was the group chairman, from the boards of Indian Hotels, Tata Chemicals, Tata Motors and Tata Steel earlier this month, fearing he is out to cause harm to the $103 billion group.

The group also accused Mr Wadia of trying to take control of some of these companies.

&quot;Despite purportedly being an independent director on the boards of certain Tata group of companies including in Tata Steel, Wadia has been conducting himself as an interested party. In our opinion, Wadia has been conducting himself as an interested party in a manner that is designed to cause harm to the Tata group,&quot; a notice by Tata Steel said.

&quot;Wadia has not been conducting himself independently and instead has been galvanising independent directors and acting prejudicially. Wadia&#39;s action may put the company in grave jeopardy and impact the overall morale of the workers, employees and management who have joined a Tata company,&quot; Tata Steel had added.

It had also pointed out that Mr Wadia has been a director for many decades and hence, his &quot;continuance on the board is untenable&quot;.

&quot;The principal shareholders have lost confidence in the independence suitability or bonafides of Wadia and seek his removal,&quot; the notice had read.

(PTI)

Tata Group companies have called extraordinary general meetings to remove Wadia from their boards for allegedly siding with Cyrus Mistry

Indian industrialist Nusli Wadia, an independent director on some Tata Group companies, on Monday served a defamation notice on the board of Tata Sons asking it to withdraw "false, defamatory and libelous" allegations against him. Tata Sons told PTI that "the company will respond to the notice appropriately". Mr Wadia is an independent director on some Tata Group companies which have called extraordinary general meetings (EGMs) to remove him from their boards for allegedly siding with ousted chairman Cyrus Mistry. Citing the Tatas' move to remove him from the boards of Indian Hotels, Tata Chemicals, Tata Motors and Tata Steel, as an attempt to "tarnish his personal integrity and corporate image", he asked Tata Sons to desist from the move or else face legal action. "These allegations are baseless, false, defamatory and libelous, and have been made with the intention of harming my reputation," Mr Wadia said in the notice, dated November 21. Mr Wadia said the Tatas remarks in the move to oust him from the Tata Steel board as an independent director, has "lowered" his image in front of the "esteemed colleagues on board of Tata Steel, and its public shareholders, who you claim will benefit from my removal". When contacted, the Tata Sons spokesman told PTI that "the company will respond to the notice appropriately". Asking the Tatas to withdraw the allegations against him immediately, terming them "baseless and false", Mr Wadia said the Tatas seem to have embarked on a "personal vendetta" against him. Mr Wadia in his defamation notice said the Tatas' attempt has irreparably marred his image and said "the leaking of the notice (for EGM to remove him from the boards) has damaged his reputation with the public at large". "I demand that you withdraw these allegations forthwith," Mr Wadia said in the eight-page notice served to all the 10 board members of Tata Sons, including Mr Mistry. He also said the allegations made against him are the reaction to the board of meeting of Tata Chemicals on November 10 wherein the "independent directors refused to accept an unsigned statement tabled and read out by Bhaskar Bhat, asking for the removal of chairman Cyrus Mistry". Tata Sons had moved to remove Mr Wadia, who was a childhood friend of Rata Tata and was appointed by him when he was the group chairman, from the boards of Indian Hotels, Tata Chemicals, Tata Motors and Tata Steel earlier this month, fearing he is out to cause harm to the $103 billion group. The group also accused Mr Wadia of trying to take control of some of these companies. "Despite purportedly being an independent director on the boards of certain Tata group of companies including in Tata Steel, Wadia has been conducting himself as an interested party. In our opinion, Wadia has been conducting himself as an interested party in a manner that is designed to cause harm to the Tata group," a notice by Tata Steel said. "Wadia has not been conducting himself independently and instead has been galvanising independent directors and acting prejudicially. Wadia's action may put the company in grave jeopardy and impact the overall morale of the workers, employees and management who have joined a Tata company," Tata Steel had added. It had also pointed out that Mr Wadia has been a director for many decades and hence, his "continuance on the board is untenable". "The principal shareholders have lost confidence in the independence suitability or bonafides of Wadia and seek his removal," the notice had read. (PTI)

India: Industrialist Nusli Wadia slaps defamation notice on Tata sons for 'false' allegations

Ratan Tata&#39;s decision to acquire steelmaker Corus for more than $12 billion, when a year earlier it was available at half the price, went against the reservations of some board members and senior executives, Cyrus Mistry said on Tuesday.

Mistry, who was last month ousted as chairman of Tata Sons, the holding firm for the $100 billion steel-to-software Tata empire, said in a statement that this decision made it harder to invest in the acquired assets and placed jobs at risk.

In the statement Mistry also defended his involvement in growing the revenues and profits at two key group companies, Tata Consultancy Services and Tata Motors, that make up the bulk of Tata&#39;s $100 billion revenues. 
 
(Reuters)

Cyrus Mistry said Ratan Tata's decision made it harder to invest in the acquired assets and placed jobs at risk

Ratan Tata's decision to acquire steelmaker Corus for more than $12 billion, when a year earlier it was available at half the price, went against the reservations of some board members and senior executives, Cyrus Mistry said on Tuesday. Mistry, who was last month ousted as chairman of Tata Sons, the holding firm for the $100 billion steel-to-software Tata empire, said in a statement that this decision made it harder to invest in the acquired assets and placed jobs at risk. In the statement Mistry also defended his involvement in growing the revenues and profits at two key group companies, Tata Consultancy Services and Tata Motors, that make up the bulk of Tata's $100 billion revenues. (Reuters)

Cyrus Mistry says Ratan Tata's $12 bn Corus purchase made despite board's reservations

Cyrus Mistry&#39;s &quot;hostility&quot; to primary promoters had led to his removal as chairman of Tata Global Beverages as it posed significant risk to the company&#39;s future performance, said the new head, Harish Bhat.

He said a resolution seeking removal of Mistry was brought in a fully legal manner, is in compliance with the Companies Act and Mistry was voted out 7:3.

&quot;I proposed a resolution (seeking removal of Mistry) as I believed that TGBL is at significant risk from having a chairman who is in a position of hostility to major promoter company, that is Tata Sons,&quot; Bhat told PTI, referring to yesterday&#39;s board meeting of TGBL, Starbucks Corp&#39;s Indian partner.

Mistry, he said, no longer enjoys confidence or support of Tata Sons, which holds 35.27 per cent stake in TGBL.

&quot;When you have hostile relationship between the chairman and the primary promoter, there are significant risks which are detrimental to all stakeholders, including minority shareholders,&quot; he said.

The risks can be about use of Tata trademark, attracting and retaining talent, quality of partnership with partners and future performance and implementation of strategic plans, he said.

&quot;It can come from the rating that the company enjoys. The risks can arise from several such factors,&quot; he said, adding that interest of all stakeholders of the company, including minority shareholders, calls for a &quot;good alignment&quot; between the chairman and the major promoter company.

At the yesterday&#39;s board meeting, seven out of the ten directors present voted for Mistry&#39;s removal, showing that he had lost support of the board, he said.

Mistry had yesterday slammed the move as &quot;a repeat of the illegality that the board of directors of Tata Sons Ltd did on October 24&quot; when he was removed as chairman of the holding company of the USD 103-billion Tata group.

A statement issued by his office stated that there was nothing on the agenda of the TGBL board, a meeting of which was called to approve second quarter earnings, &quot;about replacement of the chairman just as there was nothing in the Tata Sons board agenda on October 24&quot;.

Asked about Mistry&#39;s statement, Bhat said the resolution was &quot;brought to the board in a fully legal manner.&quot;

The Company&#39;s Act provides for bringing resolutions or proposal that are not on agenda, he said, adding that he &quot;respectably disagrees&quot; with Mistry&#39;s assertion.

The board meeting, he said, was very much in progress when the resolution was brought in. &quot;The board meeting was being chaired by Santhanakrishnan, who was elected to chair the meeting&quot; for that session.

It was during this period that one of the directors proposed Bhat&#39;s name as chairman, he said, adding due process of law was followed in bringing the resolution.

(PTI)

A resolution seeking removal of Mistry was brought in a fully legal manner, in compliance with the Companies Act, Harish Bhat said

Cyrus Mistry's "hostility" to primary promoters had led to his removal as chairman of Tata Global Beverages as it posed significant risk to the company's future performance, said the new head, Harish Bhat. He said a resolution seeking removal of Mistry was brought in a fully legal manner, is in compliance with the Companies Act and Mistry was voted out 7:3. "I proposed a resolution (seeking removal of Mistry) as I believed that TGBL is at significant risk from having a chairman who is in a position of hostility to major promoter company, that is Tata Sons," Bhat told PTI, referring to yesterday's board meeting of TGBL, Starbucks Corp's Indian partner. Mistry, he said, no longer enjoys confidence or support of Tata Sons, which holds 35.27 per cent stake in TGBL. "When you have hostile relationship between the chairman and the primary promoter, there are significant risks which are detrimental to all stakeholders, including minority shareholders," he said. The risks can be about use of Tata trademark, attracting and retaining talent, quality of partnership with partners and future performance and implementation of strategic plans, he said. "It can come from the rating that the company enjoys. The risks can arise from several such factors," he said, adding that interest of all stakeholders of the company, including minority shareholders, calls for a "good alignment" between the chairman and the major promoter company. At the yesterday's board meeting, seven out of the ten directors present voted for Mistry's removal, showing that he had lost support of the board, he said. Mistry had yesterday slammed the move as "a repeat of the illegality that the board of directors of Tata Sons Ltd did on October 24" when he was removed as chairman of the holding company of the USD 103-billion Tata group. A statement issued by his office stated that there was nothing on the agenda of the TGBL board, a meeting of which was called to approve second quarter earnings, "about replacement of the chairman just as there was nothing in the Tata Sons board agenda on October 24". Asked about Mistry's statement, Bhat said the resolution was "brought to the board in a fully legal manner." The Company's Act provides for bringing resolutions or proposal that are not on agenda, he said, adding that he "respectably disagrees" with Mistry's assertion. The board meeting, he said, was very much in progress when the resolution was brought in. "The board meeting was being chaired by Santhanakrishnan, who was elected to chair the meeting" for that session. It was during this period that one of the directors proposed Bhat's name as chairman, he said, adding due process of law was followed in bringing the resolution. (PTI)

Mistry's hostility towards Tata Sons led to his removal, says Tata Global Beverages' new head

Ousted chairman Cyrus Mistry today rebutted Tata Sons&#39; contention of expenses having risen under his four-year rule.

Mistry called it a&nbsp;&quot;brazen attempt to mislead&quot; public and shareholders, adding that &quot;significant&quot; costs were incurred for corporate jets used by Ratan Tata.

Mistry also said that the replacement of Nira Radia&#39;s Vaishnavi Communications with Arun Nanda&#39;s Rediffussion Edelman prior to his taking over also contributed to a jump in costs from Rs 40 crore to Rs 60 crore.

&quot;She (Radia) had been replaced by Arun Nanda (Rediffusion Edelman) who had been brought in by Ratan Tata at a cost of Rs 60 crore per year for PR support just prior to Mistry taking charge,&quot; a statement released by his office was quoted by PTI.

Tata Sons had also issued a nine-page statement last week saying that staff costs had risen to Rs 180 crore in 2015-16 from just Rs 84 crore in 2012-13. Other expenses increased from Rs 220 crore in 2012-13 to Rs 290 crore last fiscal, it had stated.

Mistry said that there had been &quot;fundamental changes&quot; in compensation to the leadership in the last five years of Ratan Tata&#39;s chairmanship.

&quot;Mistry did not approach any of the businesses with a view to do a quick cleansing so that he could immediately demonstrate decent results going forward,&quot; the statement released today added.

According to the PTI report, Mistry singled out one investment in Piaggio Aero, promoted by a friend of Ratan Tata, calling it a &quot;distressing&quot; case leading to Tata Sons exiting at a commercial loss of Rs 1,150 crore.

&quot;This was after the efforts of Bharat Vasani and Farokh Subedar, who managed to recover Rs 1,500 crore, overcoming the objections of Mr. Ratan Tata who in contrast favoured increasing investments in that company. Today, the company is, for all practical purposes, nearly bankrupt,&quot; the statement said.

Mistry, however, said that despite the writedowns, Tata Sons&#39; net worth grew to Rs 42,000 crore from Rs 26,000 crore between 2010-11 and 2014-15, said the PTI report.

This is the second time that Mistry is responding to accusations by Tata Sons.

(WION with inputs from PTI)

Ousted group chairman Cyrus Mistry said Tata Sons bears entire office costs for Ratan Tata, the chairman emeritus

Ousted chairman Cyrus Mistry today rebutted Tata Sons' contention of expenses having risen under his four-year rule. Mistry called it a "brazen attempt to mislead" public and shareholders, adding that "significant" costs were incurred for corporate jets used by Ratan Tata. Mistry also said that the replacement of Nira Radia's Vaishnavi Communications with Arun Nanda's Rediffussion Edelman prior to his taking over also contributed to a jump in costs from Rs 40 crore to Rs 60 crore. "She (Radia) had been replaced by Arun Nanda (Rediffusion Edelman) who had been brought in by Ratan Tata at a cost of Rs 60 crore per year for PR support just prior to Mistry taking charge," a statement released by his office was quoted by PTI. Tata Sons had also issued a nine-page statement last week saying that staff costs had risen to Rs 180 crore in 2015-16 from just Rs 84 crore in 2012-13. Other expenses increased from Rs 220 crore in 2012-13 to Rs 290 crore last fiscal, it had stated. Mistry said that there had been "fundamental changes" in compensation to the leadership in the last five years of Ratan Tata's chairmanship. "Mistry did not approach any of the businesses with a view to do a quick cleansing so that he could immediately demonstrate decent results going forward," the statement released today added. According to the PTI report, Mistry singled out one investment in Piaggio Aero, promoted by a friend of Ratan Tata, calling it a "distressing" case leading to Tata Sons exiting at a commercial loss of Rs 1,150 crore. "This was after the efforts of Bharat Vasani and Farokh Subedar, who managed to recover Rs 1,500 crore, overcoming the objections of Mr. Ratan Tata who in contrast favoured increasing investments in that company. Today, the company is, for all practical purposes, nearly bankrupt," the statement said. Mistry, however, said that despite the writedowns, Tata Sons' net worth grew to Rs 42,000 crore from Rs 26,000 crore between 2010-11 and 2014-15, said the PTI report. This is the second time that Mistry is responding to accusations by Tata Sons. (WION with inputs from PTI)

'Rising expenses due to money spent on Ratan Tata's jets, offices,' Mistry counters charges

Tata Global Beverages, which co-owns and runs Starbucks coffee stores across India, said on Tuesday the board of directors has voted to remove Cyrus Mistry as chairman and appoint Tata veteran Harish Bhat in his place.

Seven out of 10 directors voted for Mistry&#39;s ouster, making Tata Global Beverages the first company board to vote against Mistry, who was ousted as chairman of holding company Tata Sons last month.

(Reuters)

Seven out of 10 directors voted to oust Mistry who was ousted as chairman of holding company Tata Sons last month

Tata Global Beverages, which co-owns and runs Starbucks coffee stores across India, said on Tuesday the board of directors has voted to remove Cyrus Mistry as chairman and appoint Tata veteran Harish Bhat in his place. Seven out of 10 directors voted for Mistry's ouster, making Tata Global Beverages the first company board to vote against Mistry, who was ousted as chairman of holding company Tata Sons last month. (Reuters)

Tata Global Beverages board removes Cyrus Mistry as chairman

Tata Sons continued its offensive against ousted chairman Cyrus Mistry seeking his removal from the board of Tata Motors, Tata Steel and Tata Chemicals. It also sought the removal of the conglomerate&#39;s friend-turned-foe Nusli Wadia from the board of Tata Motors and Tata Steel.

Even after he was removed as Tata Sons chairman, Mistry continues to remain chairman of these Tata Group firms.

Tata Motors and Tata Steel both said today they had been ordered by Tata Sons to convene an extraordinary general meeting (EGM) to remove Mistry and independent director Nusli N Wadia from their boards, PTI reported.

In a regulatory filing, Tata Steel said Tata Sons, which holds 29.75 per cent stake in Tata Steel, asked the firm to place the resolutions &quot;removal of C P Mistry as Director of the company in terms of Section 169 of the Companies &nbsp;Act, 2013 and Removal of Nusli N Wadia as Director of the company in terms of Section 169 of the Companies Act, 2013&quot;.

Tata Motors said in its regulatory filing,&quot;&quot;The company has received a requisition and a special notice dated November 10, 2016... from Tata Sons Ltd, the company&#39;s promoter and shareholder representing 26.51% of the company&#39;s voting capital, for convening an extraordinary general meeting of the company for considering and passing resolutions for removal of Cyrus P Mistry and Nusli N Wadia, Directors of the Company under Section 169 of the said Act.&quot;

The move comes a day after independent directors on board of Tata Chemicals reposed faith in Mistry&#39;s leadership. Wadia is said to have switched sides to join the Mistry camp, PTI reported.&nbsp;

In a regulatory filing, Tata Chemicals said its independent directors recalled and reaffirmed their earlier assessment and evaluation carried out in 2015 and 2016 of the Chairman, the Board, and its functioning. Tata Sons holds 19.35 per cent stake in the company. It is the second Tata group company after Indian Hotels whose independent directors have backed Mistry as Chairman.&nbsp;

After Tata Chemicals&#39; independent directors backed Mistry, director Bhaskar Bhat resigned from the company&#39;s board today, saying concerns raised by him were &quot;totally ignored.&quot;

Mistry was also removed from his post of chairman of another key subsidiary, Tata Consultancy Services (TCS), on Thursday. He was sacked as overall chairman of the group last month. 
 
(WION with inputs from PTI)

Tata Motors and Tata Steel both said they had been ordered by Tata Sons to convene an EGM for Mistry and Wadia's removal

Tata Sons continued its offensive against ousted chairman Cyrus Mistry seeking his removal from the board of Tata Motors, Tata Steel and Tata Chemicals. It also sought the removal of the conglomerate's friend-turned-foe Nusli Wadia from the board of Tata Motors and Tata Steel. Even after he was removed as Tata Sons chairman, Mistry continues to remain chairman of these Tata Group firms. Tata Motors and Tata Steel both said today they had been ordered by Tata Sons to convene an extraordinary general meeting (EGM) to remove Mistry and independent director Nusli N Wadia from their boards, PTI reported. In a regulatory filing, Tata Steel said Tata Sons, which holds 29.75 per cent stake in Tata Steel, asked the firm to place the resolutions "removal of C P Mistry as Director of the company in terms of Section 169 of the Companies Act, 2013 and Removal of Nusli N Wadia as Director of the company in terms of Section 169 of the Companies Act, 2013". Tata Motors said in its regulatory filing,""The company has received a requisition and a special notice dated November 10, 2016... from Tata Sons Ltd, the company's promoter and shareholder representing 26.51% of the company's voting capital, for convening an extraordinary general meeting of the company for considering and passing resolutions for removal of Cyrus P Mistry and Nusli N Wadia, Directors of the Company under Section 169 of the said Act." The move comes a day after independent directors on board of Tata Chemicals reposed faith in Mistry's leadership. Wadia is said to have switched sides to join the Mistry camp, PTI reported. In a regulatory filing, Tata Chemicals said its independent directors recalled and reaffirmed their earlier assessment and evaluation carried out in 2015 and 2016 of the Chairman, the Board, and its functioning. Tata Sons holds 19.35 per cent stake in the company. It is the second Tata group company after Indian Hotels whose independent directors have backed Mistry as Chairman. After Tata Chemicals' independent directors backed Mistry, director Bhaskar Bhat resigned from the company's board today, saying concerns raised by him were "totally ignored." Mistry was also removed from his post of chairman of another key subsidiary, Tata Consultancy Services (TCS), on Thursday. He was sacked as overall chairman of the group last month. (WION with inputs from PTI)

Tata Sons seeks removal of Cyrus Mistry, Nusli Wadia from company boards

Tata Group&#39;s hospitality arm Indian Hotels has called an extraordinary general meeting of shareholders to seek removal of ousted chairman Cyrus Mistry as director of the company.

&quot;A requisition is received from Tata Sons, a shareholder of Indian Hotels Company Ltd, holding 28.01 per cent of the paid-up equity share capital of the company to convene an extra-ordinary general meeting of the shareholders of the company... To pass the resolution for removal of C P Mistry as director of the company,&quot; the hospitality major said in a BSE filing.

Earlier in the day, Tata Sons appointed Ishaat Hussain as the Chairman of the group&#39;s hugely successful IT firm TCS in place of Cyrus Mistry.

Last week, independent directors of Indian Hotels Co Ltd (IHCL) unanimously supported his leadership and continuance as chairman of the company.

Just as independent directors of the firm, including banker Deepak Parekh and Nadir Godrej, met ahead of a scheduled board meeting, Tata security personnel roughed up journalists and lensmen gathered outside Bombay House to report the meetings.

After ousting Mistry from Tata Sons, the holding company of 100-odd firms with India&#39;s largest conglomerate, the promoter Tata Trust is looking at removing him from the operating companies as well.

The other independent directors of IHCL include Gautam Banerjee (of Blackstone Group), Keki Dadiseth (ex-HUL MD), Vibha Rishi Paul (former executive director, brand and human capital, Max India) and Ireena Vittal (former partner with McKinsey &amp; Co).

Besides Mistry, his elder brother Shapoor Mistry is a director on the board of IHCL, as also his confidant and CEO Rakesh K Sarna.

Ratan Tata-led interim management of Tata Sons is seeking to oust Mistry from his positions in the operating group firms, including IHCL and Tata Motors.

(PTI)

Earlier in the day, Tata Sons appointed Ishaat Hussain as the Chairman of the group's hugely successful IT firm TCS in place of Cyrus Mistry

Tata Group's hospitality arm Indian Hotels has called an extraordinary general meeting of shareholders to seek removal of ousted chairman Cyrus Mistry as director of the company. "A requisition is received from Tata Sons, a shareholder of Indian Hotels Company Ltd, holding 28.01 per cent of the paid-up equity share capital of the company to convene an extra-ordinary general meeting of the shareholders of the company... To pass the resolution for removal of C P Mistry as director of the company," the hospitality major said in a BSE filing. Earlier in the day, Tata Sons appointed Ishaat Hussain as the Chairman of the group's hugely successful IT firm TCS in place of Cyrus Mistry. Last week, independent directors of Indian Hotels Co Ltd (IHCL) unanimously supported his leadership and continuance as chairman of the company. Just as independent directors of the firm, including banker Deepak Parekh and Nadir Godrej, met ahead of a scheduled board meeting, Tata security personnel roughed up journalists and lensmen gathered outside Bombay House to report the meetings. After ousting Mistry from Tata Sons, the holding company of 100-odd firms with India's largest conglomerate, the promoter Tata Trust is looking at removing him from the operating companies as well. The other independent directors of IHCL include Gautam Banerjee (of Blackstone Group), Keki Dadiseth (ex-HUL MD), Vibha Rishi Paul (former executive director, brand and human capital, Max India) and Ireena Vittal (former partner with McKinsey & Co). Besides Mistry, his elder brother Shapoor Mistry is a director on the board of IHCL, as also his confidant and CEO Rakesh K Sarna. Ratan Tata-led interim management of Tata Sons is seeking to oust Mistry from his positions in the operating group firms, including IHCL and Tata Motors. (PTI)

Tata Group's Indian Hotels seeks Mistry's removal as director

India&#39;s Number 1 software services firm, Tata Consultancy Services (TCS), a majority-owned unit of Tata Sons, said on Thursday it received a letter from Tata Sons nominating Ishaat Hussain as interim chair of TCS in place of Cyrus Mistry.

Last month, Mistry was ousted as chairman of Tata Sons in a surprise move&nbsp;and was replaced by Ratan Tata as interim chair. A similar move to unseat Mistry from TCS, the crown jewel in the Tata conglomerate portfolio, was anticipated given the bitter war of words that has erupted between the two sides following Mistry&#39;s ouster.

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<h5>Hussain, a director of several Tata companies, including Tata Steel and air conditioning and engineering arm Voltas Ltd, currently serves as chairman of Voltas and satellite television provider Tata Sky</h5>
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With Tata Sons controlling an over 70 per cent stake in TCS, lawyers had noted that removing Mistry as chair of the software and services company, would be a much easier task than removing his as chair of many other ventures that Tata Sons do not own a majority stake within.

&quot;Mistry has ceased to be the Chairman of the Board of directors of the company, and Hussain is the new Chairman of the company,&quot; TCS said in a securities filing, adding Hussain will remain TCS chairman until a permanent new replacement is named.

Meanwhile, Tata Sons has called for an extraordinary general meeting of shareholders to consider a resolution for the&nbsp;removal of Mistry as TCS director.

Hussain, a director of several Tata companies, including Tata Steel and air conditioning and engineering arm Voltas Ltd, currently serves as chairman of Voltas and satellite television provider Tata Sky.

Mistry&#39;s ouster has triggered a public spat between him and Tata Sons, which has also pushed some of Mistry&#39;s closest aides out of the group.

Mistry, whose family controls an 18.41 per cent stake in Tata Sons, continues to be the chair of some of the key listed group companies such as Indian Hotels, Tata Motors and Tata Steel.

Tata Sons owned a 73.26 per cent stake in TCS, as of September 30, according to exchange data. Shares of Tata Consultancy Services are down some 11 per cent this year up to Wednesday&#39;s close.

(Reuters)

TCS said it received a letter from Tata Sons Thursday nominating Ishaat Hussain as interim chair

India's Number 1 software services firm, Tata Consultancy Services (TCS), a majority-owned unit of Tata Sons, said on Thursday it received a letter from Tata Sons nominating Ishaat Hussain as interim chair of TCS in place of Cyrus Mistry. Last month, Mistry was ousted as chairman of Tata Sons in a surprise move and was replaced by Ratan Tata as interim chair. A similar move to unseat Mistry from TCS, the crown jewel in the Tata conglomerate portfolio, was anticipated given the bitter war of words that has erupted between the two sides following Mistry's ouster. Hussain, a director of several Tata companies, including Tata Steel and air conditioning and engineering arm Voltas Ltd, currently serves as chairman of Voltas and satellite television provider Tata Sky × With Tata Sons controlling an over 70 per cent stake in TCS, lawyers had noted that removing Mistry as chair of the software and services company, would be a much easier task than removing his as chair of many other ventures that Tata Sons do not own a majority stake within. "Mistry has ceased to be the Chairman of the Board of directors of the company, and Hussain is the new Chairman of the company," TCS said in a securities filing, adding Hussain will remain TCS chairman until a permanent new replacement is named. Meanwhile, Tata Sons has called for an extraordinary general meeting of shareholders to consider a resolution for the removal of Mistry as TCS director. Hussain, a director of several Tata companies, including Tata Steel and air conditioning and engineering arm Voltas Ltd, currently serves as chairman of Voltas and satellite television provider Tata Sky. Mistry's ouster has triggered a public spat between him and Tata Sons, which has also pushed some of Mistry's closest aides out of the group. Mistry, whose family controls an 18.41 per cent stake in Tata Sons, continues to be the chair of some of the key listed group companies such as Indian Hotels, Tata Motors and Tata Steel. Tata Sons owned a 73.26 per cent stake in TCS, as of September 30, according to exchange data. Shares of Tata Consultancy Services are down some 11 per cent this year up to Wednesday's close. (Reuters)

Tata removes Mistry as TCS chair, Hussain interim chairman

The independent directors of the Indian Hotels, a Tata group company, have expressed solidarity with the ousted Tata Sons chairman Cyrus Mistry, endorsing his leadership.&nbsp;

The directors of Tata group&#39;s hospitality arm praised the steps taken by Mistry in &quot;providing strategic direction and leadership to the company&quot;.&nbsp;

IHCL&#39;s directors, including banker Deepak Parekh, Nadir Godrej, Gautam Banerjee, Keki Dadiseth, Vibha Rishi and Ireena Vittal met ahead of the company board meeting on Friday. They reposed faith in Mistry, saying they &quot;unanimously expressed full confidence in him&quot;.&nbsp;

Explaining the reasons for making public their views, IHCL said: &quot;After deliberations, the independent directors came to a view that being a listed company, it was imperative for the independent directors to state their views to the investors and public at large, such that those who trade in securities of the company make an informed decision.&quot;&nbsp;

Ratan Tata-led interim management of Tata Sons is seeking to oust Mistry from his positions in the operating group firms, including IHCL and Tata Motors.

Sources close to Mistry had stated that after his removal as the chair of Tata Sons, he has decided to dig his heels in his current role at Tata group firms, including Tata Steel, TCS, and Tata Motors. &quot;He will discharge his fiduciary duty as required by law in all his positions in the Tata group&quot;.

(WION with inputs from PTI) 
&nbsp;

The directors of Tata group's hospitality arm praised the steps taken by Mistry in 'providing direction to company'

The independent directors of the Indian Hotels, a Tata group company, have expressed solidarity with the ousted Tata Sons chairman Cyrus Mistry, endorsing his leadership. The directors of Tata group's hospitality arm praised the steps taken by Mistry in "providing strategic direction and leadership to the company". IHCL's directors, including banker Deepak Parekh, Nadir Godrej, Gautam Banerjee, Keki Dadiseth, Vibha Rishi and Ireena Vittal met ahead of the company board meeting on Friday. They reposed faith in Mistry, saying they "unanimously expressed full confidence in him". Explaining the reasons for making public their views, IHCL said: "After deliberations, the independent directors came to a view that being a listed company, it was imperative for the independent directors to state their views to the investors and public at large, such that those who trade in securities of the company make an informed decision." Ratan Tata-led interim management of Tata Sons is seeking to oust Mistry from his positions in the operating group firms, including IHCL and Tata Motors. Sources close to Mistry had stated that after his removal as the chair of Tata Sons, he has decided to dig his heels in his current role at Tata group firms, including Tata Steel, TCS, and Tata Motors. "He will discharge his fiduciary duty as required by law in all his positions in the Tata group". (WION with inputs from PTI)

Ratan Tata-Cyrus Mistry row: Indian Hotels independent directors back ousted chairman Mistry

Interim chairman of Tata Group, Ratan Tata recently circulated a letter to its employees saying that a new management structure is being put in place.&nbsp;

After the removal of Cyrus Mistry, his Group Executive Council (GEC) was disbanded. However, the chairman&rsquo;s office has retained some of the members of the GEC, &nbsp;Harish Bhat and Mukund Rajan.&nbsp;

Tata consulting group&rsquo;s former vice chairman, S Ramadorai, has quit from his post of the chief of National Skill Development Corporation increasing the speculation of his possible role in Tata Sons or Tata chairman&rsquo;s office.&nbsp;

Also, with the ongoing saga at the Bombay house, the investors may have to rejig their mutual funds portfolio and exit the investments that are exposed to Tata Group stocks. &nbsp;&nbsp;

In the last few days, Tata Group companies have lost nearly 55,000 crores of investor&rsquo;s money.

We&rsquo;ll keep you updated with more developments on the story.

(WION)

After the removal of Cyrus Mistry, his Group Executive Council (GEC) was disbanded

Interim chairman of Tata Group, Ratan Tata recently circulated a letter to its employees saying that a new management structure is being put in place. After the removal of Cyrus Mistry, his Group Executive Council (GEC) was disbanded. However, the chairman’s office has retained some of the members of the GEC, Harish Bhat and Mukund Rajan. Tata consulting group’s former vice chairman, S Ramadorai, has quit from his post of the chief of National Skill Development Corporation increasing the speculation of his possible role in Tata Sons or Tata chairman’s office. Also, with the ongoing saga at the Bombay house, the investors may have to rejig their mutual funds portfolio and exit the investments that are exposed to Tata Group stocks. In the last few days, Tata Group companies have lost nearly 55,000 crores of investor’s money. We’ll keep you updated with more developments on the story. (WION)

Tata Group's new management structure is being put in place: Ratan Tata

As ousted Tata Group Chairman Cyrus Mistry stepped up his attack, Ratan Tata&nbsp;on Wednesday&nbsp;hit back saying his removal was &quot;absolutely necessary&quot; for the future success of the Tata group.

&quot;The decision to change the leadership of Tata Sons was a well-considered and serious one for its board members. This difficult decision, made after careful and thoughtful deliberation, is one the board believes was absolutely necessary for the future success of the Tata Group,&quot; the interim chairman wrote to employees of $100 billion Group.

The letter came shortly after Mistry ratcheted up war of words by rebutting &quot;insinuations&quot; of mishandling a dispute with Japan&#39;s NTT DoCoMo, saying Ratan Tata was party to all decisions regarding the telecom venture.

Tata, 78, who retired as Tata group chairman nearly four years back, justified his return for &quot;maintaining stability and continuity of leadership&quot; and promised to give the group &quot;a world-class leader&quot; when a fulltime boss is appointed.

Tata&#39;s comments a few hours after ousted chairman Cyrus Mistry&nbsp;said any insinuation that he had mishandled a prolonged dispute with its Japanese telecom partner NTT DoCoMo Inc were baseless.

Docomo legal battle &#39;approved&#39;&nbsp;by board

On Tuesday, Mistry&#39;s office said in an e-mailed statement that all decisions were taken with the unanimous approval of the Tata Sons Board, and with the approval of Ratan Tata and Tata trustee NA&nbsp;Soonawalla.

&quot;To suggest I acted on my own or without knowledge and/or concurrence of Ratan Tata on Docomo deal is false and mischievous,&quot; Mistry said.

Mistry&#39;s office said the agreement with Docomo had been made much before he took over as the chairman of Tata Sons.

Tata Sons were not immediately reachable for comment.

Docomo fiasco

NTT Docomo, one of the largest mobile phone operators in Japan, had bought a 26.5 per cent stake in Tata Teleservices in November 2009.

At the time of getting into a joint venture, the two parties had agreed that in case Docomo exits within the first five years it would get a minimum 50 per cent of its investment.

Matters took a turn for the worst when Docomo decided to split before the five stipulated years as Tata Sons declined to give the exiting company their share of the investment.

When the international arbitration in London was approached by Docomo, the tribunal directed Tata Sons to pay Docomo $1.17 billion for breach of contract.&nbsp;

(WION with inputs from Reuters)

Ratan Tata's comments come just hours after ousted chairman Mistry?denied claims he had unilaterally created the Docomo fiasco

As ousted Tata Group Chairman Cyrus Mistry stepped up his attack, Ratan Tata on Wednesday hit back saying his removal was "absolutely necessary" for the future success of the Tata group. "The decision to change the leadership of Tata Sons was a well-considered and serious one for its board members. This difficult decision, made after careful and thoughtful deliberation, is one the board believes was absolutely necessary for the future success of the Tata Group," the interim chairman wrote to employees of $100 billion Group. The letter came shortly after Mistry ratcheted up war of words by rebutting "insinuations" of mishandling a dispute with Japan's NTT DoCoMo, saying Ratan Tata was party to all decisions regarding the telecom venture. Tata, 78, who retired as Tata group chairman nearly four years back, justified his return for "maintaining stability and continuity of leadership" and promised to give the group "a world-class leader" when a fulltime boss is appointed. Tata's comments a few hours after ousted chairman Cyrus Mistry said any insinuation that he had mishandled a prolonged dispute with its Japanese telecom partner NTT DoCoMo Inc were baseless. Docomo legal battle 'approved' by board On Tuesday, Mistry's office said in an e-mailed statement that all decisions were taken with the unanimous approval of the Tata Sons Board, and with the approval of Ratan Tata and Tata trustee NA Soonawalla. "To suggest I acted on my own or without knowledge and/or concurrence of Ratan Tata on Docomo deal is false and mischievous," Mistry said. Mistry's office said the agreement with Docomo had been made much before he took over as the chairman of Tata Sons. Tata Sons were not immediately reachable for comment. Docomo fiasco NTT Docomo, one of the largest mobile phone operators in Japan, had bought a 26.5 per cent stake in Tata Teleservices in November 2009. At the time of getting into a joint venture, the two parties had agreed that in case Docomo exits within the first five years it would get a minimum 50 per cent of its investment. Matters took a turn for the worst when Docomo decided to split before the five stipulated years as Tata Sons declined to give the exiting company their share of the investment. When the international arbitration in London was approached by Docomo, the tribunal directed Tata Sons to pay Docomo $1.17 billion for breach of contract. (WION with inputs from Reuters)

Cyrus Mistry's removal was necessary for company's success: Tata chairman

Tata veteran&nbsp;<a data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://timesofindia.indiatimes.com/topic/S-Ramadorai&amp;source=gmail&amp;ust=1478096509404000&amp;usg=AFQjCNF0EWaF_UL-Zv79k1dXbUOdgIje9Q" href="http://timesofindia.indiatimes.com/topic/S-Ramadorai" target="_blank">S Ramadorai</a>&nbsp;has resigned as chairman of the government&#39;s skill development agencies &mdash; NSDA and NSDC &mdash; sparking speculation that he might be headed back to India&#39;s largest conglomerate. 
 
Ramadorai, 71, quit sometime last month and his resignation has been accepted by Prime Minister&nbsp;<a data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://timesofindia.indiatimes.com/topic/Narendra-Modi&amp;source=gmail&amp;ust=1478096509404000&amp;usg=AFQjCNG65hXQxt7wh3m3-Yg60UoHLls_-w" href="http://timesofindia.indiatimes.com/topic/Narendra-Modi" target="_blank">Narendra Modi</a>, sources privy to the development said. 
 
Rohit Nandan, vice-chairman of the governing body and secretary, ministry of skill development and entrepreneurship, has been appointed interim head of the National Skill Development Agency till a full-time chairman is appointed. 
 
The National Skill Development Corporation (NSDC) Board is likely to meet&nbsp;on Wednesday&nbsp;to discuss the future road map, post the resignation. 
 
The former Tata Consultancy Services (TCS) chief was appointed chairman of the skill development agencies in May 2013 with a Cabinet rank. He is also the chairman of Tata Institute of Social Sciences and AirAsia India. 
 
His resignation triggered talk that he might be headed back to the Tata Group where a search committee is looking for a full-time chairman after the board of&nbsp;<a data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://timesofindia.indiatimes.com/topic/Tata-Sons&amp;source=gmail&amp;ust=1478096509404000&amp;usg=AFQjCNFocNSPtcebwjC4IM8WYBGwUwnOug" href="http://timesofindia.indiatimes.com/topic/Tata-Sons" target="_blank">Tata Sons</a>ousted its first non-family chairman,&nbsp;<a data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://timesofindia.indiatimes.com/topic/Cyrus-Mistry&amp;source=gmail&amp;ust=1478096509404000&amp;usg=AFQjCNEMlNZLgsYVM2qrXOH563Hm3DZPJw" href="http://timesofindia.indiatimes.com/topic/Cyrus-Mistry" target="_blank">Cyrus Mistry</a>, last month. 
 
Meanwhile, top sources in the ministry of skill development and entrepreneurship said the government is scouting for a replacement. 
 
The Modi government, which has taken the skill development initiatives on top priority, wants to scale up skilling efforts and has set a target to train over 40 crore people in India in different skills by 2022. 
 
To achieve the objective, the government is eyeing revamp of key bodies, including NSDC and NSDA. Ramadorai&#39;s resignation paves the way for a major shake-up of the bodies.

(PTI)

?Chairman of Indian government's skill development agencies S Ramadorai quit at a time when Tata Sons is scouting for a full-time chairman

Tata veteran S Ramadorai has resigned as chairman of the government's skill development agencies — NSDA and NSDC — sparking speculation that he might be headed back to India's largest conglomerate. Ramadorai, 71, quit sometime last month and his resignation has been accepted by Prime Minister Narendra Modi, sources privy to the development said. Rohit Nandan, vice-chairman of the governing body and secretary, ministry of skill development and entrepreneurship, has been appointed interim head of the National Skill Development Agency till a full-time chairman is appointed. The National Skill Development Corporation (NSDC) Board is likely to meet on Wednesday to discuss the future road map, post the resignation. The former Tata Consultancy Services (TCS) chief was appointed chairman of the skill development agencies in May 2013 with a Cabinet rank. He is also the chairman of Tata Institute of Social Sciences and AirAsia India. His resignation triggered talk that he might be headed back to the Tata Group where a search committee is looking for a full-time chairman after the board of Tata Sonsousted its first non-family chairman, Cyrus Mistry, last month. Meanwhile, top sources in the ministry of skill development and entrepreneurship said the government is scouting for a replacement. The Modi government, which has taken the skill development initiatives on top priority, wants to scale up skilling efforts and has set a target to train over 40 crore people in India in different skills by 2022. To achieve the objective, the government is eyeing revamp of key bodies, including NSDC and NSDA. Ramadorai's resignation paves the way for a major shake-up of the bodies. (PTI)

Tata veteran resigns from government posts, sparks talks of reunion

Four days after Tata Sons chairman Cyrus Mistry was ousted by the board members, Tata group&#39;s chief of human resources NS Rajan had put in his papers on Friday, Indian daily Times of India reported.

&nbsp;

Rajan, according to the report, was handpicked by Mistry. &nbsp;Speculations are rife that Rajan&#39;s exit has been triggered by Mistry&#39;s unceremonious ouster.&nbsp;

&nbsp;

Rajan&#39;s removal has paved way for the two factions&mdash;Ratan Tata and Cyrus Mistry&mdash;to make allegations, and counter-allegations.&nbsp;

&nbsp;

Mistry was removed due to &quot;poor financial performance&quot; and a &quot;divergence&quot; in values, media reports quoted company&#39;s trustee as saying.&nbsp;

&nbsp;

In an explosive email to the board members of Tata Sons board, however, Mistry had leveled serious allegations against India&#39;s largest conglomerate for reducing him to the position of a &quot;lame duck chairman&quot;. He also mentioned how he was removed without a &quot;word of explanation&quot;.

&nbsp;

(WION) 
&nbsp;

Speculations are rife that NS Rajan's exit has been triggered by Mistry's unceremonious ouster

Four days after Tata Sons chairman Cyrus Mistry was ousted by the board members, Tata group's chief of human resources NS Rajan had put in his papers on Friday, Indian daily Times of India reported. Rajan, according to the report, was handpicked by Mistry. Speculations are rife that Rajan's exit has been triggered by Mistry's unceremonious ouster. Rajan's removal has paved way for the two factions—Ratan Tata and Cyrus Mistry—to make allegations, and counter-allegations. Mistry was removed due to "poor financial performance" and a "divergence" in values, media reports quoted company's trustee as saying. In an explosive email to the board members of Tata Sons board, however, Mistry had leveled serious allegations against India's largest conglomerate for reducing him to the position of a "lame duck chairman". He also mentioned how he was removed without a "word of explanation". (WION)

Tata Group HR head, handpicked by Cyrus Mistry, quits after his ouster: Reports

Days after the ouster of Cyrus Mistry as chairman of Tata Sons, a can of worms seems to have opened&nbsp;thanks to the leaked letter of Mistry to the company&#39;s board of directors.

The Federation of Indian Airlines (FIA) has now sought a stay on the operational clearance granted to Air Asia India Pvt Ltd (AAIPL) which is joint venture between Air Asia and Tata Sons.

The FIA has asked the apex court to direct the Delhi High Court to expedite the hearing of this matter. A&nbsp;bench of judges are likely to hear the plea post their Diwali break.

Mistry&#39;s letter to the board of directors had mentioned the forensic report that brought to fore fradulent transaction in the company that involved non-existent parties in India and Singapore. When brought to the notice of the Air Asia board, it considered the tranactions as &quot;non material&quot;. The letter highliighted &nbsp;that the board &quot;belatedly&quot; filed a&nbsp;police report following these claims.

The FIA has accused AAIPL of misgovernance and fraud claiming that the effective control&nbsp;of AAIPL &quot;lies with the foreign partner Air Asia&quot;.

India&#39;s ministry of civil aviation is likely to file a detailed affidavit&nbsp;in this regard in the Delhi High Court within the next fortnight, sources close to the development told WION.

(WION)

Mistry's letter to Tata Sons had mentioned the forensic report that brought to fore fradulent transactions in the company

Days after the ouster of Cyrus Mistry as chairman of Tata Sons, a can of worms seems to have opened thanks to the leaked letter of Mistry to the company's board of directors. The Federation of Indian Airlines (FIA) has now sought a stay on the operational clearance granted to Air Asia India Pvt Ltd (AAIPL) which is joint venture between Air Asia and Tata Sons. The FIA has asked the apex court to direct the Delhi High Court to expedite the hearing of this matter. A bench of judges are likely to hear the plea post their Diwali break. Mistry's letter to the board of directors had mentioned the forensic report that brought to fore fradulent transaction in the company that involved non-existent parties in India and Singapore. When brought to the notice of the Air Asia board, it considered the tranactions as "non material". The letter highliighted that the board "belatedly" filed a police report following these claims. The FIA has accused AAIPL of misgovernance and fraud claiming that the effective control of AAIPL "lies with the foreign partner Air Asia". India's ministry of civil aviation is likely to file a detailed affidavit in this regard in the Delhi High Court within the next fortnight, sources close to the development told WION. (WION)

Tata-Mistry spat: Federation of Indian Airlines seeks stay on operational clearance to Air Asia India

India&#39;s ruling party Bharatiya Janta Party (BJP) member of parliament&nbsp;Subramanian Swamy has demanded constitution of a multi-agency special investigation team (SIT) to probe allegations of &quot;certain fraudulent transactions&quot; in Air Asia levelled by Cyrus Mistry following his removal as chairman of Tata Group.&nbsp;

Swamy, in a letter to Indian Prime Minister Narendra Modi, has said the SIT should comprise officials from CBI, Enforcement Directorate and SEBI as the charges involved a gamut of offences.&nbsp;

The Rajya Sabha MP recalled that he had in an earlier letter to Modi questioned Ratan Tata&#39;s role as Indian partner in Air Asia and Vistara Airlines &quot;in complete violation&quot; of the laws of the country.&nbsp;

Hot on the heels of Mistry&#39;s ouster alleging fraudulent transactions at AirAsia India, India&#39;s civil aviation ministry had said all issues will be looked into and &quot;the law of the land will have to be followed&quot;.&nbsp;

(PTI)

In a letter written to Tata Sons, Mistry had raised 'ethical concerns' in Tata group's aviation joint venture with AirAsia

India's ruling party Bharatiya Janta Party (BJP) member of parliament Subramanian Swamy has demanded constitution of a multi-agency special investigation team (SIT) to probe allegations of "certain fraudulent transactions" in Air Asia levelled by Cyrus Mistry following his removal as chairman of Tata Group. Swamy, in a letter to Indian Prime Minister Narendra Modi, has said the SIT should comprise officials from CBI, Enforcement Directorate and SEBI as the charges involved a gamut of offences. The Rajya Sabha MP recalled that he had in an earlier letter to Modi questioned Ratan Tata's role as Indian partner in Air Asia and Vistara Airlines "in complete violation" of the laws of the country. Hot on the heels of Mistry's ouster alleging fraudulent transactions at AirAsia India, India's civil aviation ministry had said all issues will be looked into and "the law of the land will have to be followed". (PTI)

India: BJP leader asks PM Modi to form investigation team to probe Tatas

India&#39;s market regulator, the Securities and Exchange Board of India (Sebi), is keeping a close watch on the high profile Tata-Mistry case. The board sought clarification from many of the companies listed with India&#39;s largest conglomerate, Tata Sons, on Wednesday.&nbsp;

Sebi immediately took action to inquire about the serious allegations of breach of corporate governance norms and listing regulations, levelled by the sacked chairman Cyrus Mistry. &nbsp;

&quot;We (Sebi) are taking note of each and every development and will act immediately on any hint of possible violation of corporate governance and listing norms or any other regulation under our jurisdiction,&quot; a senior official said.

In an explosive confidential email to the board members of Tata Sons, Mistry pointed out that the conglomerate faces a possible writedown to the tune of $18 billion.&nbsp;

He also wrote, that &quot;ethical concerns&quot; had been raised over certain transactions and a &quot;recent forensic investigation revealed fraudulent transactions of Rs 22 crore involving non-existent parties in India and Singapore&quot;.

The stock exchanges are also monitoring the price movement and trading activities of over two dozen listed companies of Tata group, which have seen an erosion in value in the last two trading sessions after Mistry&#39;s surprise removal.&nbsp;

The exchanges have asked these companies, including Tata Motors, Tata Steel, Indian Hotels, Tata Teleservices and Tata Power, to provide full details about these issues.

The companies were questioned &quot;whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the company,&quot; the exchanges said. They are yet to respond to the board and stock exchanges.&nbsp;

In his letter, Mistry claimed that despite being the chairman, he had been pushed to a position of a &quot;lame duck&quot; with the modified rules of engagement between the Tata family Trusts and the board of Tata Sons.&nbsp;

(WION with inputs from PTI) 
&nbsp;

Sebi questioned dozens of Tata group companies after sacked chairman Mistry alleged violation of 'legal and ethical corporate norms'

India's market regulator, the Securities and Exchange Board of India (Sebi), is keeping a close watch on the high profile Tata-Mistry case. The board sought clarification from many of the companies listed with India's largest conglomerate, Tata Sons, on Wednesday. Sebi immediately took action to inquire about the serious allegations of breach of corporate governance norms and listing regulations, levelled by the sacked chairman Cyrus Mistry. "We (Sebi) are taking note of each and every development and will act immediately on any hint of possible violation of corporate governance and listing norms or any other regulation under our jurisdiction," a senior official said. In an explosive confidential email to the board members of Tata Sons, Mistry pointed out that the conglomerate faces a possible writedown to the tune of $18 billion. He also wrote, that "ethical concerns" had been raised over certain transactions and a "recent forensic investigation revealed fraudulent transactions of Rs 22 crore involving non-existent parties in India and Singapore". The stock exchanges are also monitoring the price movement and trading activities of over two dozen listed companies of Tata group, which have seen an erosion in value in the last two trading sessions after Mistry's surprise removal. The exchanges have asked these companies, including Tata Motors, Tata Steel, Indian Hotels, Tata Teleservices and Tata Power, to provide full details about these issues. The companies were questioned "whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the company," the exchanges said. They are yet to respond to the board and stock exchanges. In his letter, Mistry claimed that despite being the chairman, he had been pushed to a position of a "lame duck" with the modified rules of engagement between the Tata family Trusts and the board of Tata Sons. (WION with inputs from PTI)

Tata-Mistry saga: India's market regulator Sebi seeks clarification from Tata group companies

Shares of various Tata group stocks, including Tata Power and Tata Motors, plunged sharply this morning amid concerns about purported disclosure made by ousted group chairman Cyrus Mistry about huge write-down risks at some firms.

Tata Motors and Tata Power were down nearly 3 per cent each while Tata Steel was trading nearly 2 per cent down in early morning trade at BSE.

Indian Hotels and Tata Tele were down more than 7 per cent each.

Tata Chemicals, Tata Coffee, Tata Global Beverages, Tata Investment Corp, Tata Steel and TCS were also trading with losses.

Stock exchanges late last night sought clarifications from select Tata companies on reports about Mistry listing out possible write-down risk to the tune of USD 18 billion while the group stocks have been losing value for three days now amid concerns over sudden ouster of Mistry as chairman of Tata Sons, the main holding firm for the group companies.

Regulator Sebi and stock exchanges are keeping a close tab on share movement and trading volumes of all listed companies of the group.

(PTI)

Tata Motors and Tata Power were down nearly 3 per cent each while Tata Steel was trading nearly 2 per cent lower in early morning trade

Shares of various Tata group stocks, including Tata Power and Tata Motors, plunged sharply this morning amid concerns about purported disclosure made by ousted group chairman Cyrus Mistry about huge write-down risks at some firms. Tata Motors and Tata Power were down nearly 3 per cent each while Tata Steel was trading nearly 2 per cent down in early morning trade at BSE. Indian Hotels and Tata Tele were down more than 7 per cent each. Tata Chemicals, Tata Coffee, Tata Global Beverages, Tata Investment Corp, Tata Steel and TCS were also trading with losses. Stock exchanges late last night sought clarifications from select Tata companies on reports about Mistry listing out possible write-down risk to the tune of USD 18 billion while the group stocks have been losing value for three days now amid concerns over sudden ouster of Mistry as chairman of Tata Sons, the main holding firm for the group companies. Regulator Sebi and stock exchanges are keeping a close tab on share movement and trading volumes of all listed companies of the group. (PTI)

Tata stocks plunge on concerns over Mistry letter

The Tata Group hit&nbsp;back on allegations made by Cyrus Mistry following the leaked letter sent by the latter to their board of directors.&nbsp;

Tata Sons&nbsp;conveyed &quot;deep regret&quot;&nbsp;on the confidential letter being leaked and said that the claims made by Mistry were unsubstantiated.

The leaked letter sent ripples across the board and all Tata Group companies came the Securities and Exchange Board of India (SEBI) scanner.

SEBI stepped in today to assess the possible breach of corporate governance and the listing regulations of the Tata listed companies.

The bourses&nbsp;sought clarification from Tata listed companies on the purported disclosure by Mistry of the close to USD 17 billion&nbsp;write-down.&nbsp;

Mistry&#39;s letter alleged&nbsp;that the Tata&#39;s indulged in business conflicts, wrong calls, emotion-based deals.

Tata Sons, on the other&nbsp;hand, maintained that the tenure of the former chairman was marked by repeated departures from the culture and ethos of the group.

The letter reiterates that it was Mistry who had overwhelmingly lost the confidence of the members of the board of directors and Tata trustees&nbsp;were concerned about the trust deficit of Mistry.

The Tata&#39;s letter stated&nbsp;that it was unforgivable that Mistry has attempted to damage the image of the group.

It has been made clear in the letter that Tata Sons will not engage in any public spat with Mistry.&nbsp;

(WION)

Tata's said the claims made by Mistry were unsubstantiated and that it was "unforgivable" that the latter tried to damage the group's image

The Tata Group hit back on allegations made by Cyrus Mistry following the leaked letter sent by the latter to their board of directors. Tata Sons conveyed "deep regret" on the confidential letter being leaked and said that the claims made by Mistry were unsubstantiated. The leaked letter sent ripples across the board and all Tata Group companies came the Securities and Exchange Board of India (SEBI) scanner. SEBI stepped in today to assess the possible breach of corporate governance and the listing regulations of the Tata listed companies. The bourses sought clarification from Tata listed companies on the purported disclosure by Mistry of the close to USD 17 billion write-down. Mistry's letter alleged that the Tata's indulged in business conflicts, wrong calls, emotion-based deals. Tata Sons, on the other hand, maintained that the tenure of the former chairman was marked by repeated departures from the culture and ethos of the group. The letter reiterates that it was Mistry who had overwhelmingly lost the confidence of the members of the board of directors and Tata trustees were concerned about the trust deficit of Mistry. The Tata's letter stated that it was unforgivable that Mistry has attempted to damage the image of the group. It has been made clear in the letter that Tata Sons will not engage in any public spat with Mistry. (WION)

Tata Group hits back after Cyrus Mistry's allegations in leaked letter

Speculations are afloat in India Inc. that Cyrus Mistry, who was replaced as the chairman of Tata Sons on Monday by predecessor Ratan Tata, may challenge the board&#39;s move in the court.&nbsp;

&nbsp;

Corporate lawyers argue, however, that he has no case.&nbsp;

&nbsp;

Sources say that Mistry feels the move to replace him tarnishes his reputation. He also thinks that the move tarnishes the reputation of the Shapoorji Pallonji Group, which is the single largest stakeholder in the company outside of the Tatas.&nbsp;

&nbsp;

Further, according to sources, Mistry describes the board proceedings as &nbsp;&#39;illegal&#39;.

&nbsp;

The imperative question now is that does Mistry really hold a case if he decides to move the court? Will he enter into a legal battle to save face?

&nbsp;

Corporate lawyers hold that his challenge will not hold little merit in the court of law as this is an internal company matter.

&nbsp;

According to the lawyers, however, he can file a defamatory lawsuit to protect his credibility and the reputation of the Shapoorji Pallonji Group. That is the only place where he can claim damages, the legal experts say.&nbsp;

&nbsp;

Meanwhile, no formal confirmation on moving to the court has come from Mistry&#39;s office. The Tatas have filed caveats in anticipation of a legal backlash.&nbsp;

&nbsp;

(WION)&nbsp;

According to the lawyers, he can file a defamatory lawsuit to protect his credibility

Speculations are afloat in India Inc. that Cyrus Mistry, who was replaced as the chairman of Tata Sons on Monday by predecessor Ratan Tata, may challenge the board's move in the court. Corporate lawyers argue, however, that he has no case. Sources say that Mistry feels the move to replace him tarnishes his reputation. He also thinks that the move tarnishes the reputation of the Shapoorji Pallonji Group, which is the single largest stakeholder in the company outside of the Tatas. Further, according to sources, Mistry describes the board proceedings as 'illegal'. The imperative question now is that does Mistry really hold a case if he decides to move the court? Will he enter into a legal battle to save face? Corporate lawyers hold that his challenge will not hold little merit in the court of law as this is an internal company matter. According to the lawyers, however, he can file a defamatory lawsuit to protect his credibility and the reputation of the Shapoorji Pallonji Group. That is the only place where he can claim damages, the legal experts say. Meanwhile, no formal confirmation on moving to the court has come from Mistry's office. The Tatas have filed caveats in anticipation of a legal backlash. (WION)

Cyrus Mistry's ouster: Little merit in contesting Tata's move, corporate lawyers argue?

Cyrus Mistry was removed as the chairman of Tata Sons, the largest conglomerate in India, due to &quot;poor financial performance&quot; and a &quot;divergence&quot;&nbsp;in values, a company&#39;s trustee told Indian television agency NDTV.

VR Mehta, a member of the Sir Dorabji Tata Trust, which along with Sir Ratan Tata Trust hold two-thirds of Tata Sons, said the other major reason the company&#39;s increasing&nbsp;dependence on two companies --&nbsp;Tata Consultancy Services and JLR (Jaguar Land Rover).

Mehta said his trust, which is one of India&#39;s oldest philanthropic organisations in India, said:&nbsp;&quot;We cannot take it for granted that these companies will continue to be as profitable always and contribute as much to Tata Sons.&quot;

He also voiced his concern about the other three-four companies that belong to the group not performing too well currently. He said a prolonged poor performance would have&nbsp;adversely impacted the conglomerate&#39;s revenues in the long term.&nbsp;

As a consequence, falling revenues would have curtailed money available for the trust to carry on its&nbsp;philanthropic activities, he said.

&quot;I had concerns, other trustees had conerns and we were discussing this for some time,&quot; he said.&nbsp;

Asked about whether there was a shift in values of the company, Mehta said: &quot;There was a divergence in the company&#39;s ethos.&quot;

Mehta also spoke about how the DoCoMo case was not handled&nbsp;&quot;very cordially, to say the least&quot;. &quot;Should have handled the case with little more finesse,&quot; he said.&nbsp;

Earlier this year, Tata Sons was directed to pay $1.17 billion to NTT DoCoMo for breach of contract because the company was neither able to find a buyer&nbsp;nor buy back the Japanese partner&#39;s 26 per cent&nbsp;stake in their telecom joint venture.

Mistry &#39;shocked&#39; 

Meanwhile, 48-year-old Mistry shot off a mail to board members saying he was &quot;shocked&quot; that he wasn&#39;t given a chance to defend himself.

The hasty ouster as the company&#39;s chairman, he wrote, meant that the board had not &quot;covered itself with glory&quot;.&nbsp;

On October 24,&nbsp;Mistry was replaced by his predecessor Ratan Tata as the chairman of the conglomerate for four months.

(WION) 
&nbsp;

This is the first time a senior member associated with Tata Sons has publicly detailed the reasons for Mistry's removal as company chairman

Cyrus Mistry was removed as the chairman of Tata Sons, the largest conglomerate in India, due to "poor financial performance" and a "divergence" in values, a company's trustee told Indian television agency NDTV. VR Mehta, a member of the Sir Dorabji Tata Trust, which along with Sir Ratan Tata Trust hold two-thirds of Tata Sons, said the other major reason the company's increasing dependence on two companies -- Tata Consultancy Services and JLR (Jaguar Land Rover). Mehta said his trust, which is one of India's oldest philanthropic organisations in India, said: "We cannot take it for granted that these companies will continue to be as profitable always and contribute as much to Tata Sons." He also voiced his concern about the other three-four companies that belong to the group not performing too well currently. He said a prolonged poor performance would have adversely impacted the conglomerate's revenues in the long term. As a consequence, falling revenues would have curtailed money available for the trust to carry on its philanthropic activities, he said. "I had concerns, other trustees had conerns and we were discussing this for some time," he said. Asked about whether there was a shift in values of the company, Mehta said: "There was a divergence in the company's ethos." Mehta also spoke about how the DoCoMo case was not handled "very cordially, to say the least". "Should have handled the case with little more finesse," he said. Earlier this year, Tata Sons was directed to pay $1.17 billion to NTT DoCoMo for breach of contract because the company was neither able to find a buyer nor buy back the Japanese partner's 26 per cent stake in their telecom joint venture. Mistry 'shocked' Meanwhile, 48-year-old Mistry shot off a mail to board members saying he was "shocked" that he wasn't given a chance to defend himself. The hasty ouster as the company's chairman, he wrote, meant that the board had not "covered itself with glory". On October 24, Mistry was replaced by his predecessor Ratan Tata as the chairman of the conglomerate for four months. (WION)

Cyrus Mistry ousted due to falling revenues, 'divergence in values': Tata trustee

In an explosive confidential email sent to the board members of Tata Sons, sacked chairman Cyrus Mistry has levelled serious allegations against India&#39;s largest conglomerate saying that he was pushed to a position of &quot;lame duck&quot; chairman, Indian news agency PTI reported.&nbsp;

&nbsp;

Mistry, who was removed as the chairman on Monday, has said that predecessor Ratan Tata replaced him as the chairman &#39;without a word of explanation&#39;&nbsp;

&nbsp;

In the internal email, he has alleged that &quot;changes in decision-making process created alternate power centres in Tata Group&quot;.

&nbsp;

Mistry, who was appointed in 2012 as the chairman, mentioned in the letter: &quot;I was shocked beyond words at the happenings at the board meeting of October 24, 2016. Apart from the invalidity and illegality of the business that was conducted, I have to say that the Board of Directors has not covered itself with glory.

&nbsp;

&quot;To &#39;replace&#39; your Chairman without so much as a word of explanation and without affording him an opportunity of defending himself, in a summary manner must be unique in the annals of corporate history,&quot; he wrote in the email on October 25 which was circulated widely to the media today, PTI reported.&nbsp;

&nbsp;

The modification in the Articles of Association, changed the rules of engagement between the Tata family Trusts and the board of Tata Sons that restricted his decision-making process, the ex-chairman further points out in the letter.&nbsp;

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The move to replace him has hurt his reputation, Mistry says in the letter. (WION)
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&nbsp;

The letter also points out that the conglomerate faces &#39;potential writedowns to the tune of close to $18 billion due to investments in unprofitable businesses&#39;, international news agency Reuters reported.&nbsp;

&nbsp;

Mistry, who stated that he had inherited a debt-laden enterprise, has said that Indian Hotels Co, passenger-vehicle operations of Tata Motors Ltd, the loss-making European steel operations of Tata Steel, its telecom venture and a ultra mega western Indian power plant of Tata Power are &quot;legacy hotspots&quot; of the company.&nbsp;

&nbsp;

The letter also highlights corporate governance issues within the conglomerate. He also claims that representatives of family trusts, who hold two-thirds of Tata Sons shares, have been reduced to &quot;mere postmen&quot; as they left board meetings midway to &quot;obtain instructions from Mr. Tata.&quot;

&nbsp;

Further, he has said that the loss-making Nano car project could not be shut down for &quot;emotional reasons&quot; and because it would have stopped the supply of Nano gliders to an electric car making entity where Tata had stake.

&nbsp;

He alleged that it was Tata who forced the group to foray into the aviation sector by making him a &#39;fait accompli&#39; to joining hands with Air Asia and Singapore Airlines and making capital infusion higher than initial commitment.

&nbsp;

Also, &quot;ethical concerns&quot; had been raised over certain transactions and a &quot;recent forensic investigation revealed fraudulent transactions of Rs 22 crore involving non-existent parties in India and Singapore,&quot; he wrote, PTI reported.&nbsp; 
&nbsp;

(WION with inputs from agencies)&nbsp;

Mistry has accused India's largest conglomerate of replacing him as the chairman without a 'word of explanation'

In an explosive confidential email sent to the board members of Tata Sons, sacked chairman Cyrus Mistry has levelled serious allegations against India's largest conglomerate saying that he was pushed to a position of "lame duck" chairman, Indian news agency PTI reported. Mistry, who was removed as the chairman on Monday, has said that predecessor Ratan Tata replaced him as the chairman 'without a word of explanation' In the internal email, he has alleged that "changes in decision-making process created alternate power centres in Tata Group". Mistry, who was appointed in 2012 as the chairman, mentioned in the letter: "I was shocked beyond words at the happenings at the board meeting of October 24, 2016. Apart from the invalidity and illegality of the business that was conducted, I have to say that the Board of Directors has not covered itself with glory. "To 'replace' your Chairman without so much as a word of explanation and without affording him an opportunity of defending himself, in a summary manner must be unique in the annals of corporate history," he wrote in the email on October 25 which was circulated widely to the media today, PTI reported. The modification in the Articles of Association, changed the rules of engagement between the Tata family Trusts and the board of Tata Sons that restricted his decision-making process, the ex-chairman further points out in the letter. The move to replace him has hurt his reputation, Mistry says in the letter. (WION) × The letter also points out that the conglomerate faces 'potential writedowns to the tune of close to $18 billion due to investments in unprofitable businesses', international news agency Reuters reported. Mistry, who stated that he had inherited a debt-laden enterprise, has said that Indian Hotels Co, passenger-vehicle operations of Tata Motors Ltd, the loss-making European steel operations of Tata Steel, its telecom venture and a ultra mega western Indian power plant of Tata Power are "legacy hotspots" of the company. The letter also highlights corporate governance issues within the conglomerate. He also claims that representatives of family trusts, who hold two-thirds of Tata Sons shares, have been reduced to "mere postmen" as they left board meetings midway to "obtain instructions from Mr. Tata." Further, he has said that the loss-making Nano car project could not be shut down for "emotional reasons" and because it would have stopped the supply of Nano gliders to an electric car making entity where Tata had stake. He alleged that it was Tata who forced the group to foray into the aviation sector by making him a 'fait accompli' to joining hands with Air Asia and Singapore Airlines and making capital infusion higher than initial commitment. Also, "ethical concerns" had been raised over certain transactions and a "recent forensic investigation revealed fraudulent transactions of Rs 22 crore involving non-existent parties in India and Singapore," he wrote, PTI reported. (WION with inputs from agencies)

Read Cyrus Mistry's letter to Tata Sons' board members: 'I was pushed to a position of lame duck chairman'

Cyrus Mistry, the ousted chairman of Tata Sons, has filed four caveats against Ratan Tata and Dorabji Tata Trust at the National Company Law Tribunal, news channel CNBC TV18 reported on Tuesday.

Earlier in the day, media reported that Tata Sons had also filed caveats in all courts including the National Company Law Tribunal.

A caveat usually ensures that the court does not issue any order without allowing the other side to appear.

(Reuters)

Earlier in the day, media reported that Tata Sons had also filed caveats in all courts including the National Company Law Tribunal

Cyrus Mistry, the ousted chairman of Tata Sons, has filed four caveats against Ratan Tata and Dorabji Tata Trust at the National Company Law Tribunal, news channel CNBC TV18 reported on Tuesday. Earlier in the day, media reported that Tata Sons had also filed caveats in all courts including the National Company Law Tribunal. A caveat usually ensures that the court does not issue any order without allowing the other side to appear. (Reuters)

Cyrus Mistry files four caveats against Tata trusts: Media

Tata Sons today removed Cyrus Mistry as its chairman, four years after he took over the conglomerate. Ratan Tata will be the interim chairman of Tata Sons for four months till a replacement is found.

There have been no signs in the recent past of such a move by the business group. Mistry had replaced Tata on December 29, 2012 to head the over USD 100 billion company.

No CEOs at the operating company level have been affected by the rejig.

The search committee will comprise Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharya.

No reasons have been given yet for the change of leadership.

Ratan Tata ran the group known for long-serving chairmen for 21 years before making way for Mistry.&nbsp;JRD Tata served as chairman for 53 years.

The shortest stint before Mistry&rsquo;s was Nowroji Saklatwala&rsquo;s six years up to 1938.In September, Mistry had in an interview to an in-house publication spoken about his vision for the next 150 years.

The projects under Mistry consist of the Kalinganagar plant of Tata Steel Ltd, new launches by Tata Motors Ltd and aerospace partnerships of Tata Advanced Systems Ltd with global companies like Boeing Co, Airbus SAS and RUAG Aviation AG.

(WION with inputs from agencies)

He will be the interim chairman for four months till a replacement is found

Tata Sons today removed Cyrus Mistry as its chairman, four years after he took over the conglomerate. Ratan Tata will be the interim chairman of Tata Sons for four months till a replacement is found. There have been no signs in the recent past of such a move by the business group. Mistry had replaced Tata on December 29, 2012 to head the over USD 100 billion company. No CEOs at the operating company level have been affected by the rejig. The search committee will comprise Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharya. No reasons have been given yet for the change of leadership. Ratan Tata ran the group known for long-serving chairmen for 21 years before making way for Mistry. JRD Tata served as chairman for 53 years. The shortest stint before Mistry’s was Nowroji Saklatwala’s six years up to 1938.In September, Mistry had in an interview to an in-house publication spoken about his vision for the next 150 years. The projects under Mistry consist of the Kalinganagar plant of Tata Steel Ltd, new launches by Tata Motors Ltd and aerospace partnerships of Tata Advanced Systems Ltd with global companies like Boeing Co, Airbus SAS and RUAG Aviation AG. (WION with inputs from agencies)

Cyrus Mistry removed as chairman of Tata Sons, Ratan Tata joins as interim chief

A day after Cyrus Mistry&#39;s dramatic removal as chairman of Tata Sons, Ratan Tata clarified tthat as interim chairman his role was only to provide &quot;stability and continuity of the Tata Group&quot; and that a &quot;permanent leadership&quot; would soon be in place. The names of Pepsi&#39;s Indra Nooyi, former Vodafone CEO Arun Sarain and Noel Tata of Tata International are doing the rounds as Mistry&#39;s possible successors.

Dr Ralf Speth, CEO of Jaguar Land Rover, and Mr N Chandrasekaran, CEO Tata Consultancy Services, were appointed as additional directors on the Tata Sons Board today, news agency ANI reported.

Ratan Tata asked senior management of the conglomerate&rsquo;s firms to focus on their businesses without being concerned about the change at the top level, news agency PTI reported.&nbsp;

&ldquo;I assumed the role of the interim Chairman for stability and continuity so that there is no vacuum. This will be for a short time. A new permanent leadership will be in place. I look forward to working with you as we have worked together in the past. An institution must exceed the people who lead it,&quot; the interim chairman said while addressing managing directors and senior leaders of Tata companies at the Bombay House.

Ratan Tata ran the USD 100 billion group, known for long-serving chairmen, for 21 years before making way for Mistry in 2012.

What led to Cyrus Mistry&#39;s ouster: The inside story

Sources view Mistry&#39;s ouster as more of a corporate governance issue and a mismatch between the core value systems of Tata and Mistry.

The discontent between Tata Sons and Cyrus Mistry reportedly first gained ground with the addition of Ajay Piramal and Venu Srinivasan on the board of Tata Sons a few months ago. Sources have revealed that Mistry was not consulted on this move.

The decisions he was taking concerning companies of the Tata Group led to his ouster, industry stalwarts have revealed. These included his inclination to sell the steel business in UK, sale of the Taj Boston Hotel and exit of Tata Chemicals from the urea business. &nbsp;Tata Power&#39;s acquisition of Welspun Renewables&#39; solar project and the messy breakup with DoCoMo that happened under his stewardship without the approval of key shareholders of the Tata Group or the Tata Trust are also believed to have played a role.

No caveat against Tatas: Cyrus Mistry

Mistry&#39;s office, meanwhile, has dismissed reports that he had also filed a caveat againt the Tatas.

&quot;A caveat is a notice filed by a party fearing legal action seeking notice before action. Tatas have filed caveats seeking notice from Cyrus Mistry fearing legal action. Cyrus has not filed any caveats. He has already made a statement that such concerns are misplaced at this stage.&rdquo;

The Tatas have reportedly filed caveat in the Bombay High Court and the National Company Law Tribunal to prevent Cyrus Mistry from getting an ex-parte order against his sacking

A caveat usually ensures that the court does not issue any order without allowing the other side to appear.

While Mistry&#39;s family&#39;s Shapoorji Pallonji Group has said in a statement that they will not move court to challenge the dismissal, sources reveal otherwise. Senior advocates Janak Dwarkadas and Iqbal Chagla will move court to protect the 18.5% stake that Mistry&#39;s father, Shapoorji Pallonji, holds in Tata Sons. &nbsp;

While stocks of Tata dropped slightly today, analysts predict market stability in the future.

(WION with inputs from agencies)

The names of Pepsi's Indra Nooyi, former Vodafone CEO Arun Sarain and Noel Tata of Tata International are doing the rounds as Mistry's possible successors

A day after Cyrus Mistry's dramatic removal as chairman of Tata Sons, Ratan Tata clarified tthat as interim chairman his role was only to provide "stability and continuity of the Tata Group" and that a "permanent leadership" would soon be in place. The names of Pepsi's Indra Nooyi, former Vodafone CEO Arun Sarain and Noel Tata of Tata International are doing the rounds as Mistry's possible successors. Dr Ralf Speth, CEO of Jaguar Land Rover, and Mr N Chandrasekaran, CEO Tata Consultancy Services, were appointed as additional directors on the Tata Sons Board today, news agency ANI reported. Ratan Tata asked senior management of the conglomerate’s firms to focus on their businesses without being concerned about the change at the top level, news agency PTI reported. “I assumed the role of the interim Chairman for stability and continuity so that there is no vacuum. This will be for a short time. A new permanent leadership will be in place. I look forward to working with you as we have worked together in the past. An institution must exceed the people who lead it," the interim chairman said while addressing managing directors and senior leaders of Tata companies at the Bombay House. Ratan Tata ran the USD 100 billion group, known for long-serving chairmen, for 21 years before making way for Mistry in 2012. What led to Cyrus Mistry's ouster: The inside story Sources view Mistry's ouster as more of a corporate governance issue and a mismatch between the core value systems of Tata and Mistry. The discontent between Tata Sons and Cyrus Mistry reportedly first gained ground with the addition of Ajay Piramal and Venu Srinivasan on the board of Tata Sons a few months ago. Sources have revealed that Mistry was not consulted on this move. The decisions he was taking concerning companies of the Tata Group led to his ouster, industry stalwarts have revealed. These included his inclination to sell the steel business in UK, sale of the Taj Boston Hotel and exit of Tata Chemicals from the urea business. Tata Power's acquisition of Welspun Renewables' solar project and the messy breakup with DoCoMo that happened under his stewardship without the approval of key shareholders of the Tata Group or the Tata Trust are also believed to have played a role. No caveat against Tatas: Cyrus Mistry Mistry's office, meanwhile, has dismissed reports that he had also filed a caveat againt the Tatas. "A caveat is a notice filed by a party fearing legal action seeking notice before action. Tatas have filed caveats seeking notice from Cyrus Mistry fearing legal action. Cyrus has not filed any caveats. He has already made a statement that such concerns are misplaced at this stage.” The Tatas have reportedly filed caveat in the Bombay High Court and the National Company Law Tribunal to prevent Cyrus Mistry from getting an ex-parte order against his sacking A caveat usually ensures that the court does not issue any order without allowing the other side to appear. While Mistry's family's Shapoorji Pallonji Group has said in a statement that they will not move court to challenge the dismissal, sources reveal otherwise. Senior advocates Janak Dwarkadas and Iqbal Chagla will move court to protect the 18.5% stake that Mistry's father, Shapoorji Pallonji, holds in Tata Sons. While stocks of Tata dropped slightly today, analysts predict market stability in the future. (WION with inputs from agencies)

Ratan Tata promises Tata Sons 'permanent leadership' soon, industry speculates on possible successors

The shockwaves over Tata Group&#39;s decision to oust its chairman Cyrus Mistry were felt strongly here with the British media today speculating that it may be &quot;good news&quot; for the company&#39;s UK operations due to interim chairman Ratan Tata&#39;s affinity towards the business.

Media reports, almost overwhelmingly, expressed concerns over the future of thousands of steelworkers employed by Tata Steel at its plants in the UK.

In fact, one report stressed that the decisiveness over Mistry&#39;s removal should have been reflected in the Tata Group&#39;s plans for its UK steel units, which it had announced it would be shedding in March this year.

&quot;If only Tata had acted as decisively with its UK steel business as it has with axing Mistry. The Indian company announced it was reviewing the future of its UK business in March, but this remains unresolved,&quot; noted the &#39;Guardian&#39; in an article titled &#39;Why the removal of the Tata boss matters to the UK economy&#39;.

&quot;The departure of Mistry as chairman could be good news for Tata Steel&#39;s 11,000 UK workers because Ratan Tata is a renowned Anglophile who bought the business in the first place...There is now a new uncertainty hanging over this deal. After months of worrying about their future, workers at the Port Talbot steelworks owned by Tata Steel could do without this,&quot; the British paper said.

The Port Talbot steelworks in Wales are the UK&#39;s biggest and its future has been the subject of great speculation since Tata paused a sales process to explore a potential tie-up with Germany&#39;s ThyssenKrupp.

The &#39;Financial Times&#39; also seemed to indicate some hope for the future of Port Talbot, due to interim chairman Ratan Tata&#39;s affinity towards the business --- having acquired Corus from its Anglo-Dutch owners during his chairmanship in 2007.

The newspaper quoted a person with &quot;direct knowledge of the group&#39;s plans&quot; as saying that the Port Talbot steelworks may well be &quot;virtually safe&quot; following Mistry&#39;s exit as the company is likely to invest &quot;whatever it takes to make it efficient&quot;.

&#39;The Times&#39; also expressed concerns over the &quot;fresh uncertainty&quot; for UK steelworkers, at a &quot;sensitive time&quot; for the conglomerate.

Meanwhile, the Unite union has called on Tata Steel to offer some certainty to steelworkers.

Unite&#39;s Indian-origin national officer, Harish Patel, said, &quot;Steelworkers at Tata UK are world class and have been making some of the best steel in the world against a backdrop of continued uncertainty.&quot;

&quot;Unite will be seeking guarantees about their jobs and pensions from Tata&#39;s new interim chairman who needs to act to bring certainty to the steel-making business along with a promise that Tata will continue to act as a responsible employer.&quot;

&#39;The Telegraph&#39; summed up Mistry&#39;s sudden removal as a &quot;defenestration&quot; at an inopportune time when the fate of thousands of UK workers hangs in the balance.&nbsp; 
 
(PTI)

Cyrus Mistry has been inclined towards selling the steel plants in UK while Ratan Tata is known for his affinity towards the business

The shockwaves over Tata Group's decision to oust its chairman Cyrus Mistry were felt strongly here with the British media today speculating that it may be "good news" for the company's UK operations due to interim chairman Ratan Tata's affinity towards the business. Media reports, almost overwhelmingly, expressed concerns over the future of thousands of steelworkers employed by Tata Steel at its plants in the UK. In fact, one report stressed that the decisiveness over Mistry's removal should have been reflected in the Tata Group's plans for its UK steel units, which it had announced it would be shedding in March this year. "If only Tata had acted as decisively with its UK steel business as it has with axing Mistry. The Indian company announced it was reviewing the future of its UK business in March, but this remains unresolved," noted the 'Guardian' in an article titled 'Why the removal of the Tata boss matters to the UK economy'. "The departure of Mistry as chairman could be good news for Tata Steel's 11,000 UK workers because Ratan Tata is a renowned Anglophile who bought the business in the first place...There is now a new uncertainty hanging over this deal. After months of worrying about their future, workers at the Port Talbot steelworks owned by Tata Steel could do without this," the British paper said. The Port Talbot steelworks in Wales are the UK's biggest and its future has been the subject of great speculation since Tata paused a sales process to explore a potential tie-up with Germany's ThyssenKrupp. The 'Financial Times' also seemed to indicate some hope for the future of Port Talbot, due to interim chairman Ratan Tata's affinity towards the business --- having acquired Corus from its Anglo-Dutch owners during his chairmanship in 2007. The newspaper quoted a person with "direct knowledge of the group's plans" as saying that the Port Talbot steelworks may well be "virtually safe" following Mistry's exit as the company is likely to invest "whatever it takes to make it efficient". 'The Times' also expressed concerns over the "fresh uncertainty" for UK steelworkers, at a "sensitive time" for the conglomerate. Meanwhile, the Unite union has called on Tata Steel to offer some certainty to steelworkers. Unite's Indian-origin national officer, Harish Patel, said, "Steelworkers at Tata UK are world class and have been making some of the best steel in the world against a backdrop of continued uncertainty." "Unite will be seeking guarantees about their jobs and pensions from Tata's new interim chairman who needs to act to bring certainty to the steel-making business along with a promise that Tata will continue to act as a responsible employer." 'The Telegraph' summed up Mistry's sudden removal as a "defenestration" at an inopportune time when the fate of thousands of UK workers hangs in the balance. (PTI)

Cyrus Mistry's ouster could be good news for Tata steel's UK plants: Reports

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