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

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

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

Cyrus Mistry ousted as TCS director after shareholders meeting

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Tata Global Beverages board removes Cyrus Mistry as chairman

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

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

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

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

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

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

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

Tata removes Mistry as TCS chair, Hussain interim chairman

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

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

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

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

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

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

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

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

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

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

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

Tata veteran resigns from government posts, sparks talks of reunion

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Tata stocks plunge on concerns over Mistry letter

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cyrus Mistry files four caveats against Tata trusts: Media

Indian business conglomerate &nbsp;Shapoorji Pallonji group said on Tuesday that it has not yet decided on taking legal recourse after Cyrus Mistry was replaced by Ratan Tata as the Chairman of Tata Group.

The group is studying the &#39;circumstances&#39;, Press Trust of India reported.

Shapoorji, the single largest shareholder of Tata Sons, said it will make a statement when it becomes necessary. It holds 18.4 per cent stake in Tata Sons.

&quot;Neither the SP Group nor Mr Cyrus Mistry have made any statement yet. While the circumstances are being studied, there is no basis to media speculation about litigation at this stage. As and when a public statement becomes necessary, it would be made,&quot; the construction group said in an emailed statement.

Tata Sons on Monday removed Cyrus Mistry as its chairman, four years after he took over the conglomerate. Ratan Tata will be the interim chairman of Tata Sons for four months till a replacement is found.

No reasons have been given yet for the change of leadership. Mistry had replaced Tata on December 29, 2012 to head the over USD 100 billion company.

(With inputs from PTI)

Shapoorji, the largest single shareholder of Tata Sons, said it will make a statement when it becomes necessary

Indian business conglomerate Shapoorji Pallonji group said on Tuesday that it has not yet decided on taking legal recourse after Cyrus Mistry was replaced by Ratan Tata as the Chairman of Tata Group. The group is studying the 'circumstances', Press Trust of India reported. Shapoorji, the single largest shareholder of Tata Sons, said it will make a statement when it becomes necessary. It holds 18.4 per cent stake in Tata Sons. "Neither the SP Group nor Mr Cyrus Mistry have made any statement yet. While the circumstances are being studied, there is no basis to media speculation about litigation at this stage. As and when a public statement becomes necessary, it would be made," the construction group said in an emailed statement. Tata Sons on Monday removed Cyrus Mistry as its chairman, four years after he took over the conglomerate. Ratan Tata will be the interim chairman of Tata Sons for four months till a replacement is found. No reasons have been given yet for the change of leadership. Mistry had replaced Tata on December 29, 2012 to head the over USD 100 billion company. (With inputs from PTI)

No decision yet on legal recourse to Mistry ouster: Shapoorji group

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

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

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

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

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