Tata Sons&#39; board has named TCS head N.Chandrasekaran as the chairman of Tata Sons

Indian conglomerate Tata Sons has named TCS head N. Chandrasekaran as its new chairman.

Tata Sons, the holding company of the listed Tata group companies in a business empire ranging from Jaguar Land Rover and steel mills to aviation and salt had ousted its chairman Cyrus Mistry in October.

TCS head N. Chandrasekaran has been widely rumoured to be one of the leading contenders to replace Mistry. In October, Tata Sons&#39; board had set up a five-member selection committee that included Ratan Tata to choose a new chairman within the next four months.

(WION) 
&nbsp;

Tata Sons had ousted its chairman Cyrus Mistry in October last year

Tata Sons' board has named TCS head N.Chandrasekaran as the chairman of Tata Sons Indian conglomerate Tata Sons has named TCS head N. Chandrasekaran as its new chairman. Tata Sons, the holding company of the listed Tata group companies in a business empire ranging from Jaguar Land Rover and steel mills to aviation and salt had ousted its chairman Cyrus Mistry in October. TCS head N. Chandrasekaran has been widely rumoured to be one of the leading contenders to replace Mistry. In October, Tata Sons' board had set up a five-member selection committee that included Ratan Tata to choose a new chairman within the next four months. (WION)

N Chandrasekaran named Tata Sons chairman

India&#39;s salt-to-steel conglomerate Tata Sons Friday cranked up its legal tussle with ousted chairman Cyrus Mistry by calling for a shareholders&#39; meeting to remove him from its board.

&quot;Tata Sons has called for an EGM on February 6th to remove Cyrus Mistry as the director after receiving numerous complaints from shareholders,&quot; Debashish Ray, a Tata Sons spokesman, told AFP.

Mistry was sacked as chairman of Tata Sons in October and the group sought his ouster from operating companies including Tata Steel, Tata Motors and TCS.&nbsp;

Mistry resigned from the board of six companies last month and dragged Tata Sons and its interim chairman Ratan Tata to the National Company Law Tribunal (NCLT), saying that he had been unfairly sacked.

Tata Sons, the holding company of India&#39;s sprawling $103 billion Tata Group, retaliated with a legal notice last week accusing him of causing &quot;irreparable harm and damage&quot; to the company by making public sensitive documents.&nbsp;

The increasingly acrimonious battle saw a fresh twist Friday with Tata&#39;s call for an EGM to remove Mistry as director of the board of Tata Sons, his last remaining foothold within the group.&nbsp;

Tata said its ex-chief&#39;s decision to go public with minutes from board meetings had caused harm to Tata group companies and its shareholders.&nbsp;

&quot;The board of Tata Sons Ltd is of the view that the integrity of the board proceedings is being jeopardised by Mistry&#39;s continuation as a Director and the confidentiality of the board decisions and proceedings cannot be ensured as the documents presented to the board have been leaked and made public in a distorted and untruthful manner,&quot; Tata Sons said in a note, according to the Press Trust of India news agency.&nbsp;

Mistry&#39;s dismissal shocked India&#39;s business community and saw family patriarch Ratan Tata take interim charge of the sprawling conglomerate that he led for more than two decades.

Tata, who made way for Mistry in 2012, was dissatisfied with his successor&#39;s leadership. Mistry claims he was illegally dismissed and has accused the group of poor corporate governance.

Tata and Mistry, pillars of India&#39;s proud but dwindling Parsi community, have been unleashing a near daily volley of accusations and counter-accusations against each other, plunging the group into turmoil.

The 150-year-old conglomerate, which was founded under British colonial rule, has long been a source of pride for India. But the feud is threatening its reputation and has helped wipe around $9 billion off the collective stock market value of the group&#39;s eight main companies.

Tata owns Britain&#39;s Tetley Tea and Jaguar Land Rover, and the Anglo-Dutch steel firm Corus. It operates in more than 100 countries.

(AFP) 
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Ratan Tata said Mistry's decision to go public with minutes from board meetings had caused harm to Tata group companies

India's salt-to-steel conglomerate Tata Sons Friday cranked up its legal tussle with ousted chairman Cyrus Mistry by calling for a shareholders' meeting to remove him from its board. "Tata Sons has called for an EGM on February 6th to remove Cyrus Mistry as the director after receiving numerous complaints from shareholders," Debashish Ray, a Tata Sons spokesman, told AFP. Mistry was sacked as chairman of Tata Sons in October and the group sought his ouster from operating companies including Tata Steel, Tata Motors and TCS. Mistry resigned from the board of six companies last month and dragged Tata Sons and its interim chairman Ratan Tata to the National Company Law Tribunal (NCLT), saying that he had been unfairly sacked. Tata Sons, the holding company of India's sprawling $103 billion Tata Group, retaliated with a legal notice last week accusing him of causing "irreparable harm and damage" to the company by making public sensitive documents. The increasingly acrimonious battle saw a fresh twist Friday with Tata's call for an EGM to remove Mistry as director of the board of Tata Sons, his last remaining foothold within the group. Tata said its ex-chief's decision to go public with minutes from board meetings had caused harm to Tata group companies and its shareholders. "The board of Tata Sons Ltd is of the view that the integrity of the board proceedings is being jeopardised by Mistry's continuation as a Director and the confidentiality of the board decisions and proceedings cannot be ensured as the documents presented to the board have been leaked and made public in a distorted and untruthful manner," Tata Sons said in a note, according to the Press Trust of India news agency. Mistry's dismissal shocked India's business community and saw family patriarch Ratan Tata take interim charge of the sprawling conglomerate that he led for more than two decades. Tata, who made way for Mistry in 2012, was dissatisfied with his successor's leadership. Mistry claims he was illegally dismissed and has accused the group of poor corporate governance. Tata and Mistry, pillars of India's proud but dwindling Parsi community, have been unleashing a near daily volley of accusations and counter-accusations against each other, plunging the group into turmoil. The 150-year-old conglomerate, which was founded under British colonial rule, has long been a source of pride for India. But the feud is threatening its reputation and has helped wipe around $9 billion off the collective stock market value of the group's eight main companies. Tata owns Britain's Tetley Tea and Jaguar Land Rover, and the Anglo-Dutch steel firm Corus. It operates in more than 100 countries. (AFP)

Ratan Tata calls for meeting on February 6 to remove Cyrus Mistry from Tata Sons board

Breaking his silence over the feud with ousted Tata Sons chairman Cyrus Mistry, Ratan Tata today said there has been a &quot;definite move&quot; to damage his personal reputation in the last two months but truth will eventually prevail howsoever painful the process may be. 
 
Tata, who came back as interim chairman of Tata Sons - the holding company of the USD 103 billion salt-to-software conglomerate after Mistry was abruptly ousted on October 24, made a brief intervention at the meeting of shareholders of Tata Chemicals here to express his views. 
 
&quot;Over the last two months, there has been a definite move to damage my personal reputation and the reputation of this great group - the Tata Group,&quot; he said. 
 
With Mistry contesting the removal and initially digging in his heels against any move by Tata Sons to remove him from boards of operating companies like Tata Motors and Tata Chemicals, the two sides have traded charges and allegations on a daily basis in what is turning out to be India&#39;s biggest boardroom feud. 
 
&quot;And these days are very lonely because the newspapers are full of attacks, most of them unsubstantiated but nevertheless very painful,&quot; he said. 
 
Mistry has since then quit the companies but not before filing a voluminous petition before the National Company Law Tribunal seeking suspension of Tata Sons board and restraining Ratan Tata from participating in any of the board meetings. 
 
&quot;The Group has been there for 150 years. It has been based on governance, fair play,&quot; he said. &quot;I think the truth will prevail, whatever the process may be, however painful it may be.&quot;&nbsp; 
 
&quot;The truth will prevail and the systems in our country will govern,&quot; he said thanking shareholders for their support. 
 
The extraordinary general meeting of Tata Chemicals was called to consider a resolution by Tata Sons seeking removal of Mistry and his supporter independent director Nusli Wadia from the board of directors. With Mistry resigning, the resolution had become infructous and the shareholders only voted on the one pertaining to Wadia. 
 
Similar EGMs of Tata Motors and Tata Steel were held earlier this week which voted Wadia out. 
 
&quot;And coming here this week with all the shareholders, I have been so moved emotionally and deeply touched by the warmth and the support and the affection that they have shown. 
 
I could not leave here today without at least expressing my deepest gratitude to the shareholders,&quot; Tata said. 
 
He said it has been a pleasure to be with them. &quot;It could have gone either way but your support has been overwhelming and remarkable. It has done more for my sense of goodwill today...&quot;

(PTI)

Ratan Tata's statement comes after ex-chairman Cyrus Mistry decided to legally contest Tata Sons board's decision to oust him

Breaking his silence over the feud with ousted Tata Sons chairman Cyrus Mistry, Ratan Tata today said there has been a "definite move" to damage his personal reputation in the last two months but truth will eventually prevail howsoever painful the process may be. Tata, who came back as interim chairman of Tata Sons - the holding company of the USD 103 billion salt-to-software conglomerate after Mistry was abruptly ousted on October 24, made a brief intervention at the meeting of shareholders of Tata Chemicals here to express his views. "Over the last two months, there has been a definite move to damage my personal reputation and the reputation of this great group - the Tata Group," he said. With Mistry contesting the removal and initially digging in his heels against any move by Tata Sons to remove him from boards of operating companies like Tata Motors and Tata Chemicals, the two sides have traded charges and allegations on a daily basis in what is turning out to be India's biggest boardroom feud. "And these days are very lonely because the newspapers are full of attacks, most of them unsubstantiated but nevertheless very painful," he said. Mistry has since then quit the companies but not before filing a voluminous petition before the National Company Law Tribunal seeking suspension of Tata Sons board and restraining Ratan Tata from participating in any of the board meetings. "The Group has been there for 150 years. It has been based on governance, fair play," he said. "I think the truth will prevail, whatever the process may be, however painful it may be." "The truth will prevail and the systems in our country will govern," he said thanking shareholders for their support. The extraordinary general meeting of Tata Chemicals was called to consider a resolution by Tata Sons seeking removal of Mistry and his supporter independent director Nusli Wadia from the board of directors. With Mistry resigning, the resolution had become infructous and the shareholders only voted on the one pertaining to Wadia. Similar EGMs of Tata Motors and Tata Steel were held earlier this week which voted Wadia out. "And coming here this week with all the shareholders, I have been so moved emotionally and deeply touched by the warmth and the support and the affection that they have shown. I could not leave here today without at least expressing my deepest gratitude to the shareholders," Tata said. He said it has been a pleasure to be with them. "It could have gone either way but your support has been overwhelming and remarkable. It has done more for my sense of goodwill today..." (PTI)

Definite move to damage my reputation, Ratan Tata on Mistry feud

Former Tata Sons chairman Cyrus Mistry filed a petition with the National Companies Law Tribunal (NCLT) against the $100 billion conglomerate on Tuesday.&nbsp;

Two sources familiar with the case said the petition was filed under the Companies Act of 2013, citing sections 241 and 242 with NCLT, which deals with corporate grivances. 
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<h5>Mohan Parasaran, one of Tata&#39;s lawyers, told CNBC TV18 that since Mistry has filed a petition with the NCLT, the onus would be now on him to prove that the actions of Tata Sons had hurt the interests of minority shareholders</h5>
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Sections 241 and 242 deal with shareholder oppression and mismanagement.&nbsp;

This move comes in after Mistry promised to take up his campaign to a &quot;larger platform&quot; after resigning from boards of six Tata Sons companies.&nbsp;

&nbsp;In an interview with Reuters on Tuesday, Mistry said&nbsp; 
&quot;At some point in its history, every institution reaches an inflection point. This one has come to an inflection point now,&quot;&nbsp;

&quot;How we all behave today will determine what will happen to this institution in the future.&quot;

Mohan Parasaran, one of Tata Sons lawyers, told CNBC TV18 that since Mistry has filed a petition with the NCLT, the onus would be now on him to prove that the actions of Tata Sons had hurt the interests of minority shareholders.

The Shapoorji Pallonji, Mistry&#39;s family have a roughly 18 per cent stake in Tata Sons, with Tata Trusts&#39; owning a controlling 66 per cent stake in the holding company.

All Trusts are chaired by Tata Sons patriach Ratan Tata who replaced Mistry as the chairman of the holding company

(WION with inputs from Reuters)

Mistry filed a petition under the Companies Act of 2013 with the National Companies Law Tribunal, the sources said

Former Tata Sons chairman Cyrus Mistry filed a petition with the National Companies Law Tribunal (NCLT) against the $100 billion conglomerate on Tuesday. Two sources familiar with the case said the petition was filed under the Companies Act of 2013, citing sections 241 and 242 with NCLT, which deals with corporate grivances. Mohan Parasaran, one of Tata's lawyers, told CNBC TV18 that since Mistry has filed a petition with the NCLT, the onus would be now on him to prove that the actions of Tata Sons had hurt the interests of minority shareholders × Sections 241 and 242 deal with shareholder oppression and mismanagement. This move comes in after Mistry promised to take up his campaign to a "larger platform" after resigning from boards of six Tata Sons companies. In an interview with Reuters on Tuesday, Mistry said "At some point in its history, every institution reaches an inflection point. This one has come to an inflection point now," "How we all behave today will determine what will happen to this institution in the future." Mohan Parasaran, one of Tata Sons lawyers, told CNBC TV18 that since Mistry has filed a petition with the NCLT, the onus would be now on him to prove that the actions of Tata Sons had hurt the interests of minority shareholders. The Shapoorji Pallonji, Mistry's family have a roughly 18 per cent stake in Tata Sons, with Tata Trusts' owning a controlling 66 per cent stake in the holding company. All Trusts are chaired by Tata Sons patriach Ratan Tata who replaced Mistry as the chairman of the holding company (WION with inputs from Reuters)

Cyrus Mistry launches legal battle against Tata Sons: Sources

India&#39;s Tata Sons, which is entangled in a pitched battle against its former chairman Cyrus Mistry, has said that it is consulting its lawyers and will contest the allegations leveled by the former top boss.

The statement issued by Tata Sons was in response to the legal proceedings launched by Mistry on Tuesday accusing the $100 billion conglomerate of &quot;oppression and mismanagement.&quot;

Tata Sons said Mistry&#39;s assertions has been a &quot;personal issue&quot; and reflects his deep animosity towards the group patriarch Ratan Tata.

&quot;Mistry has not been able to graciously accept the decision of the very same Board that appointed him,&quot; the company said in a statement.

(Reuters)

It said, in a statement, that it was consulting with its lawyers

India's Tata Sons, which is entangled in a pitched battle against its former chairman Cyrus Mistry, has said that it is consulting its lawyers and will contest the allegations leveled by the former top boss. The statement issued by Tata Sons was in response to the legal proceedings launched by Mistry on Tuesday accusing the $100 billion conglomerate of "oppression and mismanagement." Tata Sons said Mistry's assertions has been a "personal issue" and reflects his deep animosity towards the group patriarch Ratan Tata. "Mistry has not been able to graciously accept the decision of the very same Board that appointed him," the company said in a statement. (Reuters)

Tata Sons says will contest allegations of former chairman Cyrus Mistry

Ousted Tata Sons chairman Cyrus P Mistry today resigned from six boards of key Tata companies but vowed to &quot;shift his campaign to a larger platform&quot;.

Mistry in a video recorded message said, Having deeply reflected on where we are in this movement for cleaning up governance and regaining lost ethical ground, I think it is time to shift gears, up the momentum, and be more incisive in securing the best interests of the Tata Group.&quot;

With this thought in mind he added &quot;he decided to shift this campaign to a larger platform and also one where rule of law and equity is upheld&quot;.

Mistry&#39;s resignation comes ahead of meetings tomorrow called by five Tata companies --Indian Hotels, Tata Steel, Tata Motors and Tata chemicals to oust him as director from the boards.&nbsp;

The former chairman continued to sit on boards of the operation firms despite being replaced as chairman of Tata Sons on October 24 by the groups patriarch Ratan Tata.

Mistry again brought up &quot;breakdown of governance&quot; and questioned released of more fund to airline Air Asia under interim chairman Ratan Tata even after &quot;findings of fraud and wrong-doing&quot;.

&quot;It has now been eight weeks, waiting for concrete reasons to be provided by Mr. Ratan Tata for the illegal coup he staged on the 24th of October. Nothing cogent has been forthcoming,&quot; he further added.&nbsp;

India Hotels, Tata Motors and Tata Steel said Mistry has resigned from their respective boards with immediate effect. While&nbsp; 
Tata Consultancy Services has already cast a vote to remove him, two other unlisted firms have also removed him from the board.&nbsp;

Trustees of Tata Trusts, Ratan Tata and Noshir Soonawala, who retired from Tata Sons&nbsp;continue to participate in&nbsp;key decisions involving the Holding company&nbsp;thereby &quot;exposing the Tata Group including the Boards of Directors of various listed companies to serious regulatory consequences,&quot; Mistry accused.&nbsp;

Tata hits back&nbsp;

Tata Sons slammed Mistry claiming his resignation was a&nbsp;&quot;a deliberate strategy&quot; as he knew that majority of the shareholders were not in favour of his actions.&nbsp;

&quot;Mr. Mistry&#39;s resignation is a deliberate strategy on his part, knowing fully well that the overwhelming majority of the shareholders were not in support of his actions,&quot; Tata Sons said in an official statement.&nbsp;

&nbsp;&quot;Unfortunately, Mr Mistry continues to make baseless, unsubstantiated and malicious allegations using selective disclosures of information against the very institution he claims to have the highest regard for,&quot; refering to the accusations labelled by Mistry.&nbsp;

Defending the companies value, Tata Sons hit back saying &quot;On the contrary, Mr. Mistry and his family companies have not upheld the high standards and values set by Jamsetji Tata and his successors. Mr. Mistry has done precious little to build the goodwill of the Tata Group, built through the hard work and dedication of its employees.&quot;&nbsp;

Mistry has been a director of Tata Sons since 2006 and was involved in all key decision related to Tata Group.&nbsp;

&quot;It is unfortunate that it is only on his removal as chairman that he began making allegations and misrepresentations about business decisions he was party to for over a decade,&quot; the group stated.&nbsp;

(WION with inputs from PTI)

&nbsp;

The ousted chairman vowed to shift his fight to a 'larger platform'

Ousted Tata Sons chairman Cyrus P Mistry today resigned from six boards of key Tata companies but vowed to "shift his campaign to a larger platform". Mistry in a video recorded message said, Having deeply reflected on where we are in this movement for cleaning up governance and regaining lost ethical ground, I think it is time to shift gears, up the momentum, and be more incisive in securing the best interests of the Tata Group." With this thought in mind he added "he decided to shift this campaign to a larger platform and also one where rule of law and equity is upheld". Mistry's resignation comes ahead of meetings tomorrow called by five Tata companies --Indian Hotels, Tata Steel, Tata Motors and Tata chemicals to oust him as director from the boards. The former chairman continued to sit on boards of the operation firms despite being replaced as chairman of Tata Sons on October 24 by the groups patriarch Ratan Tata. Mistry again brought up "breakdown of governance" and questioned released of more fund to airline Air Asia under interim chairman Ratan Tata even after "findings of fraud and wrong-doing". "It has now been eight weeks, waiting for concrete reasons to be provided by Mr. Ratan Tata for the illegal coup he staged on the 24th of October. Nothing cogent has been forthcoming," he further added. India Hotels, Tata Motors and Tata Steel said Mistry has resigned from their respective boards with immediate effect. While Tata Consultancy Services has already cast a vote to remove him, two other unlisted firms have also removed him from the board. Trustees of Tata Trusts, Ratan Tata and Noshir Soonawala, who retired from Tata Sons continue to participate in key decisions involving the Holding company thereby "exposing the Tata Group including the Boards of Directors of various listed companies to serious regulatory consequences," Mistry accused. Tata hits back Tata Sons slammed Mistry claiming his resignation was a "a deliberate strategy" as he knew that majority of the shareholders were not in favour of his actions. "Mr. Mistry's resignation is a deliberate strategy on his part, knowing fully well that the overwhelming majority of the shareholders were not in support of his actions," Tata Sons said in an official statement. "Unfortunately, Mr Mistry continues to make baseless, unsubstantiated and malicious allegations using selective disclosures of information against the very institution he claims to have the highest regard for," refering to the accusations labelled by Mistry. Defending the companies value, Tata Sons hit back saying "On the contrary, Mr. Mistry and his family companies have not upheld the high standards and values set by Jamsetji Tata and his successors. Mr. Mistry has done precious little to build the goodwill of the Tata Group, built through the hard work and dedication of its employees." Mistry has been a director of Tata Sons since 2006 and was involved in all key decision related to Tata Group. "It is unfortunate that it is only on his removal as chairman that he began making allegations and misrepresentations about business decisions he was party to for over a decade," the group stated. (WION with inputs from PTI)

India: Cyrus Mistry quits boards of 6 Tata firms

Tata Consultancy Services Ltd (TCS) shareholders voted to remove Cyrus Mistry, the ousted chairman of Tata Sons[TATAS.UL], as a director, according to the results of an extraordinary general meeting on Tuesday.

About 93 percent of TCS shareholder who cast their vote were in favour of removing Mistry, TCS said in a regulatory filing.&nbsp;

His ouster comes as no surprise given Tata Sons majority stake in the company, about 73 percent as of September end, according to Thomson Reuters data. TCS, India`s biggest technology services firm by sales, contributes the bulk of the group`s revenue and profit.

About 43 percent of TCS`s institutional holders who voted were against the removal of Mistry, according to the filing.

Interestingly, 78 percent of voting shareholders who were not promoters or institutional holders were against Mistry`s ouster.

In a bitter boardroom coup in October, Mistry was ousted as the chairman of Tata Sons, the holding firm for the $100 billion steel-to-software conglomerate, and group patriarch Ratan Tata returned to the helm temporarily. A public power struggle has since ensued between the two sides.

Mistry, however, still sits on the boards of several group companies. Tata Sons has called shareholder meetings at these companies over the next few days to vote on his removal.

Indian Hotels Co Ltd , Tata Steel and Tata Motors will hold their shareholder meetings next week.

&quot;The fight is a matter of principle rather than facing the foregone outcome (of this meeting),&quot; Mistry said ahead of the TCS shareholder meet in an indication that he had expected to be ousted given Tata Sons` majority shareholding in TCS.

&quot;The very future of TCS hinges on good governance and ethical practices. In the past several weeks, we have seen good governance being thrown to the wind in every sense of the term, replaced by whims, fancies and personal agenda,&quot; he said.

Since his ouster from Tata Sons, Mistry has attacked the group`s corporate governance standards several times, saying that his efforts to establish stronger guidelines contributed to his removal. 
 
&quot;Whatever be the decibel level of the voice that would drown your vote, I call on you to vote with your conscience and send a signal that catalyses a larger discussion on governance reforms,&quot; Mistry said. 
 
(Reuters)

About 93 percent of TCS shareholder who cast their vote were in favour of removing Mistry, TCS said

Tata Consultancy Services Ltd (TCS) shareholders voted to remove Cyrus Mistry, the ousted chairman of Tata Sons[TATAS.UL], as a director, according to the results of an extraordinary general meeting on Tuesday. About 93 percent of TCS shareholder who cast their vote were in favour of removing Mistry, TCS said in a regulatory filing. His ouster comes as no surprise given Tata Sons majority stake in the company, about 73 percent as of September end, according to Thomson Reuters data. TCS, India`s biggest technology services firm by sales, contributes the bulk of the group`s revenue and profit. About 43 percent of TCS`s institutional holders who voted were against the removal of Mistry, according to the filing. Interestingly, 78 percent of voting shareholders who were not promoters or institutional holders were against Mistry`s ouster. In a bitter boardroom coup in October, Mistry was ousted as the chairman of Tata Sons, the holding firm for the $100 billion steel-to-software conglomerate, and group patriarch Ratan Tata returned to the helm temporarily. A public power struggle has since ensued between the two sides. Mistry, however, still sits on the boards of several group companies. Tata Sons has called shareholder meetings at these companies over the next few days to vote on his removal. Indian Hotels Co Ltd , Tata Steel and Tata Motors will hold their shareholder meetings next week. "The fight is a matter of principle rather than facing the foregone outcome (of this meeting)," Mistry said ahead of the TCS shareholder meet in an indication that he had expected to be ousted given Tata Sons` majority shareholding in TCS. "The very future of TCS hinges on good governance and ethical practices. In the past several weeks, we have seen good governance being thrown to the wind in every sense of the term, replaced by whims, fancies and personal agenda," he said. Since his ouster from Tata Sons, Mistry has attacked the group`s corporate governance standards several times, saying that his efforts to establish stronger guidelines contributed to his removal. "Whatever be the decibel level of the voice that would drown your vote, I call on you to vote with your conscience and send a signal that catalyses a larger discussion on governance reforms," Mistry said. (Reuters)

Cyrus Mistry ousted as TCS director after shareholders meeting

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

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