<p>Set to take over Air India from the Indian government, the Tata Group has taken first step towards managing the carrier by introducing "enhanced meal service" on&nbsp;four flights that will operate from Mumbai today (January 27) onwards.</p>

<p>The "enhanced meal service" will be provided on four flights -- AI864 (Mumbai-Delhi), AI687 (Mumbai-Delhi), AI945 (Mumbai-Abu Dhabi) and AI639 (Mumbai-Bengaluru) -- on Thursday.&nbsp;The takeover will take place after Thursday, as per officials.</p>

<p>After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited -- a subsidiary of the Tata Group's holding company -- for Rs 18,000 crore.</p>

<p>The officials said the new date from which all Air India flights will fly under "Tata Group's banner or aegis" will be told to the employees later.</p>

<p>The "enhanced meal service" will be served on Mumbai-Newark flight and five Mumbai-Delhi flights on Friday, they noted.</p>

<p>The "enhanced meal service" -- devised by the Tata Group officials -- will be expanded to more flights in a staggered and phased manner, the officials added.</p>

<p>News agency IANS on Thursday quoted highly placed sources to say that Chairman of Tata Group N. Chandrasekaran was in national capital to meet key Central government officials before the formal handing over ceremony.</p>

<p>Earlier this week, in a communication to the airlines employees, a senior Air India official wrote: "The disinvestment of Air India is now decided to be on January 27, 2022.</p>

<p>"The closing balance sheet as on January 20 has to be provided today, i.e., January 24, so that it can be reviewed by Tatas and any changes can be effected on Wednesday."</p>

<p>The communication, which was reviewed by IANS, was sent to the employees by Director of Finance, Vinod Hejmadi.</p>

<p>The communication further read: "The next three days will be hectic for our department and I request all of you to give your best in these last three-four days before we get divested. We may have to work till late in the night to complete the task given to us."</p>

<p>Last month, the Competition Commission of India approved the acquisition of Air India, Air India Express and Air India SATS Airport Services by Talace, which is a wholly-owned subsidiary of Tata Sons.</p>

<p><em>(With inputs from agencies)</em><br />
&nbsp;</p>


Set to take over Air India from the Indian government, the Tata Group has taken first step towards managing the carrier by introducing "enhanced meal service" on four flights that will operate from Mumbai today (January 27) onwards.

Set to take over Air India from the Indian government, the Tata Group has taken first step towards managing the carrier by introducing "enhanced meal service" on four flights that will operate from Mumbai today (January 27) onwards. The "enhanced meal service" will be provided on four flights -- AI864 (Mumbai-Delhi), AI687 (Mumbai-Delhi), AI945 (Mumbai-Abu Dhabi) and AI639 (Mumbai-Bengaluru) -- on Thursday. The takeover will take place after Thursday, as per officials. After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited -- a subsidiary of the Tata Group's holding company -- for Rs 18,000 crore. The officials said the new date from which all Air India flights will fly under "Tata Group's banner or aegis" will be told to the employees later. The "enhanced meal service" will be served on Mumbai-Newark flight and five Mumbai-Delhi flights on Friday, they noted. The "enhanced meal service" -- devised by the Tata Group officials -- will be expanded to more flights in a staggered and phased manner, the officials added. News agency IANS on Thursday quoted highly placed sources to say that Chairman of Tata Group N. Chandrasekaran was in national capital to meet key Central government officials before the formal handing over ceremony. Earlier this week, in a communication to the airlines employees, a senior Air India official wrote: "The disinvestment of Air India is now decided to be on January 27, 2022. "The closing balance sheet as on January 20 has to be provided today, i.e., January 24, so that it can be reviewed by Tatas and any changes can be effected on Wednesday." The communication, which was reviewed by IANS, was sent to the employees by Director of Finance, Vinod Hejmadi. The communication further read: "The next three days will be hectic for our department and I request all of you to give your best in these last three-four days before we get divested. We may have to work till late in the night to complete the task given to us." Last month, the Competition Commission of India approved the acquisition of Air India, Air India Express and Air India SATS Airport Services by Talace, which is a wholly-owned subsidiary of Tata Sons. (With inputs from agencies)

Tatas introduce 'enhanced meal service' on Air India flights

<p class="MsoNormal">As the Tata Group took over the Air India airlines, all employees have raised concerns about their cash, leave and medical benefits, among other things.<o:p></o:p></p>

<p class="MsoNormal">Air India Unions have sent a joint letter to the Secretary, Ministry of Civil Aviation raising their concerns about cash, leave, medical benefits, accommodation of employees and arrears.</p>

<p class="MsoNormal">The employees requested Rajiv Bansal that the people who were staying in the company flats should be allowed to stay there at least for a year or till monetisation. The unions have asked for a year’s approval as the <strong><a href="Tata Sons wins the bid for acquiring national carrier Air India for Rs 180 billion">Tata Group</a></strong> has assured that all current employees will be retained for at least another year.</p>

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<p dir="ltr" lang="en">Air India Unions in a joint letter to Secretary, Ministry of Civil Aviation raise concerns about cash, leave, medical benefits, accommodation of employees &amp; arrears. <a href="https://t.co/5N6i2qYBDx">pic.twitter.com/5N6i2qYBDx</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1448327586430418944?ref_src=twsrc%5Etfw">October 13, 2021</a></blockquote>
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<p>Employees have also asked that all permanent employees should still be made eligible for the post-retirement benefits of medical and passage.<o:p></o:p></p>

<p class="MsoNormal"><o:p></o:p></p>

<p class="MsoNormal">In addition to the basic rights, the Air India Joint Action Forum of Unions has urged Bansal to assure that all pre-Covid allowances are restored. In 2020, when the coronavirus pandemic hit the country, several of allowances of employees were deducted.</p>

<p class="MsoNormal"><o:p><strong>Also read |&nbsp;<a href="https://www.wionews.com/business-economy/tata-sons-wins-the-bid-for-acquiring-national-carrier-air-india-for-rs-180-billion-419139">Tata Sons wins the bid for acquiring national carrier Air India for Rs 180 billion</a></strong></o:p></p>

<p class="MsoNormal">Also, all Air India employees have to be entitled to gratuity and provident fund (PF), and all post-retirement medical benefits.<o:p></o:p></p>

<p class="MsoNormal">Air India, meanwhile, has reached an agreement with the government of India under which all current employees will be positively retained for another year. Any employee who is let go after one year will be offered voluntary retirement scheme.<o:p></o:p></p>

<p class="MsoNormal">Almost a week ago, Tata Songs was announced as the winning bidder to take over Air India airlines. Tata Sons, the holding company for the autos-to-steel Tata conglomerate, bid Rs 180 billion&nbsp;($2.40 billion) for the government's 100% stake in Air India, a finance ministry official told reporters.&nbsp;<o:p></o:p></p>

<p class="MsoNormal">The Chairman of Tata Trusts announced the win by posting an old picture of Jehangir Ratanji Dadabhoy Tata with an Air India aircraft and wrote ‘Welcome back, Air India’.<o:p></o:p></p>


As the Tata Group took over the Air India airlines, all employees have raised concerns about their cash, leave and medical benefits, among other things. Air India Unions have sent a joint letter to the Secretary, Ministry of Civil Aviation raising their concerns about cash, leave, medical benefits, accommodation of employees and arrears.

As the Tata Group took over the Air India airlines, all employees have raised concerns about their cash, leave and medical benefits, among other things. Air India Unions have sent a joint letter to the Secretary, Ministry of Civil Aviation raising their concerns about cash, leave, medical benefits, accommodation of employees and arrears. The employees requested Rajiv Bansal that the people who were staying in the company flats should be allowed to stay there at least for a year or till monetisation. The unions have asked for a year’s approval as the Tata Group has assured that all current employees will be retained for at least another year. Air India Unions in a joint letter to Secretary, Ministry of Civil Aviation raise concerns about cash, leave, medical benefits, accommodation of employees & arrears. pic.twitter.com/5N6i2qYBDx — ANI (@ANI) October 13, 2021 × Employees have also asked that all permanent employees should still be made eligible for the post-retirement benefits of medical and passage. In addition to the basic rights, the Air India Joint Action Forum of Unions has urged Bansal to assure that all pre-Covid allowances are restored. In 2020, when the coronavirus pandemic hit the country, several of allowances of employees were deducted. Also read | Tata Sons wins the bid for acquiring national carrier Air India for Rs 180 billion Also, all Air India employees have to be entitled to gratuity and provident fund (PF), and all post-retirement medical benefits. Air India, meanwhile, has reached an agreement with the government of India under which all current employees will be positively retained for another year. Any employee who is let go after one year will be offered voluntary retirement scheme. Almost a week ago, Tata Songs was announced as the winning bidder to take over Air India airlines. Tata Sons, the holding company for the autos-to-steel Tata conglomerate, bid Rs 180 billion ($2.40 billion) for the government's 100% stake in Air India, a finance ministry official told reporters. The Chairman of Tata Trusts announced the win by posting an old picture of Jehangir Ratanji Dadabhoy Tata with an Air India aircraft and wrote ‘Welcome back, Air India’.

Air India employees request cash and other benefits as Tata Group takes over

The Maharaja has come back home. Tata Group has bought India's flag carrier Air India for 18,000 crore Rupees. Palki Sharma tells you how this deal will change your experience the next time you fly Air India.

Gravitas: Air India sold to Tata Group for 18,000 crore

Tata group has won the bid to acquire national carrier Air India. The group placed a winning bid of $2.4 billion to acquire a 100 percent stake in Air India.

Tata group wins Air India bid for $2.4 bn

<p>Tata Sons has emerged as winning bidder to take over state-run debt-laden Air India, Bloomberg reported on Friday. However, Secretary of Indian government's&nbsp;Department of Investment and Public Asset Management said within hours that media reports were 'incorrect'</p>

<p>"Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect. Media will be informed of the Government decision as and when it is taken," tweeted the secretary.</p>

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<p dir="ltr" lang="en">Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect. Media will be informed of the Government decision as and when it is taken. <a href="https://t.co/PVMgJdDixS">pic.twitter.com/PVMgJdDixS</a></p>
— Secretary, DIPAM (@SecyDIPAM) <a href="https://twitter.com/SecyDIPAM/status/1443844070757986305?ref_src=twsrc%5Etfw">October 1, 2021</a></blockquote>
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<p>Earlier media reports had said that a&nbsp;panel of ministers had&nbsp;accepted proposal from officials and had recommended Tata Sons ahead of SpiceJet, a budget airline operator in India.&nbsp;</p>

<p>Spokespersons of Air India and Tata Sons declined request from Reuters for a comment.</p>

<p>The debt-laden Air India has&nbsp;been kept aloft by a bailout since 2012. Indian PM Narendra Modi govt has been trying to sell its entire stake in the loss making airline.</p>

<p>The government loses nearly 200 million rupees every day to run the national carrier, which has accumulated losses of over 700 billion rupees ($9.53 billion), officials have said.</p>

<p>An effort to auction a majority stake almost three years ago drew no bids, forcing the government to ease the terms. It had also extended the deadline multiple times due to the pandemic.</p>

<p><em>(With inputs from agencies)</em></p>


Tata Sons has emerged as winning bidder to take over state-run debt-laden Air India, Bloomberg reported on Friday. However, Secretary of Indian government's Department of Investment and Public Asset Management said within hours that media reports were 'incorrect' "Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect.

Tata Sons has emerged as winning bidder to take over state-run debt-laden Air India, Bloomberg reported on Friday. However, Secretary of Indian government's Department of Investment and Public Asset Management said within hours that media reports were 'incorrect' "Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect. Media will be informed of the Government decision as and when it is taken," tweeted the secretary. Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect. Media will be informed of the Government decision as and when it is taken. pic.twitter.com/PVMgJdDixS — Secretary, DIPAM (@SecyDIPAM) October 1, 2021 × Earlier media reports had said that a panel of ministers had accepted proposal from officials and had recommended Tata Sons ahead of SpiceJet, a budget airline operator in India. Spokespersons of Air India and Tata Sons declined request from Reuters for a comment. The debt-laden Air India has been kept aloft by a bailout since 2012. Indian PM Narendra Modi govt has been trying to sell its entire stake in the loss making airline. The government loses nearly 200 million rupees every day to run the national carrier, which has accumulated losses of over 700 billion rupees ($9.53 billion), officials have said. An effort to auction a majority stake almost three years ago drew no bids, forcing the government to ease the terms. It had also extended the deadline multiple times due to the pandemic. (With inputs from agencies)

Reports say Tatas won Air India race, government denies

Tata Sons has emerged as the top bidder for Air India giving flight to the group's civila aviation ambitions.

Tata Group emerges as top bidder for Air India

<p>Indian business doyen Jamsetji Tata has emerged as the world's largest philanthropist in the last&nbsp;100 years, donating $102 billion, as per a report prepared by Hurun Research and EdelGive Foundation.</p>

<p>Jamsetji Tata is ahead of others like Bill Gates and his now-estranged wife Melinda who have donated $74.6 billion, Warren Buffet ($37.4 billion), George Soros ($34.8 billion) and John D Rockefeller ($26.8 billion), the list showed.</p>

<p>The other Indian on the list is Azim Premji of Wipro, who has virtually given his entire fortune of $22 billion for philanthropic causes.</p>

<p>The survey by Edel-Give Foundation and Hurun India, titled "Philanthropists of the Century," recognises 50 of the world's best philanthropists.</p>

<p>The United States comes in first with 39 persons, followed by the United Kingdom with 5, China with 3, and India with two.&nbsp;</p>

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<p dir="ltr" lang="en">Hurun Research and EdelGive Foundation today released the 2021 EdelGive Hurun Philanthropists of the Century, a ranking of the world’s most generous individuals from the last 100 years.<br />
<br />
The father of Indian industry, Jamsetji Tata, tops the list followed by <a href="https://t.co/MMBrY0Hkwl">pic.twitter.com/MMBrY0Hkwl</a></p>
— HURUN INDIA (@HurunReportInd) <a href="https://twitter.com/HurunReportInd/status/1407616170799222794?ref_src=twsrc%5Etfw">June 23, 2021</a></blockquote>
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<p>“Whilst American and European philanthropists may have dominated the thinking of philanthropy over the last century, Jamsetji Tata, founder of India’s Tata Group, is the world’s biggest philanthropist,” Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said in a statement.</p>

<p>Jamsetji Tata, who was born in Navsari, Gujarat, in 1839, made his fortune in the 1870s by founding the Central India Spinning Weaving and Manufacturing Company.<br />
In 1892, he established the JN Tata Endowment for higher education, which was the start of the Tata Trusts.&nbsp;</p>

<p>According to the report, Jamsetji Tata's overall charitable worth is made up of 66% of Tata Sons, entirely based on the valuation of listed firms.&nbsp;</p>

<p>Tata&nbsp;was able to attain the top rank in giving by donating two-thirds of its ownership to trusts that perform well in diverse sectors such as education and healthcare.&nbsp;</p>


Indian business doyen Jamsetji Tata has emerged as the world's largest philanthropist in the last 100 years, donating $102 billion, as per a report prepared by Hurun Research and EdelGive Foundation.

Indian business doyen Jamsetji Tata has emerged as the world's largest philanthropist in the last 100 years, donating $102 billion, as per a report prepared by Hurun Research and EdelGive Foundation. Jamsetji Tata is ahead of others like Bill Gates and his now-estranged wife Melinda who have donated $74.6 billion, Warren Buffet ($37.4 billion), George Soros ($34.8 billion) and John D Rockefeller ($26.8 billion), the list showed. The other Indian on the list is Azim Premji of Wipro, who has virtually given his entire fortune of $22 billion for philanthropic causes. The survey by Edel-Give Foundation and Hurun India, titled "Philanthropists of the Century," recognises 50 of the world's best philanthropists. The United States comes in first with 39 persons, followed by the United Kingdom with 5, China with 3, and India with two. Hurun Research and EdelGive Foundation today released the 2021 EdelGive Hurun Philanthropists of the Century, a ranking of the world’s most generous individuals from the last 100 years. The father of Indian industry, Jamsetji Tata, tops the list followed by pic.twitter.com/MMBrY0Hkwl — HURUN INDIA (@HurunReportInd) June 23, 2021 × “Whilst American and European philanthropists may have dominated the thinking of philanthropy over the last century, Jamsetji Tata, founder of India’s Tata Group, is the world’s biggest philanthropist,” Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said in a statement. Jamsetji Tata, who was born in Navsari, Gujarat, in 1839, made his fortune in the 1870s by founding the Central India Spinning Weaving and Manufacturing Company. In 1892, he established the JN Tata Endowment for higher education, which was the start of the Tata Trusts. According to the report, Jamsetji Tata's overall charitable worth is made up of 66% of Tata Sons, entirely based on the valuation of listed firms. Tata was able to attain the top rank in giving by donating two-thirds of its ownership to trusts that perform well in diverse sectors such as education and healthcare.

Jamsetji Tata ranked the world's top philanthropist in past 100 years, two Indians in the top 50

Tata Group has increased its stake in AirAsia India as it looks to increase its stake in India's airline industry.

Tata group to take complete control of AirAsia India

Monday was the last day for bidding for Air India. According to sources, the Tata group is also on the list of bidders. Government of India will sell 100% stake in Air India.

World Business Watch: Report says, 'Tata Group in race to acquire Air India'

<p>Ratan Tata needs no introduction. The Chairman Emeritus of Tata Group is a respected figure not just in business circles, but among public as well. His salt-to-steel conglomerate has been an important part of India Inc's success story. Ratan Tata's love for animals is also well known.</p>

<p>On Wednesday, Tata posted a pic of him with dogs. There is nothing business-like in the picture. Ratan Tata appears in a casual mode. In this picture, Ratan Tata is not the business mogul he is, but just a man who is fond of animals.</p>

<p>"A few heartwarming moments with the adopted Bombay House dogs this Diwali, especially Goa, my office companion", reads the Instagram post.</p>

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<p>&nbsp;</p>

<p>There are nearly 1 million likes on this photo.</p>

<p>A user wondered why the office dog was named 'Goa'. The name is a departure from usually preferred ones like 'Tommy' etc. The user asked Mr Tata about this.</p>

<p>And Ratan Tata actually told him the interesting reason why the dog was named so.</p>

<p>Tata said that the dog was a stray puppy. It jumped into Tata's colleague's car in Goa and came all the way to Bombay House, the global headquarters of Tata Group in Mumbai.</p>

<p>Goa is being well looked after at the Bombay House as there are provisions there to ensure that street dogs are well cared for.</p>


Ratan Tata needs no introduction. The Chairman Emeritus of Tata Group is a respected figure not just in business circles, but among public as well. His salt-to-steel conglomerate has been an important part of India Inc's success story.

Ratan Tata needs no introduction. The Chairman Emeritus of Tata Group is a respected figure not just in business circles, but among public as well. His salt-to-steel conglomerate has been an important part of India Inc's success story. Ratan Tata's love for animals is also well known. On Wednesday, Tata posted a pic of him with dogs. There is nothing business-like in the picture. Ratan Tata appears in a casual mode. In this picture, Ratan Tata is not the business mogul he is, but just a man who is fond of animals. "A few heartwarming moments with the adopted Bombay House dogs this Diwali, especially Goa, my office companion", reads the Instagram post. View this post on Instagram A post shared by Ratan Tata (@ratantata) × There are nearly 1 million likes on this photo. A user wondered why the office dog was named 'Goa'. The name is a departure from usually preferred ones like 'Tommy' etc. The user asked Mr Tata about this. And Ratan Tata actually told him the interesting reason why the dog was named so. Tata said that the dog was a stray puppy. It jumped into Tata's colleague's car in Goa and came all the way to Bombay House, the global headquarters of Tata Group in Mumbai. Goa is being well looked after at the Bombay House as there are provisions there to ensure that street dogs are well cared for.

Ratan Tata's office dog's name is Goa. Here is the viral story behind it

The Tata Group is in talks to buyout AirAsia's stake in the joint venture - AirAsia India. This comes at a time when the pandemic has put AirAsia's future in doubt. WION's Palki Sharma tells you more.

Gravitas: Tatas in talks to buyout AirAsia India

<p>Tata Sons, in a statement on Wednesday, reacted to the NCLAT's order to restore Cyrus Mistry as the group chairman stating that the "order appears to even go beyond the specific reliefs sought by the Appellant".&nbsp;</p>

<p>As per the statement, Tata Sons is set to "appropriate legal recourse" in the matter.&nbsp;</p>

<p>"Tata Sons strongly believes in the strength of its case and will take appropriate legal recourse," the statement noted as reported by news agency ANI.&nbsp;</p>

<p>Mistry, on the other hand, termed the judgment as the victory for the principles of good governance and minority shareholder rights.</p>

<p>"Today's judgment is not a personal victory for me but is a victory for the principles of good governance and minority shareholder rights. For over fifty years, the Mistry family, as the significant minority shareholder of Tata Sons, has always endeavoured to play the role of a responsible guardian of an institution that the entire nation is proud of," Mistry said in a statement.</p>

<p>"The outcome of the appeal is a vindication of my stand taken when the then board of Tata Sons, without warning or reason removed me, first as the executive chairman, and subsequently as a director of Tata Sons. My endeavour as Executive Chairman had always been to establish a culture and processes that promote effective board governance to create long term stakeholder value, sustainable profits and growth," it said.</p>

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<p dir="ltr" lang="en">Tata Sons statement: The NCLAT order appears to even go beyond the specific reliefs sought by the Appellant.<br />
Tata Sons strongly believes in the strength of its case and will take appropriate legal recourse.</p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1207291692446973952?ref_src=twsrc%5Etfw">December 18, 2019</a></blockquote>
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<p>"For the Tata Group to prosper as an institution, it is important that the management of individual companies, their Boards, the management of Tata Sons, the Board of Tata Sons and the shareholders of Tata Sons, all work harmoniously within a robust governance framework, that in substance and form, protects the rights of all stakeholders, including shareholders, investors and the Tata Groups employees, who represent the strongest asset of the Group," read the statement.</p>

<p>The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as the executive chairman of the Tata Sons.<br />
This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal.</p>

<p>Mistry's restoration order will be operational only after four weeks, the time allowed to Tatas to file an appeal. His re-appointment to the position comes three years after he was <a href="https://www.wionews.com/business-economy/3-years-after-ousting-cyrus-mistry-restored-as-tata-sons-chairman-268952">ousted from the Tata Sons board in the year 2016</a>.</p>

<p>Mistry took over as the chairman of the conglomerate, replacing Ratan Tata in 2012 and was the sixth chairman of the group.&nbsp;</p>

<p><em>(With inputs from ANI)&nbsp;</em></p>


Tata Sons, in a statement on Wednesday, reacted to the NCLAT's order to restore Cyrus Mistry as the group chairman stating that the "order appears to even go beyond the specific reliefs sought by the Appellant".

Tata Sons, in a statement on Wednesday, reacted to the NCLAT's order to restore Cyrus Mistry as the group chairman stating that the "order appears to even go beyond the specific reliefs sought by the Appellant". As per the statement, Tata Sons is set to "appropriate legal recourse" in the matter. "Tata Sons strongly believes in the strength of its case and will take appropriate legal recourse," the statement noted as reported by news agency ANI. Mistry, on the other hand, termed the judgment as the victory for the principles of good governance and minority shareholder rights. "Today's judgment is not a personal victory for me but is a victory for the principles of good governance and minority shareholder rights. For over fifty years, the Mistry family, as the significant minority shareholder of Tata Sons, has always endeavoured to play the role of a responsible guardian of an institution that the entire nation is proud of," Mistry said in a statement. "The outcome of the appeal is a vindication of my stand taken when the then board of Tata Sons, without warning or reason removed me, first as the executive chairman, and subsequently as a director of Tata Sons. My endeavour as Executive Chairman had always been to establish a culture and processes that promote effective board governance to create long term stakeholder value, sustainable profits and growth," it said. Tata Sons statement: The NCLAT order appears to even go beyond the specific reliefs sought by the Appellant. Tata Sons strongly believes in the strength of its case and will take appropriate legal recourse. — ANI (@ANI) December 18, 2019 × "For the Tata Group to prosper as an institution, it is important that the management of individual companies, their Boards, the management of Tata Sons, the Board of Tata Sons and the shareholders of Tata Sons, all work harmoniously within a robust governance framework, that in substance and form, protects the rights of all stakeholders, including shareholders, investors and the Tata Groups employees, who represent the strongest asset of the Group," read the statement. The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as the executive chairman of the Tata Sons. This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal. Mistry's restoration order will be operational only after four weeks, the time allowed to Tatas to file an appeal. His re-appointment to the position comes three years after he was ousted from the Tata Sons board in the year 2016. Mistry took over as the chairman of the conglomerate, replacing Ratan Tata in 2012 and was the sixth chairman of the group. (With inputs from ANI)

Will take appropriate legal recourse: Tata Sons' statement on Mistry's restoration as chairman by NCLAT

<p>The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored <a href="https://www.wionews.com/india-news/nclat-declines-stay-on-converting-tata-sons-into-private-company-says-cyrus-mistry-cant-be-forced-to-sell-stake-161191">Cyrus Mistry</a> as the executive chairman of the Tata Sons Limited.</p>

<p>This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal.</p>

<p>Mistry's restoration order will be operational only after four weeks, the time allowed to Tatas to file an appeal. His re-appointment to the position comes three years after he was <a href="https://www.wionews.com/business-economy/cyrus-mistry-removed-as-director-of-tata-sons-12103">ousted from the Tata Sons board in the year 2016</a>.</p>

<p>Mistry took over as the chairman of the conglomerate, replacing Ratan Tata in 2012 and was the sixth chairman of the group.&nbsp;</p>

<p>The Mumbai bench of the National Company Law Tribunal (NCLT) had dismissed the petitions filed by the two investment firms Cyrus Investments Pvt Ltd and Sterling Investments Corp challenging Mistry's removal.</p>

<p>Later, Mistry had also personally approached the NCLAT over the NCLT order.</p>

<p>The Mistry camp had challenged the July 9 order of the Mumbai bench of the NCLT which dismissed the pleas against his removal as Tata Sons chairman, as also the allegations of rampant misconduct on part of Ratan Tata and the company's board.</p>

<p>A special bench of the tribunal had held that the board of directors at <a href="https://www.wionews.com/business-%26-economy/nclt-dismisses-cyrus-mistrys-plea-against-tata-sons-150083">Tata Sons was 'competent' to remove the executive chairperson</a> of the company.</p>

<p>The NCLT bench had also said that Mistry was ousted as chairman because the Tata Sons' Board and its majority shareholders had 'lost confidence in him.'</p>

<p>Two months after his removal, Mistry's family-run firms approached the NCLT as minority shareholders, against Tata Sons, Ratan Tata and some other board members.</p>

<p>Mistry in his pleas primarily argued that his removal was not in accordance with the Companies Act and that there was rampant mismanagement of affairs across Tata Sons.&nbsp;</p>

<p>Tata Sons is the principal investment holding company and promoter of Tata companies.</p>

<p><em>(With inputs from ANI)</em></p>

<p>&nbsp;</p>


The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as the executive chairman of the Tata Sons Limited. This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as the executive chairman of the Tata Sons Limited. This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal. Mistry's restoration order will be operational only after four weeks, the time allowed to Tatas to file an appeal. His re-appointment to the position comes three years after he was ousted from the Tata Sons board in the year 2016. Mistry took over as the chairman of the conglomerate, replacing Ratan Tata in 2012 and was the sixth chairman of the group. The Mumbai bench of the National Company Law Tribunal (NCLT) had dismissed the petitions filed by the two investment firms Cyrus Investments Pvt Ltd and Sterling Investments Corp challenging Mistry's removal. Later, Mistry had also personally approached the NCLAT over the NCLT order. The Mistry camp had challenged the July 9 order of the Mumbai bench of the NCLT which dismissed the pleas against his removal as Tata Sons chairman, as also the allegations of rampant misconduct on part of Ratan Tata and the company's board. A special bench of the tribunal had held that the board of directors at Tata Sons was 'competent' to remove the executive chairperson of the company. The NCLT bench had also said that Mistry was ousted as chairman because the Tata Sons' Board and its majority shareholders had 'lost confidence in him.' Two months after his removal, Mistry's family-run firms approached the NCLT as minority shareholders, against Tata Sons, Ratan Tata and some other board members. Mistry in his pleas primarily argued that his removal was not in accordance with the Companies Act and that there was rampant mismanagement of affairs across Tata Sons. Tata Sons is the principal investment holding company and promoter of Tata companies. (With inputs from ANI)

3 years after ousting, Cyrus Mistry restored as Tata Sons chairman by NCLAT

<p>India`s steel-to-autos conglomerate Tata Group, widely seen as a potential suitor for Air India, is unlikely to consider a bid for the state-run carrier as the government`s terms are just too onerous, two sources familiar with the matter said.</p>

<p>India, keen to sell the loss-making, debt-ridden airline, finalised plans in late March to divest a 76 percent stake and offload about $5.1 billion of its debt.</p>

<p>But the government has stipulated the winning bidder cannot merge the airline with existing businesses as long as the government holds a stake. The winner may also be required to list Air India and would need to abide by conditions designed to safeguard employee interests, restricting its ability to cut staff.</p>

<p>Since the terms were disclosed, no company has come forward to say it is interested or to reaffirm previous interest, while Jet Airways and rival IndiGo, have already publicly opted out of the race.</p>

<p>Tata Group, which already owns stakes in two airline joint-ventures in India, does not see "how a deal would be workable" under the current terms, said one of the sources, who asked not to be identified due to the sensitivity of the matter.&nbsp</p>

<p>The same source also said the airline had too much debt and noted there was little clarity on what a buyer would be allowed to do with the airline`s large workforce.</p>

<p>"Anyone who puts money upfront ... even for Tata to put in that kind of money, it would want complete control," added the second source.</p>

<p>Tata Sons, the holding company for the conglomerate Tata Group, declined to comment.</p>

<p>Prior to the disclosure of the terms, there had been some expression of interest from the group.</p>

<p>In January, Leslie Thng, the chief executive of Vistara, a joint-venture between Tata and Singapore Airlines told reporters its owners were open to evaluating a bid for Air India. Vistara declined to comment and Singapore Airlines had no immediate comment on Wednesday.</p>

<p>Last October, Tata Group Chairman N. Chandrasekaran, said in a TV interview the group would "definitely look" at Air India once the privatisation process was finalised</p>


India, keen to sell the loss-making, debt-ridden airline, finalised plans in late March to divest a 76 percent stake and offload about $5.1 billion of its debt

India`s steel-to-autos conglomerate Tata Group, widely seen as a potential suitor for Air India, is unlikely to consider a bid for the state-run carrier as the government`s terms are just too onerous, two sources familiar with the matter said. India, keen to sell the loss-making, debt-ridden airline, finalised plans in late March to divest a 76 percent stake and offload about $5.1 billion of its debt. But the government has stipulated the winning bidder cannot merge the airline with existing businesses as long as the government holds a stake. The winner may also be required to list Air India and would need to abide by conditions designed to safeguard employee interests, restricting its ability to cut staff. Since the terms were disclosed, no company has come forward to say it is interested or to reaffirm previous interest, while Jet Airways and rival IndiGo, have already publicly opted out of the race. Tata Group, which already owns stakes in two airline joint-ventures in India, does not see "how a deal would be workable" under the current terms, said one of the sources, who asked not to be identified due to the sensitivity of the matter. The same source also said the airline had too much debt and noted there was little clarity on what a buyer would be allowed to do with the airline`s large workforce. "Anyone who puts money upfront ... even for Tata to put in that kind of money, it would want complete control," added the second source. Tata Sons, the holding company for the conglomerate Tata Group, declined to comment. Prior to the disclosure of the terms, there had been some expression of interest from the group. In January, Leslie Thng, the chief executive of Vistara, a joint-venture between Tata and Singapore Airlines told reporters its owners were open to evaluating a bid for Air India. Vistara declined to comment and Singapore Airlines had no immediate comment on Wednesday. Last October, Tata Group Chairman N. Chandrasekaran, said in a TV interview the group would "definitely look" at Air India once the privatisation process was finalised

Tata Group unlikely to bid for Air India as terms too onerous

<p>Tata Steel has agreed the key commercial terms of a deal to cut benefits and improve the funding position of its British pension scheme, the company said on Tuesday.</p>

<p>The pension scheme was a major stumbling block in talks to merge Tata Steel&#39;s British and European steel assets with those of Thyssenkrupp, because the German company was opposed to taking on Tata&#39;s 15 billion pounds in UK pension liabilities.</p>

<p>The deal, agreed with the scheme&#39;s trustees, will see Tata plough 550 million pounds into the final salary British Steel Pension Scheme (BSPS). It is subject to formal approval by The Pensions Regulator, but Tata said it expected to get approval shortly.</p>

<p>Tata has also agreed, as part of the deal, to sponsor a new pension scheme, which will have lower benefits than those of the original scheme, and to give the BSPS a 33 per cent equity stake in its UK business.</p>

<p>With benefit cuts in place, the new scheme will pose less of a risk to the company, Tata said.</p>

<p>The British Steel Pension Scheme is one of Britain&#39;s largest final salary schemes with 130,000 members.</p>

<p>The pension scheme&#39;s members who do not agree to move to the new scheme will automatically transfer to the Pension Protection Fund (PPF), which said all the scheme&#39;s members, including those in the new scheme, are guaranteed PPF compensation levels.</p>

<p>The PPF is a lifeboat for pension schemes in Britain that run into trouble.</p>

<p>(Reuters)</p>


Tata Steel has agreed the key commercial terms of a deal to cut benefits and improve the funding position of its British pension scheme, the company said on Tuesday

Tata Steel has agreed the key commercial terms of a deal to cut benefits and improve the funding position of its British pension scheme, the company said on Tuesday. The pension scheme was a major stumbling block in talks to merge Tata Steel's British and European steel assets with those of Thyssenkrupp, because the German company was opposed to taking on Tata's 15 billion pounds in UK pension liabilities. The deal, agreed with the scheme's trustees, will see Tata plough 550 million pounds into the final salary British Steel Pension Scheme (BSPS). It is subject to formal approval by The Pensions Regulator, but Tata said it expected to get approval shortly. Tata has also agreed, as part of the deal, to sponsor a new pension scheme, which will have lower benefits than those of the original scheme, and to give the BSPS a 33 per cent equity stake in its UK business. With benefit cuts in place, the new scheme will pose less of a risk to the company, Tata said. The British Steel Pension Scheme is one of Britain's largest final salary schemes with 130,000 members. The pension scheme's members who do not agree to move to the new scheme will automatically transfer to the Pension Protection Fund (PPF), which said all the scheme's members, including those in the new scheme, are guaranteed PPF compensation levels. The PPF is a lifeboat for pension schemes in Britain that run into trouble. (Reuters)

Tata Steel agrees British pensions deal

<p>In a&nbsp;meeting convened today, the shareholders of Tata Sons voted to remove Cyrus Mistry as director.</p>

<p>&quot;The shareholders of Tata Sons Ltd, at the extraordinary general meeting held today, passed, with the requisite majority, a resolution to remove Cyrus P Mistry as a Director of Tata Sons Ltd,&quot; the Tata Group&#39;s holding firm said in a statement.</p>

<p>Cyrus Mistry had legally challenged the holding of the EGM.</p>

<p>Last week, the National Company Law Appellate Tribunal (NCLAT) dismissed petitions by two investment firms of the Mistry family against the&nbsp;holding of the EGM.&nbsp;</p>

<p>Tata Sons had removed Cyrus Mistry as its chairman on October 24 last year. Subsequently, he resigned from the boards of six group companies.</p>

<p>(WION with inputs from PTI)</p>


Tata Sons had removed Cyrus Mistry as its chairman on October 24 last year

In a meeting convened today, the shareholders of Tata Sons voted to remove Cyrus Mistry as director. "The shareholders of Tata Sons Ltd, at the extraordinary general meeting held today, passed, with the requisite majority, a resolution to remove Cyrus P Mistry as a Director of Tata Sons Ltd," the Tata Group's holding firm said in a statement. Cyrus Mistry had legally challenged the holding of the EGM. Last week, the National Company Law Appellate Tribunal (NCLAT) dismissed petitions by two investment firms of the Mistry family against the holding of the EGM. Tata Sons had removed Cyrus Mistry as its chairman on October 24 last year. Subsequently, he resigned from the boards of six group companies. (WION with inputs from PTI)

Cyrus Mistry removed as director of Tata Sons

<p>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.</p>

<p>&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.</p>

<p>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.</p>

<p>Last week, independent directors of Indian Hotels Co Ltd (IHCL) unanimously supported his leadership and continuance as chairman of the company.</p>

<p>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.</p>

<p>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.</p>

<p>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).</p>

<p>Besides Mistry, his elder brother Shapoor Mistry is a director on the board of IHCL, as also his confidant and CEO Rakesh K Sarna.</p>

<p>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.</p>

<p>(PTI)</p>


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

<p>Launching a scathing attack on ousted chairman Cyrus Mistry, Tata Sons today accused him of betraying trust and trying to seek control of main operating firms of the over USD 100 billion group.</p>

<p>In a nine-page statement, the promoter of the major operating Tata companies made a point by point rebuttal to the letter which Mistry had written to its board members a day after he was ousted on October 24.</p>

<p>Tata Sons accused Mistry of trying to gain control of the Indian Hotels Co Ltd - the firm that runs Taj Group of Hotels - by using independent directors.<br />
<br />
Mistry-headed IHCL, where Tata Sons holds just 28.01 per cent stake, had last week in a filing to stock exchanges stated that independent directors have backed the Chairman and his leadership.</p>

<p>&quot;In hindsight, the trust reposed by Tata Sons in Mr Mistry by appointing him as the Chairman four years ago has been betrayed by his desire to seek to control main operating companies of the Tata group to the exclusion of Tata Sons and other Tata representatives,&quot; the Tata Sons statement said.</p>

<p>Tata Sons said dividend from 40-odd Tata Group firms had declined during Mistry&#39;s tenure while expenses have risen. It accused Mistry of demolishing the historic management structure where Tata Sons exercised control over its group companies.</p>

<p>&quot;We now have an unacceptable new structure where the Chairman alone is the only common Director across several companies and this situation could not be allowed to go on,&quot; it said.</p>

<p>Punching holes into Mistry&#39;s performance over four years, it listed Tata Steel Europe, DoCoMo-Tata Tele joint venture and Tata Motors&#39; Indian operations as &quot;problem companies&quot; where there was no &quot;noticeable improvement in operations&quot; and the situation has worsened with widening losses, increasing debt and declining market share.</p>

<p>&quot;Even with no turn-around...The only action taken was to write-off huge amounts against these companies,&quot; it said.</p>

<p>Mistry had in his letter to the Directors warned of Tata Group firms facing Rs 1.18 lakh crore write-offs.</p>

<p>Tata Sons said the group&#39;s debt has risen by Rs 69,877 crore to Rs 2,25,740 crore in the last four years and went on to point that the buyer of Tata&#39;s European steel assets had dramatically turned around the company in the very first year.</p>

<p>It lashed out at Mistry&#39;s handling of the crisis at Tata Steel Europe and the stand-off with Japan&#39;s DoCoMo over the failed telecom joint venture where Tatas face USD 1.17 billion penalty for violation of contract.</p>

<p><strong>Ratan Tata meets employee unions ahead of crucial board meeting</strong></p>

<p>Ratan Tata met the employee unions from the company&#39;s biggest plants in Mumbai on Thursday ahead of the crucial board meeting of Tata Motors next week.</p>

<p>&quot;We have had a long lasting, emotional relationship with Ratan Tata for over 25 years and met him today,&quot; president of Pune-based Tata Motors Employees Union Sameer Dhumal said.</p>

<p>Dhumal refused to share what transpired and also declined a specific answer regarding which camp the workers support --- Tata or Mistry.<br />
<br />
(PTI)</p>


In a nine-page letter, the promoter of the major operating Tata companies made a point by point rebuttal to the Mistry's letter

Launching a scathing attack on ousted chairman Cyrus Mistry, Tata Sons today accused him of betraying trust and trying to seek control of main operating firms of the over USD 100 billion group. In a nine-page statement, the promoter of the major operating Tata companies made a point by point rebuttal to the letter which Mistry had written to its board members a day after he was ousted on October 24. Tata Sons accused Mistry of trying to gain control of the Indian Hotels Co Ltd - the firm that runs Taj Group of Hotels - by using independent directors. Mistry-headed IHCL, where Tata Sons holds just 28.01 per cent stake, had last week in a filing to stock exchanges stated that independent directors have backed the Chairman and his leadership. "In hindsight, the trust reposed by Tata Sons in Mr Mistry by appointing him as the Chairman four years ago has been betrayed by his desire to seek to control main operating companies of the Tata group to the exclusion of Tata Sons and other Tata representatives," the Tata Sons statement said. Tata Sons said dividend from 40-odd Tata Group firms had declined during Mistry's tenure while expenses have risen. It accused Mistry of demolishing the historic management structure where Tata Sons exercised control over its group companies. "We now have an unacceptable new structure where the Chairman alone is the only common Director across several companies and this situation could not be allowed to go on," it said. Punching holes into Mistry's performance over four years, it listed Tata Steel Europe, DoCoMo-Tata Tele joint venture and Tata Motors' Indian operations as "problem companies" where there was no "noticeable improvement in operations" and the situation has worsened with widening losses, increasing debt and declining market share. "Even with no turn-around...The only action taken was to write-off huge amounts against these companies," it said. Mistry had in his letter to the Directors warned of Tata Group firms facing Rs 1.18 lakh crore write-offs. Tata Sons said the group's debt has risen by Rs 69,877 crore to Rs 2,25,740 crore in the last four years and went on to point that the buyer of Tata's European steel assets had dramatically turned around the company in the very first year. It lashed out at Mistry's handling of the crisis at Tata Steel Europe and the stand-off with Japan's DoCoMo over the failed telecom joint venture where Tatas face USD 1.17 billion penalty for violation of contract. Ratan Tata meets employee unions ahead of crucial board meeting Ratan Tata met the employee unions from the company's biggest plants in Mumbai on Thursday ahead of the crucial board meeting of Tata Motors next week. "We have had a long lasting, emotional relationship with Ratan Tata for over 25 years and met him today," president of Pune-based Tata Motors Employees Union Sameer Dhumal said. Dhumal refused to share what transpired and also declined a specific answer regarding which camp the workers support --- Tata or Mistry. (PTI)

Tata Sons hits out at Mistry, accuses him of betraying trust

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p>In the last few days, Tata Group companies have lost nearly 55,000 crores of investor&rsquo;s money.</p>

<p>We&rsquo;ll keep you updated with more developments on the story.</p>

<p>(WION)</p>


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

<p><br />
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.</p>

<p>&nbsp;</p>

<p>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;</p>

<p>&nbsp;</p>

<p>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;</p>

<p>&nbsp;</p>

<p>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;</p>

<p>&nbsp;</p>

<p>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;.</p>

<p>&nbsp;</p>

<p>(WION)<br />
&nbsp;</p>


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

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p>(PTI)</p>


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

<p>Cyrus Mistry&#39;s letter has raised one too many questions. The ripple effect across the board and for all Tata Group companies has&nbsp;come under the scanner. Mistry&#39;s letter alleges that Tata indulged in business conflicts, wrong calls and&nbsp;emotion-based deals. According to analysts, the Tata&#39;s seem to be facing a mild jerk.&nbsp;</p>

<p>The Security and Exchange Board of India&nbsp;has stepped in to asses the possible breach of corporate governance norm. They will also be looking into listing regulations for Tata listed companies. The bourses&nbsp;are seeking clarification by Tata listed companies&nbsp;on purported disclosures by Mistry of Rs 1.18 lakh crore ($17.6 billion US) writedown.&nbsp;</p>

<p>Tata Motors, Tata Steel and Tata Consulting Services&nbsp;took a bit of a beating in trade today.&nbsp;While market&nbsp;experts believe that&nbsp;the overall markets seem to be sinking on the back of weak expiry and profit booking across the board, and not just Tata companies, investor confidence in Tata stocks stands to be shaken momentarily.&nbsp;It&#39;s likely that they will see profit booking until the dust settles.&nbsp;</p>

<p>Market experts held&nbsp;that fresh money coming into the Tata stocks seems to be difficult at this point of time. Investors are raising questions about the points stated by the letter by Mistry not being declared by the management prior to the saga.&nbsp;</p>

<p>The impact of Vistara and Air Asia&#39;s non compliance with Indian law could perhaps have the Directorate General of Civil Aviation&nbsp;probe into fradulent transactions.&nbsp;</p>

<p>While it is not fair to asses the long term impact on the tata companies, most market analysts have given a hold call on their positions with the Tata stocks.&nbsp;</p>

<p>The new change of guard&nbsp;would perhaps have to focus on maximising minority stakeholder wealth in these companies.</p>

<p>(WION)&nbsp;</p>


Investors are raising questions about the points stated by the Mistry letter not being declared by management prior to the saga

Cyrus Mistry's letter has raised one too many questions. The ripple effect across the board and for all Tata Group companies has come under the scanner. Mistry's letter alleges that Tata indulged in business conflicts, wrong calls and emotion-based deals. According to analysts, the Tata's seem to be facing a mild jerk. The Security and Exchange Board of India has stepped in to asses the possible breach of corporate governance norm. They will also be looking into listing regulations for Tata listed companies. The bourses are seeking clarification by Tata listed companies on purported disclosures by Mistry of Rs 1.18 lakh crore ($17.6 billion US) writedown. Tata Motors, Tata Steel and Tata Consulting Services took a bit of a beating in trade today. While market experts believe that the overall markets seem to be sinking on the back of weak expiry and profit booking across the board, and not just Tata companies, investor confidence in Tata stocks stands to be shaken momentarily. It's likely that they will see profit booking until the dust settles. Market experts held that fresh money coming into the Tata stocks seems to be difficult at this point of time. Investors are raising questions about the points stated by the letter by Mistry not being declared by the management prior to the saga. The impact of Vistara and Air Asia's non compliance with Indian law could perhaps have the Directorate General of Civil Aviation probe into fradulent transactions. While it is not fair to asses the long term impact on the tata companies, most market analysts have given a hold call on their positions with the Tata stocks. The new change of guard would perhaps have to focus on maximising minority stakeholder wealth in these companies. (WION)

Investor confidence in Tata stocks shaky, momentarily

<p>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;</p>

<p>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.</p>

<p>The leaked letter sent ripples across the board and all Tata Group companies came the Securities and Exchange Board of India (SEBI) scanner.</p>

<p>SEBI stepped in today to assess the possible breach of corporate governance and the listing regulations of the Tata listed companies.</p>

<p>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;</p>

<p>Mistry&#39;s letter alleged&nbsp;that the Tata&#39;s indulged in business conflicts, wrong calls, emotion-based deals.</p>

<p>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.</p>

<p>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.</p>

<p>The Tata&#39;s letter stated&nbsp;that it was unforgivable that Mistry has attempted to damage the image of the group.</p>

<p>It has been made clear in the letter that Tata Sons will not engage in any public spat with Mistry.&nbsp;</p>

<p>(WION)</p>


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

<p>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;</p>

<p>&nbsp;</p>

<p>Corporate lawyers argue, however, that he has no case.&nbsp;</p>

<p>&nbsp;</p>

<p>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;</p>

<p>&nbsp;</p>

<p>Further, according to sources, Mistry describes the board proceedings as &nbsp;&#39;illegal&#39;.</p>

<p>&nbsp;</p>

<p>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?</p>

<p>&nbsp;</p>

<p>Corporate lawyers hold that his challenge will not hold little merit in the court of law as this is an internal company matter.</p>

<p>&nbsp;</p>

<p>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;</p>

<p>&nbsp;</p>

<p>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;</p>

<p>&nbsp;</p>

<p>(WION)&nbsp;</p>


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?

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