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

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

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

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

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

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

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

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

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

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

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

Tata stocks plunge on concerns over Mistry letter

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cyrus Mistry files four caveats against Tata trusts: Media

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

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

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

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

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

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

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

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

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

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

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

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

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