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

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'

"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.

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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>
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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;

Spokespersons of Air India and Tata Sons declined request from Reuters for a comment.

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.

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)

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

With the submission of financial bids, the stage is finally set for the privatisation of Air India, the debt-laden Indian national carrier. It was a daunting task to find a possible buyer for Air India after coronavirus shattered the aviation and travel industry in early 2020 but the submission of bids by Tata Sons and consortium led by SpiceJet promoter Ajay Singh yesterday has raised the hopes of one of the big disinvestment targets being met before the end of this year. The airline was started by JRD Tata way back in 1932 as Tata Airlines.

Ratan Tata and the love for aviation

Ratan Tata's love for aviation is widely known. A trained pilot, he always wanted to come back to skies with an airline and tried to bid for Air India earlier as well but Jet Airways owner Naresh Goyal allegedly didn't let it happen. Thereafter every now and then Ratan Tata's name cropped up for being in pilot's seat for aviation JVs. Even when Jet Airways was shutting down, news came that Ratan Tata was testing waters there as well. Ratan Tata's flirting with aviation ventures turned into serious affair when it entered a JV with Malaysia's AirAsia in 2014 for a low-cost carrier. And soon after when it announced another partnership with Singapore Airlines for a full-service carrier Vistara, the partnership with other erstwhile partner AirAsia turned sour. However, it is still not clear how Singapore Airlines and Air Asia will react once the Air India is acquired and how much risk can Tata Group take with 3 airlines under its fold.&nbsp;

Synergies for Tata Sons

Having Air India under its fold makes much sense for Tata Group as compared to any non-airline investor. With Vistara and Air Asia, acquisition of Air India will bring synergies for Tata Group's aviation business though the liabilities that come with the national carrier will also be hard to absorb. Still with the 900 overseas slots including in New York, Chicago, London, Narita and Seoul and 4400 domestic slots and bilateral rights to fly to other nations will give a huge advantage to Tatas owner airlines. Air India has a fleet of 173 aircraft including 13 Boeing 777-300 Extended Range, 27 Boeing 787-800 and 27 Airbus 321-NEOs and three Boeing 777-200 Long Range aircraft

Will Air India be Jaguar Land Rover for Tatas?

Tata Sons is not new to acquisitions and turnarounds. Wherever they can't create capacity or go for greenfield expansion, India's top conglomerate acquire assets and companies and Air India is a step in this direction. When Jaguar Land Rover was acquired in 2008, many companies had failed to run the British marquee auto firm profitably and Tata Group could do what others couldn't by making JLR profitable. Though the same thing couldn't happen with a failed takeover of one of world's largest steel maker Corus that became a drag on its books

Why are other suitors in race?

Other suitors are in race possibly for financial investment and selling the asset after turning it around. But in Air India's case turning around may not be too easy for an outsider. It is not SpiceJet where decisions could be taken freely without any external involvement. The airline has over 16,000 employees out of which 9,617 are permanent, 
This big chunk of erstwhile government employees can be a big liability if any new owner can't manage the differences.

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

With the submission of financial bids, the stage is finally set for the privatisation of Air India, the debt-laden Indian national carrier. It was a daunting task to find a possible buyer for Air India after coronavirus shattered the aviation and travel industry in early 2020 but the submission of bids by Tata Sons and consortium led by SpiceJet promoter Ajay Singh yesterday has raised the hopes of one of the big disinvestment targets being met before the end of this year.

With the submission of financial bids, the stage is finally set for the privatisation of Air India, the debt-laden Indian national carrier. It was a daunting task to find a possible buyer for Air India after coronavirus shattered the aviation and travel industry in early 2020 but the submission of bids by Tata Sons and consortium led by SpiceJet promoter Ajay Singh yesterday has raised the hopes of one of the big disinvestment targets being met before the end of this year. The airline was started by JRD Tata way back in 1932 as Tata Airlines. Ratan Tata and the love for aviation Ratan Tata's love for aviation is widely known. A trained pilot, he always wanted to come back to skies with an airline and tried to bid for Air India earlier as well but Jet Airways owner Naresh Goyal allegedly didn't let it happen. Thereafter every now and then Ratan Tata's name cropped up for being in pilot's seat for aviation JVs. Even when Jet Airways was shutting down, news came that Ratan Tata was testing waters there as well. Ratan Tata's flirting with aviation ventures turned into serious affair when it entered a JV with Malaysia's AirAsia in 2014 for a low-cost carrier. And soon after when it announced another partnership with Singapore Airlines for a full-service carrier Vistara, the partnership with other erstwhile partner AirAsia turned sour. However, it is still not clear how Singapore Airlines and Air Asia will react once the Air India is acquired and how much risk can Tata Group take with 3 airlines under its fold. Synergies for Tata Sons Having Air India under its fold makes much sense for Tata Group as compared to any non-airline investor. With Vistara and Air Asia, acquisition of Air India will bring synergies for Tata Group's aviation business though the liabilities that come with the national carrier will also be hard to absorb. Still with the 900 overseas slots including in New York, Chicago, London, Narita and Seoul and 4400 domestic slots and bilateral rights to fly to other nations will give a huge advantage to Tatas owner airlines. Air India has a fleet of 173 aircraft including 13 Boeing 777-300 Extended Range, 27 Boeing 787-800 and 27 Airbus 321-NEOs and three Boeing 777-200 Long Range aircraft Will Air India be Jaguar Land Rover for Tatas? Tata Sons is not new to acquisitions and turnarounds. Wherever they can't create capacity or go for greenfield expansion, India's top conglomerate acquire assets and companies and Air India is a step in this direction. When Jaguar Land Rover was acquired in 2008, many companies had failed to run the British marquee auto firm profitably and Tata Group could do what others couldn't by making JLR profitable. Though the same thing couldn't happen with a failed takeover of one of world's largest steel maker Corus that became a drag on its books Why are other suitors in race? Other suitors are in race possibly for financial investment and selling the asset after turning it around. But in Air India's case turning around may not be too easy for an outsider. It is not SpiceJet where decisions could be taken freely without any external involvement. The airline has over 16,000 employees out of which 9,617 are permanent, This big chunk of erstwhile government employees can be a big liability if any new owner can't manage the differences. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

Wings & Wheels: 'Maharaja' on sale

In a big corporate development, Shapoorji Pallonji Group, the largest minority shareholder in Tata sons and the holding family of Tata Sons former chairman Cyrus Mistry will exit from Indian salt-to-software conglomerate, after a relationship spanning 70 years turned sour due to Tata-Mistry fight in the last few years. 
 
The SP group that holds over 18.4 percent stake in Tata sons worth over one lakh crore rupees will now possibly sell their stake and move out of the holding company of Tata group firms.&nbsp;

In a statement issued during late evening today, SP group said, "The past oppressive actions, and the latest vindictive move by Tata sons that impact the livelihoods of the wider SP group community leads to the inexplicable conclusion that the mutual co-existence of both groups at Tata sons would be infeasible. The SP-Tata relationship spanning over 70 years, was forged on mutual trust, good faith, and friendship".

SP group statement is also important in the light of a protracted legal battle that started after Cyrus Mistry was unceremoniously ousted as chairman of Tata sons in October 2016. What followed this was a legal battle fought from national company law tribunal to the Supreme Court. The Tata group had recently told Supreme Court it is open to buying out the stake held by the billionaire Mistry family as part of a proposal to help end a years-long legal dispute between the two parties. The Supreme Court has already barred the Mistry group from pledging or selling any Tata shares until October 28, when the final hearing in the high profile case will be heard.&nbsp;

SP group has also accused Tata sons of undertaking efforts to suppress and inflict irreparable harm on the SP group, in the midst of covid-19 crisis. SP group added, "The Mistry family were in the midst of raising funds against the security of their personal assets to meet the crisis arising from the global pandemic. This move was undertaken to protect the livelihoods of its 60,000 employees and over 100,000 migrant workers. The action by Tata sons to block this crucial fund raise, without any heed for the collateral consequences is the latest demonstration of their vindictive mind-set".

In a big corporate development, Shapoorji Pallonji Group, the largest minority shareholder in Tata sons and the holding family of Tata Sons former chairman Cyrus Mistry will exit from Indian salt-to-software conglomerate, after a relationship spanning 70 years turned sour due to Tata-Mistry fight in the last few years.

In a big corporate development, Shapoorji Pallonji Group, the largest minority shareholder in Tata sons and the holding family of Tata Sons former chairman Cyrus Mistry will exit from Indian salt-to-software conglomerate, after a relationship spanning 70 years turned sour due to Tata-Mistry fight in the last few years. The SP group that holds over 18.4 percent stake in Tata sons worth over one lakh crore rupees will now possibly sell their stake and move out of the holding company of Tata group firms. In a statement issued during late evening today, SP group said, "The past oppressive actions, and the latest vindictive move by Tata sons that impact the livelihoods of the wider SP group community leads to the inexplicable conclusion that the mutual co-existence of both groups at Tata sons would be infeasible. The SP-Tata relationship spanning over 70 years, was forged on mutual trust, good faith, and friendship". SP group statement is also important in the light of a protracted legal battle that started after Cyrus Mistry was unceremoniously ousted as chairman of Tata sons in October 2016. What followed this was a legal battle fought from national company law tribunal to the Supreme Court. The Tata group had recently told Supreme Court it is open to buying out the stake held by the billionaire Mistry family as part of a proposal to help end a years-long legal dispute between the two parties. The Supreme Court has already barred the Mistry group from pledging or selling any Tata shares until October 28, when the final hearing in the high profile case will be heard. SP group has also accused Tata sons of undertaking efforts to suppress and inflict irreparable harm on the SP group, in the midst of covid-19 crisis. SP group added, "The Mistry family were in the midst of raising funds against the security of their personal assets to meet the crisis arising from the global pandemic. This move was undertaken to protect the livelihoods of its 60,000 employees and over 100,000 migrant workers. The action by Tata sons to block this crucial fund raise, without any heed for the collateral consequences is the latest demonstration of their vindictive mind-set".

‘Time to separate’: Cyrus Mistry's family to exit Tata sons

Indian conglomerate&nbsp;Tata&nbsp;Sons&nbsp;is in talks to buy out AirAsia Group Bhd's stake in their airline joint venture in India at a steep discount, according to a report.

Tata&nbsp;Sons&nbsp;will likely tie up with other financial investors to acquire AirAsia's 49 per cent&nbsp;stake in the venture.

The Tatas own 51 per cent in the airline and have the right of first refusal in acquiring shares of its partner.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/airasias-future-in-doubt-due-to-virus-share-price-tumbles-311765">AirAsia's future in doubt due to virus; share price tumbles</a>

Malaysian budget carrier AirAsia had said earlier in the day that it was in talks to raise more than 1 billion ringgit ($234.52 million) in funds, a day after its auditor cast doubt on its ability to continue as a going concern.

The losses from the pandemic have left no cash in the coffers and it is seeking a fund of over 500 million dollars.

AirAsia reported a loss of&nbsp; $187 billion&nbsp;in the first quarter, the biggest loss since listing on stock exchanges in 2004.

Also read:&nbsp;<a href="https://www.wionews.com/world/will-the-global-aviation-industry-survive-coronavirus-related-slowdown-286815">Will the global aviation industry survive coronavirus-related slowdown?</a>

There are plans to cut the workforce by 30 per cent and the remaining employees may have to take a pay cut of up to 75 per cent. AirAsia is unable to pay suppliers and lenders as well.

It has refused all deliveries of airbus jets this year.&nbsp;The pandemic has only hastened a development that was a long time coming...

The Tatas flew India's first airline in 1938. However, they lost it to nationalisation after independence. Now, 80 years later, the Tatas could have their own airline in India.

The Tata group has had a difficult partnership with Air Asia which&nbsp;began operations in 2013. But, a few years later, Air Asia's CEO&nbsp;Tony Fernandes was pulled up for money laundering in India.

The Central Bureau of Investigation began to probe the airline. Investigating agencies said the company used corrupt means to acquire a license for international operations.

Soon top Air Asia executives were replaced by trusted Tata group veterans. Acquiring the AirAsia stake can be beneficial in another way.

If the deal goes through, the Tatas will be&nbsp;bidding for Air India, India's national carrier. The government is looking to sell 100 per cent stake as part of the plan to limit its role in many state-run companies.

A non-compete clause restricted both Tatas and AirAsia&nbsp;from investing in a rival airline.

However, this hurdle has been removed as the Tata group is the sole contender to take over Air India. It is the same airline that was founded by JRD&nbsp;Tata in 1938. That year Tata airlines carried its first passengers from Bombay to Trivandrum in a six-seater aircraft.

The Tata group also owns 51 per cent in Vistara airlines which is a&nbsp;joint venture with the Singapore airlines.

So, the Tatas have three routes to take to the air independently. The crucial question is that of timing if it concerns acquiring other airlines&nbsp;it is the perfect time most airlines are in deep trouble due to the pandemic.

Although AirAsia is going off the runway but&nbsp;is it the right time to enter the aviation market with an airline of one's&nbsp;own company.

Indian conglomerate Tata Sons is in talks to buy out AirAsia Group Bhd's stake in their airline joint venture in India at a steep discount, according to a report.

Indian conglomerate Tata Sons is in talks to buy out AirAsia Group Bhd's stake in their airline joint venture in India at a steep discount, according to a report. Tata Sons will likely tie up with other financial investors to acquire AirAsia's 49 per cent stake in the venture. The Tatas own 51 per cent in the airline and have the right of first refusal in acquiring shares of its partner. Also read: AirAsia's future in doubt due to virus; share price tumbles Malaysian budget carrier AirAsia had said earlier in the day that it was in talks to raise more than 1 billion ringgit ($234.52 million) in funds, a day after its auditor cast doubt on its ability to continue as a going concern. The losses from the pandemic have left no cash in the coffers and it is seeking a fund of over 500 million dollars. AirAsia reported a loss of $187 billion in the first quarter, the biggest loss since listing on stock exchanges in 2004. Also read: Will the global aviation industry survive coronavirus-related slowdown? There are plans to cut the workforce by 30 per cent and the remaining employees may have to take a pay cut of up to 75 per cent. AirAsia is unable to pay suppliers and lenders as well. It has refused all deliveries of airbus jets this year. The pandemic has only hastened a development that was a long time coming... The Tatas flew India's first airline in 1938. However, they lost it to nationalisation after independence. Now, 80 years later, the Tatas could have their own airline in India. The Tata group has had a difficult partnership with Air Asia which began operations in 2013. But, a few years later, Air Asia's CEO Tony Fernandes was pulled up for money laundering in India. The Central Bureau of Investigation began to probe the airline. Investigating agencies said the company used corrupt means to acquire a license for international operations. Soon top Air Asia executives were replaced by trusted Tata group veterans. Acquiring the AirAsia stake can be beneficial in another way. If the deal goes through, the Tatas will be bidding for Air India, India's national carrier. The government is looking to sell 100 per cent stake as part of the plan to limit its role in many state-run companies. A non-compete clause restricted both Tatas and AirAsia from investing in a rival airline. However, this hurdle has been removed as the Tata group is the sole contender to take over Air India. It is the same airline that was founded by JRD Tata in 1938. That year Tata airlines carried its first passengers from Bombay to Trivandrum in a six-seater aircraft. The Tata group also owns 51 per cent in Vistara airlines which is a joint venture with the Singapore airlines. So, the Tatas have three routes to take to the air independently. The crucial question is that of timing if it concerns acquiring other airlines it is the perfect time most airlines are in deep trouble due to the pandemic. Although AirAsia is going off the runway but is it the right time to enter the aviation market with an airline of one's own company.

Tata Sons in talks to acquire AirAsia's India stake at steep discount

Supreme Court on Friday stayed National Company Law Appellate Tribunal(NCLAT) order which had reinstated Cyrus Mistry as executive chairman of Tata group.

<a href="https://www.wionews.com/india-news/tata-sons-moves-supreme-court-over-nclat-order-to-reinstate-cyrus-mistry-as-chairman-271594">Also Read:&nbsp;Tata Sons moves Supreme Court over NCLAT order to reinstate Cyrus Mistry as chairman</a>

Former Tata Sons chairman Cyrus Mistry had earlier said that despite the NCLAT order he would not be taking up the chairmanship of Tata.

On January 2, Tata Sons had moved the Supreme Court against the NCLAT order that had directed reinstatement of Cyrus Mistry as executive chairman of the group.

Mistry’s family owns over 18 per cent stake in Tata Sons, the holding company of Tata Group, although its holding with voting rights is only under 4 per cent.

Mistry was ousted as chairman in October 2016, he subsequently resigned from the boards of six group companies.

&nbsp;

Supreme Court on Friday stayed National Company Law Appellate Tribunal(NCLAT) order which had reinstated Cyrus Mistry as executive chairman of Tata group. Also Read: Tata Sons moves Supreme Court over NCLAT order to reinstate Cyrus Mistry as chairman Former Tata Sons chairman Cyrus Mistry had earlier said that despite the NCLAT order he would not be taking up the chairmanship of Tata.

Supreme Court on Friday stayed National Company Law Appellate Tribunal(NCLAT) order which had reinstated Cyrus Mistry as executive chairman of Tata group. Also Read: Tata Sons moves Supreme Court over NCLAT order to reinstate Cyrus Mistry as chairman Former Tata Sons chairman Cyrus Mistry had earlier said that despite the NCLAT order he would not be taking up the chairmanship of Tata. On January 2, Tata Sons had moved the Supreme Court against the NCLAT order that had directed reinstatement of Cyrus Mistry as executive chairman of the group. Mistry’s family owns over 18 per cent stake in Tata Sons, the holding company of Tata Group, although its holding with voting rights is only under 4 per cent. Mistry was ousted as chairman in October 2016, he subsequently resigned from the boards of six group companies.

Supreme Court stays NCLAT order restoring Cyrus Mistry as executive chairman of Tata

Former Tata Sons chairman Cyrus Mistry on Sunday said that despite the National Company Law Appellate Tribunal (NCLAT) order in his favour, he will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries.

Former Tata Sons chairman Cyrus Mistry on Sunday said that despite the National Company Law Appellate Tribunal (NCLAT) order in his favour, he will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries. ''I intend to make it clear that despite the National Company Law Appellate Tribunal (NCLAT) order in my favour, I will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries,'' Mistry was quoted as saying as per news agency ANI. Mistry, however, said he would vigorously pursue all options to protect his rights as a minority shareholder. ''I will however vigorously pursue all options to protect our rights as a minority shareholder, including that of resuming the 30-year history of a seat at the Board of Tata Sons&the incorporation of highest standards of corporate governance&transparency at Tata Sons,'' he further said. He said he was humbled by the NCLAT order. ''I am humbled by the NCLAT order, which after review of the enormous material on record, recognized the illegal manner in which I was removed and the oppressive and prejudicial conduct of Mr. Tata and other Trustees,'' he added. Mistry took over as the chairman of the conglomerate, replacing Ratan Tata in 2012 and was the sixth chairman of the group. However, he was removed as Director by the shareholders of Tata Sons in February 2017.

Won't pursue executive chairmanship of Tata Sons despite NCLAT order in my favour: Cyrus Mistry

Just when it seemed the Chairman of the Tata Trusts and restored Executive Chairman of Tata Sons Ratan Naval Tata had got away with a number of questionable moves, dramatic developments have come home to roost. &nbsp;

Ratan Tata and his advisers have returned to the public gaze as many of their decisions will be examined by the apex court of the land at the behest of ousted former Executive Chairman of Tata Sons, Cyrus Mistry.&nbsp;

The latest troubles come on top of others. Some of the Tata Trusts, indicted in 2015, and promptly challenged by the Trusts concerned, have been held liable in 2019 by the Income Tax Tribunal after examination of the facts. &nbsp;

It is for a massive evasion of taxes, an activity not normally associated with a Tata entity. Appeals are under process to the higher judiciary, but the taxes and fines imposed are for violating the terms that rendered the trusts tax-free in the first place. For decades these trusts have worked with integrity and probity. But lately, they have apparently gone in for some profit-making in violation of the rules. The consequences are onerous enough to break the backs of the trusts indicted. The Tata Group has said the Trusts, six of them out of several more, surrendered their registrations voluntarily in 2015 and should not have to pay the Rs 12,000 crores called up. They have, in fact, only had their registrations cancelled by the tax authorities in 2019. These six trusts, though not the main ones, own 39,000 shares of Tata Sons, the principal holding company of the Tata Group.&nbsp;

And now, to compound the group’s troubles, there is a sensational judgement of the NCLAT, restoring Cyrus Mistry, (also a minority shareholder, along with his brother, with over 18 per cent in Tata Sons), as Executive Chairman of Tata Sons. &nbsp;

This has come after many adverse judgements over three years in various courts, all against Mistry. But apparently, good legal counsel and persistence have paid off in the end. &nbsp;

The Tata establishment, on its part, has been given a four-week window to appeal to the Supreme Court, while the restoration of Mistry is held in abeyance for the duration. &nbsp;

Cyrus Mistry, a 51-year-old billionaire, who owns the Shapoorji Pallonji Group along with his brother and other family members, has also been immediately restored as Director on the boards of four leading Tata companies that he was thrown out of. &nbsp;

In addition, Tata Sons, converted illegally into a private limited company as per NCLAT, from a deemed public limited entity (for its sheer size), has been ordered to revert into a public limited company.&nbsp;

All of this has cast serious aspersions on the judgement of an ageing Ratan Tata and his advisers, and damaged the reputation of perhaps India’s most valued corporate group. The turmoil and uncertainty of the legal ramifications going forward, is also taking its toll on the share prices.&nbsp;

Ratan Tata, currently in the eye of the storm, was once the very leader to emulate. He took over the Tata Group as the designated successor to JRD&nbsp;Tata and both consolidated and grew the companies manifold over the years. He undertook diversifications into newer areas of business better suited to the liberalised era post-1991. One of the greatest successes was Tata Computer Services (TCS), which became the Group’s most profitable company.&nbsp;

Ratan Tata recruited N Chandrasekaran, the erstwhile boss of TCS, to replace Cyrus Mistry as Executive Chairman of Tata Sons, but this too has been found to be illegal by the NCLAT.&nbsp;

The irony is that Chandrasekaran, confronted with huge indebtedness and slowing revenues, has been following a course very similar to that taken by Cyrus Mistry. He too is cutting away dead wood where he can, and taking steps to hive off companies that are draining the group of its financial resources. &nbsp;

Some of these include overseas acquisitions made by Ratan Tata in the boom years at high prices. These, such as Corus Steel, and, alas, Jaguar/Landrover, are now bleeding cash in recessionary conditions. This, even as others, such as Tetley Tea, are doing fine still.&nbsp;

Ratan Tata, in recent times, has apparently been trying to hide his mistakes or bets that have gone bad because of altered market environments. Some of the new people he has relied upon have departed from the usual high standards of ethics upheld by the Tata Group in earlier days. In the quest to turn into something of multinational, vast differences in remuneration between Indian managers in the group and foreign recruits have demoralised many old stalwarts.&nbsp;

It is not clear if Cyrus Mistry will resume his old position once, and if, he is vindicated by the Supreme Court. But if he does, there is a good chance that he will be able to restore the Group to its former glory. The Mistry family, father and son, has sat in on the boards of not only Tata Sons but various other companies for decades now. Cyrus Mistry is well versed in the Tata ethos, and connected with the group’s Parsi roots. &nbsp;

It is these important intangibles that were being diluted, rather alarmingly, resulting in the Tatas’ becoming just another large conglomerate by Indian standards.&nbsp;

(Views expressed above are the personal views of the author and do not reflect the views of ZMCL)

&nbsp;

Just when it seemed the Chairman of the Tata Trusts and restored Executive Chairman of Tata Sons Ratan Naval Tata had got away with a number of questionable moves, dramatic developments have come home to roost.

Just when it seemed the Chairman of the Tata Trusts and restored Executive Chairman of Tata Sons Ratan Naval Tata had got away with a number of questionable moves, dramatic developments have come home to roost. Ratan Tata and his advisers have returned to the public gaze as many of their decisions will be examined by the apex court of the land at the behest of ousted former Executive Chairman of Tata Sons, Cyrus Mistry. The latest troubles come on top of others. Some of the Tata Trusts, indicted in 2015, and promptly challenged by the Trusts concerned, have been held liable in 2019 by the Income Tax Tribunal after examination of the facts. It is for a massive evasion of taxes, an activity not normally associated with a Tata entity. Appeals are under process to the higher judiciary, but the taxes and fines imposed are for violating the terms that rendered the trusts tax-free in the first place. For decades these trusts have worked with integrity and probity. But lately, they have apparently gone in for some profit-making in violation of the rules. The consequences are onerous enough to break the backs of the trusts indicted. The Tata Group has said the Trusts, six of them out of several more, surrendered their registrations voluntarily in 2015 and should not have to pay the Rs 12,000 crores called up. They have, in fact, only had their registrations cancelled by the tax authorities in 2019. These six trusts, though not the main ones, own 39,000 shares of Tata Sons, the principal holding company of the Tata Group. And now, to compound the group’s troubles, there is a sensational judgement of the NCLAT, restoring Cyrus Mistry, (also a minority shareholder, along with his brother, with over 18 per cent in Tata Sons), as Executive Chairman of Tata Sons. This has come after many adverse judgements over three years in various courts, all against Mistry. But apparently, good legal counsel and persistence have paid off in the end. The Tata establishment, on its part, has been given a four-week window to appeal to the Supreme Court, while the restoration of Mistry is held in abeyance for the duration. Cyrus Mistry, a 51-year-old billionaire, who owns the Shapoorji Pallonji Group along with his brother and other family members, has also been immediately restored as Director on the boards of four leading Tata companies that he was thrown out of. In addition, Tata Sons, converted illegally into a private limited company as per NCLAT, from a deemed public limited entity (for its sheer size), has been ordered to revert into a public limited company. All of this has cast serious aspersions on the judgement of an ageing Ratan Tata and his advisers, and damaged the reputation of perhaps India’s most valued corporate group. The turmoil and uncertainty of the legal ramifications going forward, is also taking its toll on the share prices. Ratan Tata, currently in the eye of the storm, was once the very leader to emulate. He took over the Tata Group as the designated successor to JRD Tata and both consolidated and grew the companies manifold over the years. He undertook diversifications into newer areas of business better suited to the liberalised era post-1991. One of the greatest successes was Tata Computer Services (TCS), which became the Group’s most profitable company. Ratan Tata recruited N Chandrasekaran, the erstwhile boss of TCS, to replace Cyrus Mistry as Executive Chairman of Tata Sons, but this too has been found to be illegal by the NCLAT. The irony is that Chandrasekaran, confronted with huge indebtedness and slowing revenues, has been following a course very similar to that taken by Cyrus Mistry. He too is cutting away dead wood where he can, and taking steps to hive off companies that are draining the group of its financial resources. Some of these include overseas acquisitions made by Ratan Tata in the boom years at high prices. These, such as Corus Steel, and, alas, Jaguar/Landrover, are now bleeding cash in recessionary conditions. This, even as others, such as Tetley Tea, are doing fine still. Ratan Tata, in recent times, has apparently been trying to hide his mistakes or bets that have gone bad because of altered market environments. Some of the new people he has relied upon have departed from the usual high standards of ethics upheld by the Tata Group in earlier days. In the quest to turn into something of multinational, vast differences in remuneration between Indian managers in the group and foreign recruits have demoralised many old stalwarts. It is not clear if Cyrus Mistry will resume his old position once, and if, he is vindicated by the Supreme Court. But if he does, there is a good chance that he will be able to restore the Group to its former glory. The Mistry family, father and son, has sat in on the boards of not only Tata Sons but various other companies for decades now. Cyrus Mistry is well versed in the Tata ethos, and connected with the group’s Parsi roots. It is these important intangibles that were being diluted, rather alarmingly, resulting in the Tatas’ becoming just another large conglomerate by Indian standards. (Views expressed above are the personal views of the author and do not reflect the views of ZMCL)

The House of Tata rapped on the knuckles

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;

As per the statement, Tata Sons is set to "appropriate legal recourse" in the matter.&nbsp;

"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;

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.

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Tata Sons statement: The NCLAT order appears to even go beyond the specific reliefs sought by the Appellant. 
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"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 <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>.

Mistry took over as the chairman of the conglomerate, replacing Ratan Tata in 2012 and was the sixth chairman of the group.&nbsp;

(With inputs from ANI)&nbsp;

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

Tata Group today announced the appointment of former Indian foreign secretary S Jaishankar as its President, Global Corporate Affairs, within three months of his retirement from the government service.

Jaishankar will report to Tata Sons Chairman N Chandrasekaran, Tata Sons said in a statement.

"In his new role, he will be responsible for the Tata group's global corporate affairs and international strategy development and Tata Sons' international offices will report to him," it added.

Tata Sons further said Jaishankar, who was Indian foreign secretary from January 2015 to January 2018, will work with Tata companies to help them strengthen their business presence and positioning in their respective geographies globally. He had retired on January 28.

Commenting on the appointment, Chandrasekaran said, "His extensive experience and knowledge on international affairs will be very valuable to the group as we work to reinforce our brand and leadership globally."

Jaishankar joined the Indian Foreign Service in 1977 and held key roles during his career, including stints as High Commissioner to Singapore, Ambassador to China and the United States.&nbsp

He also played a key role in negotiating the Indo-US civilian nuclear agreement, the statement said.&nbsp

A graduate of St Stephen's College, Jaishankar is an MA in Political Science and an MPhil and PhD in International Relations from Jawaharlal Nehru University (JNU).

Tata Sons further said Jaishankar, who was Indian foreign secretary from January 2015 to January 2018, will work with Tata companies to help them strengthen their business presence

Tata Group today announced the appointment of former Indian foreign secretary S Jaishankar as its President, Global Corporate Affairs, within three months of his retirement from the government service. Jaishankar will report to Tata Sons Chairman N Chandrasekaran, Tata Sons said in a statement. "In his new role, he will be responsible for the Tata group's global corporate affairs and international strategy development and Tata Sons' international offices will report to him," it added. Tata Sons further said Jaishankar, who was Indian foreign secretary from January 2015 to January 2018, will work with Tata companies to help them strengthen their business presence and positioning in their respective geographies globally. He had retired on January 28. Commenting on the appointment, Chandrasekaran said, "His extensive experience and knowledge on international affairs will be very valuable to the group as we work to reinforce our brand and leadership globally." Jaishankar joined the Indian Foreign Service in 1977 and held key roles during his career, including stints as High Commissioner to Singapore, Ambassador to China and the United States. He also played a key role in negotiating the Indo-US civilian nuclear agreement, the statement said. A graduate of St Stephen's College, Jaishankar is an MA in Political Science and an MPhil and PhD in International Relations from Jawaharlal Nehru University (JNU).

Tata Sons appoints ex-foreign secretary Jaishankar as global corporate affairs head

Shares of Tata Consultancy Services fell by nearly 6 per cent today following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling stake in the IT major.

The stock declined 5.46 per cent to Rs 2,885.20 on BSE.

On NSE, shares of the company dived 5.90 per cent to Rs 2,872.

The stock was the worst hit among the blue chips on both Sensex and Nifty during the morning trade.

Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around Rs 8,200 crore by selling stake in IT major TCS, according to investment banking sources.

Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48 per cent stake in TCS and the transaction is likely to&nbsp;happen this week, the sources added.

When contacted, Tata Sons declined to comment.

After the proposed share sale, Tata Sons&#39; holding in Tata Consultancy Services (TCS) will come down to around 72 per cent from 73.52 per cent as on December, 2017.

On NSE, shares of the company dived 5.90 per cent to Rs 2,872.

Shares of Tata Consultancy Services fell by nearly 6 per cent today following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling stake in the IT major. The stock declined 5.46 per cent to Rs 2,885.20 on BSE. On NSE, shares of the company dived 5.90 per cent to Rs 2,872. The stock was the worst hit among the blue chips on both Sensex and Nifty during the morning trade. Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around Rs 8,200 crore by selling stake in IT major TCS, according to investment banking sources. Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48 per cent stake in TCS and the transaction is likely to happen this week, the sources added. When contacted, Tata Sons declined to comment. After the proposed share sale, Tata Sons' holding in Tata Consultancy Services (TCS) will come down to around 72 per cent from 73.52 per cent as on December, 2017.

Tata Consultancy Services shares tank on Tata Sons stake sale report

&quot;I am being sacked&quot; was the text message former Tata Sons chairman Cyrus P Mistry sent to his wife Rohiqa minutes<a href="http://www.wionews.com/south-asia/read-cyrus-mistrys-letter-to-tata-sons-board-members-i-was-pushed-to-a-position-of-lame-duck-chairman-7966"> after he was asked to either resign or face termination over Tata Trusts losing confidence in him</a> for a variety of reasons.

Minutes before the October 24, 2016 board meeting of Tata Sons -- the holding company of the USD 106 billion salt-to-steel conglomerate -- Ratan Tata and another board member Nitin Nohria came calling on the former chairman, claims Nirmalya Kumar, who was part of the core Group Executive Council (GEC) formed by Cyrus Mistry.

&quot;Nitin Nohria begins by proclaiming that &#39;&nbsp; Cyrus as you know the relationship between you and Ratan Tata has not been working&#39;. Therefore, Nohria continues, Tata Trusts have decided to move a board resolution removing Cyrus as Chairman of Tata Sons. He is offered the option of resigning or facing the resolution for his removal at the upcoming board meeting,&quot; <a href="https://nirmalyakumar.com/2017/10/21/how-cyrus-mistry-was-fired-as-tata-chairman/">Nirmalya Kumar wrote in a blog</a>.

Ratan Tata, according to Kumar, chimes in at this stage to say he is sorry that things have reached this stage.

&quot;Cyrus Mistry calmly responds with &#39;gentlemen you are free to take it up at the board meeting and I will do what I have to do&#39;,&quot; he writes.

Cyrus sends a text &quot;I am being sacked&quot; to his wife Rohiqa, before putting on his jacket and heading for the board meeting, says Kumar in his latest blog titled &#39;How Cyrus Mistry was fired&#39;.

Nirmalya Kumar, who is currently a professor of marketing at Lee Kong Chian School of Business, Singapore Management University and Distinguished Fellow at INSEAD Emerging Markets Institute, states that during the meeting, Cyrus Mistry argued that the articles of association required a 15-day notice before a resolution.

Another Tata Trusts nominee Amit Chandra informed the board that the legal opinion obtained by the Trusts stated such a notice was not necessary. &quot;He offered to share the opinion, but none has been to date,&quot; Mr Kumar wrtites in his blog.

While six of the eight-member board that included Vijay Singh, Amit Chandra and Nitin Nohria -- all trust nominees; Ajay Piramal, Ronen Sen and Venu Srinivasan -- all independent directors, voted in favour of the resolution that sought removal of Cyrus Mistry, Farida Khambhata, an independent director, and Ishaat Hussain, finance director, Tata Sons abstained from voting.

&quot;It was all over in minutes, no explanations and no opportunity for Cyrus Mistry to prepare a rebuttal,&quot; Nirmalya Kumar wrote.

At 3 pm Cyrus Mistry returned to his room and begun &quot;packing his personal effects.&quot; He was informed by FN Subehdar, chief operating officer, Tata Sons that it was &quot;unnecessary for Mistry to return the next day&quot; when the latter queried him about the same.

Mr Kumar said Cyrus Mistry&#39;s ouster stood out because the Tata Group had a history of only six chairmen over 148 years.

&quot;Cyrus Mistry was selected after a careful process that took over a year, and by assuming the role at the age of 46, he was expected to serve between 20-30 years,&quot; he wrote.

Nirmalya Kumar said the initial contract under which Cyrus Mistry was serving as the Chairman had been passed via a shareholder resolution of Tata Sons.

&quot;It was due to expire on 31 March 2017. Instead of the sudden, no warning dismissal, the board could have just let the clock run out in five months. By eschewing the public humiliation of Cyrus Mistry, the bloody aftermath that followed could have been avoided.

&quot;Unfortunately, instead there was the subsequent public airing of the underbelly of the Tata group as well as the deleterious impact on the reputations of Ratan Tata, Cyrus Mistry and the Tata brand,&quot; he writes.

The only winners, he said, were the public relations companies and lawyers, who are still having a field day.

On October 24 last year, Tata Sons announced that its board has replaced Mr Mistry as Chairman of Tata Sons, naming his predecessor Ratan Tata as interim chairman.

Cyrus Mistry was appointed Tata Sons chairman in November 2011 on the basis of his representation from Shapoorji Pallonji, the single largest shareholder in Tata Sons.

On February 21 this year, former head of Tata Consultancy Services N Chandrasekaran took over as the chairman of Tata Sons.

 
&nbsp;

Nirmalya Kumar, who was part of the core Group Executive Council shared the inside story in a blog

"I am being sacked" was the text message former Tata Sons chairman Cyrus P Mistry sent to his wife Rohiqa minutes after he was asked to either resign or face termination over Tata Trusts losing confidence in him for a variety of reasons. Minutes before the October 24, 2016 board meeting of Tata Sons -- the holding company of the USD 106 billion salt-to-steel conglomerate -- Ratan Tata and another board member Nitin Nohria came calling on the former chairman, claims Nirmalya Kumar, who was part of the core Group Executive Council (GEC) formed by Cyrus Mistry. "Nitin Nohria begins by proclaiming that ' Cyrus as you know the relationship between you and Ratan Tata has not been working'. Therefore, Nohria continues, Tata Trusts have decided to move a board resolution removing Cyrus as Chairman of Tata Sons. He is offered the option of resigning or facing the resolution for his removal at the upcoming board meeting," Nirmalya Kumar wrote in a blog. Ratan Tata, according to Kumar, chimes in at this stage to say he is sorry that things have reached this stage. "Cyrus Mistry calmly responds with 'gentlemen you are free to take it up at the board meeting and I will do what I have to do'," he writes. Cyrus sends a text "I am being sacked" to his wife Rohiqa, before putting on his jacket and heading for the board meeting, says Kumar in his latest blog titled 'How Cyrus Mistry was fired'. Nirmalya Kumar, who is currently a professor of marketing at Lee Kong Chian School of Business, Singapore Management University and Distinguished Fellow at INSEAD Emerging Markets Institute, states that during the meeting, Cyrus Mistry argued that the articles of association required a 15-day notice before a resolution. Another Tata Trusts nominee Amit Chandra informed the board that the legal opinion obtained by the Trusts stated such a notice was not necessary. "He offered to share the opinion, but none has been to date," Mr Kumar wrtites in his blog. While six of the eight-member board that included Vijay Singh, Amit Chandra and Nitin Nohria -- all trust nominees; Ajay Piramal, Ronen Sen and Venu Srinivasan -- all independent directors, voted in favour of the resolution that sought removal of Cyrus Mistry, Farida Khambhata, an independent director, and Ishaat Hussain, finance director, Tata Sons abstained from voting. "It was all over in minutes, no explanations and no opportunity for Cyrus Mistry to prepare a rebuttal," Nirmalya Kumar wrote. At 3 pm Cyrus Mistry returned to his room and begun "packing his personal effects." He was informed by FN Subehdar, chief operating officer, Tata Sons that it was "unnecessary for Mistry to return the next day" when the latter queried him about the same. Mr Kumar said Cyrus Mistry's ouster stood out because the Tata Group had a history of only six chairmen over 148 years. "Cyrus Mistry was selected after a careful process that took over a year, and by assuming the role at the age of 46, he was expected to serve between 20-30 years," he wrote. Nirmalya Kumar said the initial contract under which Cyrus Mistry was serving as the Chairman had been passed via a shareholder resolution of Tata Sons. "It was due to expire on 31 March 2017. Instead of the sudden, no warning dismissal, the board could have just let the clock run out in five months. By eschewing the public humiliation of Cyrus Mistry, the bloody aftermath that followed could have been avoided. "Unfortunately, instead there was the subsequent public airing of the underbelly of the Tata group as well as the deleterious impact on the reputations of Ratan Tata, Cyrus Mistry and the Tata brand," he writes. The only winners, he said, were the public relations companies and lawyers, who are still having a field day. On October 24 last year, Tata Sons announced that its board has replaced Mr Mistry as Chairman of Tata Sons, naming his predecessor Ratan Tata as interim chairman. Cyrus Mistry was appointed Tata Sons chairman in November 2011 on the basis of his representation from Shapoorji Pallonji, the single largest shareholder in Tata Sons. On February 21 this year, former head of Tata Consultancy Services N Chandrasekaran took over as the chairman of Tata Sons.

'It was all over in minutes': A first-person account of how Cyrus Mistry was sacked

The Delhi High Court has approved a settlement of the $1.18 billion dispute between Tata Sons and NTT DoCoMo, allowing the Indian firm to buy out the Japanese firm&#39;s stake in the telecoms joint venture, TV news channels reported on Friday.

India&#39;s central bank had blocked Tata&#39;s offer, saying a rule change in 2016 prevented foreign investors from selling stakes in Indian firms at a pre-determined price.

DoCoMo entered India in 2009 with an investment of nearly $2.2 billion in Tata group&#39;s telecoms arm Tata Teleservices for a 26.5 per cent stake in the venture. Competition and a low subscriber base forced DoCoMo to rethink its strategy and it decided to get out of India in 2014.

Under the terms of the deal, in the event of an exit, DoCoMo was guaranteed the higher of either half its original investment, or its fair value.

Tata was unable to find a buyer for the Japanese firm&#39;s stake and offered to buy the stake itself for half of DoCoMo&#39;s investment.

(Reuters)

The HC has allowed Tata Sons to buy out the Japanese firm's stake in the telecoms joint venture

The Delhi High Court has approved a settlement of the $1.18 billion dispute between Tata Sons and NTT DoCoMo, allowing the Indian firm to buy out the Japanese firm's stake in the telecoms joint venture, TV news channels reported on Friday. India's central bank had blocked Tata's offer, saying a rule change in 2016 prevented foreign investors from selling stakes in Indian firms at a pre-determined price. DoCoMo entered India in 2009 with an investment of nearly $2.2 billion in Tata group's telecoms arm Tata Teleservices for a 26.5 per cent stake in the venture. Competition and a low subscriber base forced DoCoMo to rethink its strategy and it decided to get out of India in 2014. Under the terms of the deal, in the event of an exit, DoCoMo was guaranteed the higher of either half its original investment, or its fair value. Tata was unable to find a buyer for the Japanese firm's stake and offered to buy the stake itself for half of DoCoMo's investment. (Reuters)

Delhi High Court approves $1.18 billion settlement of Tata-DoCoMo dispute

N Chandrasekaran, or Chandra as he is fondly known, took over as the chairman of Tata Sons on Tuesday.

He will be the first non-Parsi to become chairman of Tata Sons -- India&#39;s most diversified business group.

He replaces ex-Chairman Cyrus Mistry, who was unceremoniously driven out of the company on October 24, 2016, and Ratan Tata who had been interim chairman after Mistry.

Chandra, before entering Bombay House, said he &quot;will do everything we need to do, to delight (the) people who are proud of the group&quot;.&nbsp;

Chandra, a former Tata Consultancy Services CEO and MD, has taken the corner office at Bombay House, with investors cheering the move.

The stocks of listed Tata Group companies were in the green, rising between 36 bps and 2% from their previous close.

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Will do everything we need to do,to delight people who are proud of the group: N.Chandrasekaran(he will take over as chairman of Tata Sons ) <a href="https://t.co/SlJgFTTJTF">pic.twitter.com/SlJgFTTJTF</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/833890051994054657">February 21, 2017</a></blockquote>
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Mumbai: N.Chandrasekaran reaches Bombay House, he will take over as chairman of Tata Sons today. <a href="https://t.co/ZW6PXZS3qu">pic.twitter.com/ZW6PXZS3qu</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/833889151372161024">February 21, 2017</a></blockquote>
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&nbsp;

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Mumbai: Ratan Tata also reached Bombay House, he was serving as interim-chairman of Tata Sons, will handover the charge to N.Chandrasekaran. <a href="https://t.co/TDeyPCqVrz">pic.twitter.com/TDeyPCqVrz</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/833895841693892612">February 21, 2017</a></blockquote>
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Speaking to reporters on Tuesday, Natarajan said he would do his best to keep enhancing the company&#39;s goodwill.

&quot;The group is in the hearts and minds of people in India and globally. We will work together to drive discipline on capital allocation and shareholder returns. The company has always shown tremendous spirits in terms of pioneering and leadership,&quot; he said.

On Monday, Chandra was also appointed the non-executive chairman of TCS effective February 21.

Chandrasekaran joined TCS in 1987 after completing his education in computer applications from Royal Engineering College, Trichy in India&#39;s southern state of Tamil Nadu.

(WION)

'Will do everything we need to do to delight people who are proud of the group,' he says

N Chandrasekaran, or Chandra as he is fondly known, took over as the chairman of Tata Sons on Tuesday. He will be the first non-Parsi to become chairman of Tata Sons -- India's most diversified business group. He replaces ex-Chairman Cyrus Mistry, who was unceremoniously driven out of the company on October 24, 2016, and Ratan Tata who had been interim chairman after Mistry. Chandra, before entering Bombay House, said he "will do everything we need to do, to delight (the) people who are proud of the group". Chandra, a former Tata Consultancy Services CEO and MD, has taken the corner office at Bombay House, with investors cheering the move. The stocks of listed Tata Group companies were in the green, rising between 36 bps and 2% from their previous close. Will do everything we need to do,to delight people who are proud of the group: N.Chandrasekaran(he will take over as chairman of Tata Sons ) pic.twitter.com/SlJgFTTJTF — ANI (@ANI_news) February 21, 2017 × Mumbai: N.Chandrasekaran reaches Bombay House, he will take over as chairman of Tata Sons today. pic.twitter.com/ZW6PXZS3qu — ANI (@ANI_news) February 21, 2017 × Mumbai: Ratan Tata also reached Bombay House, he was serving as interim-chairman of Tata Sons, will handover the charge to N.Chandrasekaran. pic.twitter.com/TDeyPCqVrz — ANI (@ANI_news) February 21, 2017 × Speaking to reporters on Tuesday, Natarajan said he would do his best to keep enhancing the company's goodwill. "The group is in the hearts and minds of people in India and globally. We will work together to drive discipline on capital allocation and shareholder returns. The company has always shown tremendous spirits in terms of pioneering and leadership," he said. On Monday, Chandra was also appointed the non-executive chairman of TCS effective February 21. Chandrasekaran joined TCS in 1987 after completing his education in computer applications from Royal Engineering College, Trichy in India's southern state of Tamil Nadu. (WION)

N Chandrasekaran takes over as Tata Sons chairman, investors cheer

The National Company Law Appellate Tribunal (NCLAT) on Friday turned down Cyrus Mistry&#39;s appeal to defer the extraordinary general meeting (EGM) called 
by Tata Sons on February 6 to consider the removal of the ousted Tata Sons chairman from its board.

&quot;We are dismissing the appeal filed by Cyrus Mistry,&quot; said the two member-NCLAT bench headed by chairperson S J Mukhopadhya, ANI reported.

Mistry had challenged the decision of the NCLAT&#39;s Mumbai bench which permitted Tata Sons to hold the meeting.

Cyrus Investment Pvt Ltd and Sterling Investment Corp Ltd, which together hold 18.5 per cent of shares in Tata Sons, had filed a contempt of court petition at the 
NCLAT seeking a stay on Tata Sons holding the EGM.

The petition sought punishment, including simple imprisonment for a term which may extend upto six months, or a fine which may extend to Rs 2,000, or both.

Mistry was sacked as the chairman of Tata Sons last year in October after which he resigned from the board of the company.&nbsp;

He then complained against Tata Sons to the tribunal, alleging &quot;mismanagement&quot; of the firm and &quot;oppression&quot; of minority shareholders,&nbsp;

(WION with inputs from ANI)

Tata Sons has called an EGM on February 6 to consider the removal of Cyrus Mistry from its board

The National Company Law Appellate Tribunal (NCLAT) on Friday turned down Cyrus Mistry's appeal to defer the extraordinary general meeting (EGM) called by Tata Sons on February 6 to consider the removal of the ousted Tata Sons chairman from its board. "We are dismissing the appeal filed by Cyrus Mistry," said the two member-NCLAT bench headed by chairperson S J Mukhopadhya, ANI reported. Mistry had challenged the decision of the NCLAT's Mumbai bench which permitted Tata Sons to hold the meeting. Cyrus Investment Pvt Ltd and Sterling Investment Corp Ltd, which together hold 18.5 per cent of shares in Tata Sons, had filed a contempt of court petition at the NCLAT seeking a stay on Tata Sons holding the EGM. The petition sought punishment, including simple imprisonment for a term which may extend upto six months, or a fine which may extend to Rs 2,000, or both. Mistry was sacked as the chairman of Tata Sons last year in October after which he resigned from the board of the company. He then complained against Tata Sons to the tribunal, alleging "mismanagement" of the firm and "oppression" of minority shareholders, (WION with inputs from ANI)

Setback for Cyrus Mistry: Law tribunal rejects plea to defer Tata Sons EGM

India&#39;s National Company Law Tribunal (NCLT) on Wednesday dismissed a contempt petition filed by two companies owned by ousted Tata Sons chairman Cyrus Mistry&#39;s family against Tata Sons and its directors.&nbsp;

The companies had alleged violation of NCLT directives in taking steps to remove Cyrus Mistry from the board of Tata Sons.

Pronouncing the operative part of the order, a division bench of NCLT said, &quot;the contempt petition is dismissed.&quot;

The bench was of the view that the action of Tata Sons did not amount to contempt of court.

The bench, however, gave liberty to the Mistry family companies to file an affidavit within three days on the issue of Tata Sons holding an Extraordinary General Meeting (EGM) on February 6.

Tata Sons was also asked to file a rejoinder, if any, three days thereafter.

In their petition, Cyrus Investments Ltd and Sterling Investment had also sought injunction against the Tata Sons barring them from &quot;convening or holding of the EGM scheduled for February 6, 2017 or any other date or from transacting any business threat.&quot;

NCLT kept this matter for hearing on January 31 and February 1 when the main petition filed earlier by the two Mistry companies against Tata Sons would be heard.

The earlier petition had challenged Mistry&#39;s removal as the chairman of Tata Sons alleging bad practices, oppression and mismanagement in the holding company.

NCLT, on December 22 last year, had refused interim relief and posted the main petition for hearing on January 31 and February 1. Today, the tribunal clubbed the issue of holding EGM of February 6 along with the hearing of the main petition.

Meanwhile, the Mistry companies filed a contempt plea with NCLT against Tata Sons accusing them of &quot;committing a breach&quot; of an NCLT order of December 22 by giving a special notice on January 3, 2017, for removal of Mistry as a director of the board of Tata Sons, &quot;in the clear violation of the order&quot;.

It sought punishment for Ratan Tata, other directors of Tata Sons and trustees of Sir Ratan Tata Trust and Sir Dorabjee Trust &mdash; N A Soonawala, R K Krishnakumar and R Venkatramana &mdash; under the Contempt of Court Act which provides for simple imprisonment for a term which may extend to six months or fine of Rs 2,000 or both.

Last October, Tata Sons removed Mistry as its Chairman, nearly four years after he took over the reins of the over USD 100 billion salt-to-software conglomerate.

A Sundaram, counsel for Mistry&#39;s family companies, had argued that removal of Mistry as a director of Tata Sons could have waited.

He contended that by calling an EGM to remove Mistry as a director of the company, Tata Sons and others had committed direct violation of the December 22 tribunal order and its action amounted to &quot;wilful disobedience&quot; of NCLT&#39;s order in an earlier petition filed by Mistry&#39;s family owned companies against Tata Sons.

Sundaram further argued that the move to remove Mistry was against the spirit of the NCLT order which had earlier stated that the respondents will not &quot;initiate any action or proceedings over this subject matter pending disposal of the company petition.&quot;

The contempt petition contended that the move of Tata Sons to call an EGM on February 6 to remove Mistry as a director violated the undertaking given by its lawyers to NCLT which heard an earlier petition filed by the investment firms on December 22.

The lawyers had assured the Tribunal that no further action would be taken in this matter until the petition was finally heard and disposed of, said the contempt petition.

Abhishek Manu Singhvi, counsel for Tata Sons, said the respondents &mdash; Tata Sons and its Directors &mdash; had not committed any contempt of NCLT by calling an EGM to remove Mistry.

Singhvi had argued that Tata Sons had not given any specific undertaking to the Tribunal earlier that Mistry would not be removed as director from the company. Hence, there was no contempt committed by Tata Sons and others.

The Tata Sons&#39; lawyer further argued that there was nothing implicit in the order of NCLT of December 22 that Mistry should not be removed.

He had said that Tata Sons had no option but to remove Mistry from the board because he violated his fiduciary duty to the share-holders by leaking confidential information which was damaging to Tata companies.

He argued that Tata Sons was seeking Mistry&#39;s removal as a director as he was acting in a manner detrimental to the company.

(PTI)

The companies had alleged violation of the tribunal directives in taking steps to remove Cyrus Mistry from the board of Tata Sons

India's National Company Law Tribunal (NCLT) on Wednesday dismissed a contempt petition filed by two companies owned by ousted Tata Sons chairman Cyrus Mistry's family against Tata Sons and its directors. The companies had alleged violation of NCLT directives in taking steps to remove Cyrus Mistry from the board of Tata Sons. Pronouncing the operative part of the order, a division bench of NCLT said, "the contempt petition is dismissed." The bench was of the view that the action of Tata Sons did not amount to contempt of court. The bench, however, gave liberty to the Mistry family companies to file an affidavit within three days on the issue of Tata Sons holding an Extraordinary General Meeting (EGM) on February 6. Tata Sons was also asked to file a rejoinder, if any, three days thereafter. In their petition, Cyrus Investments Ltd and Sterling Investment had also sought injunction against the Tata Sons barring them from "convening or holding of the EGM scheduled for February 6, 2017 or any other date or from transacting any business threat." NCLT kept this matter for hearing on January 31 and February 1 when the main petition filed earlier by the two Mistry companies against Tata Sons would be heard. The earlier petition had challenged Mistry's removal as the chairman of Tata Sons alleging bad practices, oppression and mismanagement in the holding company. NCLT, on December 22 last year, had refused interim relief and posted the main petition for hearing on January 31 and February 1. Today, the tribunal clubbed the issue of holding EGM of February 6 along with the hearing of the main petition. Meanwhile, the Mistry companies filed a contempt plea with NCLT against Tata Sons accusing them of "committing a breach" of an NCLT order of December 22 by giving a special notice on January 3, 2017, for removal of Mistry as a director of the board of Tata Sons, "in the clear violation of the order". It sought punishment for Ratan Tata, other directors of Tata Sons and trustees of Sir Ratan Tata Trust and Sir Dorabjee Trust — N A Soonawala, R K Krishnakumar and R Venkatramana — under the Contempt of Court Act which provides for simple imprisonment for a term which may extend to six months or fine of Rs 2,000 or both. Last October, Tata Sons removed Mistry as its Chairman, nearly four years after he took over the reins of the over USD 100 billion salt-to-software conglomerate. A Sundaram, counsel for Mistry's family companies, had argued that removal of Mistry as a director of Tata Sons could have waited. He contended that by calling an EGM to remove Mistry as a director of the company, Tata Sons and others had committed direct violation of the December 22 tribunal order and its action amounted to "wilful disobedience" of NCLT's order in an earlier petition filed by Mistry's family owned companies against Tata Sons. Sundaram further argued that the move to remove Mistry was against the spirit of the NCLT order which had earlier stated that the respondents will not "initiate any action or proceedings over this subject matter pending disposal of the company petition." The contempt petition contended that the move of Tata Sons to call an EGM on February 6 to remove Mistry as a director violated the undertaking given by its lawyers to NCLT which heard an earlier petition filed by the investment firms on December 22. The lawyers had assured the Tribunal that no further action would be taken in this matter until the petition was finally heard and disposed of, said the contempt petition. Abhishek Manu Singhvi, counsel for Tata Sons, said the respondents — Tata Sons and its Directors — had not committed any contempt of NCLT by calling an EGM to remove Mistry. Singhvi had argued that Tata Sons had not given any specific undertaking to the Tribunal earlier that Mistry would not be removed as director from the company. Hence, there was no contempt committed by Tata Sons and others. The Tata Sons' lawyer further argued that there was nothing implicit in the order of NCLT of December 22 that Mistry should not be removed. He had said that Tata Sons had no option but to remove Mistry from the board because he violated his fiduciary duty to the share-holders by leaking confidential information which was damaging to Tata companies. He argued that Tata Sons was seeking Mistry's removal as a director as he was acting in a manner detrimental to the company. (PTI)

Relief for Tata Sons as tribunal rejects contempt plea by Cyrus Mistry's companies

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

Tata Sons' board has named TCS head N. Chandrasekaran as the chairman of Tata Sons

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

Chandrasekaran named Tata Sons chairman

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

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

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

N Chandrasekaran named Tata Sons chairman

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

Ratan Tata said Mistry's decision to go public with minutes from board meetings had caused harm to Tata group companies

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

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

Shareholders of Tata Motors have voted to remove independent director Nusli Wadia from the board of directors.

In the extraordinary general meeting of shareholders held yesterday, 71.20 per cent of the votes polled voted in favour of a resolution moved by promoter Tata Sons seeking his removal, according&nbsp;to a regulatory filing by the company.

Of the 293.60 crore shareholders, 69.93 per cent took part in the voting, of which 70.20 per cent voted for Wadia&#39;s removal and 28.8 per cent against.

On Wednesday, Wadia was removed as independent director from the board of Tata Steel.&nbsp;

(PTI)&nbsp;

A majority of shareholders, just over 70%, voted for Tata Sons' resolution to remove the independent director

Shareholders of Tata Motors have voted to remove independent director Nusli Wadia from the board of directors. In the extraordinary general meeting of shareholders held yesterday, 71.20 per cent of the votes polled voted in favour of a resolution moved by promoter Tata Sons seeking his removal, according to a regulatory filing by the company. Of the 293.60 crore shareholders, 69.93 per cent took part in the voting, of which 70.20 per cent voted for Wadia's removal and 28.8 per cent against. On Wednesday, Wadia was removed as independent director from the board of Tata Steel. (PTI)

Tata Motors removes Wadia from board of directors

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

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

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

Cyrus Mistry launches legal battle against Tata Sons: Sources

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

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

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

Tata Sons says will contest allegations of former chairman Cyrus Mistry

Ratan Tata is &quot;most likely&quot; to step down as the chairman of&nbsp;Tata Trusts, which control a 66 per cent stake in the $100 billion Tata conglomerate&#39;s holding company Tata Sons, said a Times of India report citing Tata&#39;s long-time confidant RK Krishna Kumar.

The Trusts have asked an external consultant to advise them on the selection process, which could be completed by the middle of next year, said Krishna Kumar according to the report, adding that the next chairman of the Trusts will be an Indian, but not necessarily a member of the Tata family.

The role of the Trusts has been at the centre of the ongoing feud between Tata and Tata Sons&#39; ousted chairman Cyrus Mistry.

Tata Trusts and Tata Sons were not immediately reachable for comment on the Times of India report.

&quot;The next chairman has to be someone who has the right vision and be in complete alignment with the will of the Tata Group founders,&quot; said Krishna Kumar, a group veteran and a trustee of the Tata Trusts, according to the report.

He added that Tata&#39;s successor at the Tata Trusts could be an external person even though the current trustees are free to suggest potential candidates, the report said.

In public letters to group company shareholders, Mistry has said the trustees abused their position by calling for information and seeking discussions on matters they considered material and dictating Tata Sons&#39; decisions using veto right of their nominee directors.

Tata Sons has rejected those claims&nbsp;and has blamed Mistry for governance lapses.

(Reuters)

According to a Times of India report, the next chairman will be an Indian, but not necessarily a member of the Tata family

Ratan Tata is "most likely" to step down as the chairman of Tata Trusts, which control a 66 per cent stake in the $100 billion Tata conglomerate's holding company Tata Sons, said a Times of India report citing Tata's long-time confidant RK Krishna Kumar. The Trusts have asked an external consultant to advise them on the selection process, which could be completed by the middle of next year, said Krishna Kumar according to the report, adding that the next chairman of the Trusts will be an Indian, but not necessarily a member of the Tata family. The role of the Trusts has been at the centre of the ongoing feud between Tata and Tata Sons' ousted chairman Cyrus Mistry. Tata Trusts and Tata Sons were not immediately reachable for comment on the Times of India report. "The next chairman has to be someone who has the right vision and be in complete alignment with the will of the Tata Group founders," said Krishna Kumar, a group veteran and a trustee of the Tata Trusts, according to the report. He added that Tata's successor at the Tata Trusts could be an external person even though the current trustees are free to suggest potential candidates, the report said. In public letters to group company shareholders, Mistry has said the trustees abused their position by calling for information and seeking discussions on matters they considered material and dictating Tata Sons' decisions using veto right of their nominee directors. Tata Sons has rejected those claims and has blamed Mistry for governance lapses. (Reuters)

Ratan Tata 'most likely' to step down as chairman of Tata Trusts: Report

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