At the end of last quarter, Tata Sons held 144,34,51,698 total shares or 73.75 per cent stake in TCS, out of which 7,95,00,000 shares were pledged.
Cyrus Mistry, who was replaced as chairman of Tata Sons last Monday, October 24, still serves as the chairman of Tata Steel, Tata Motors, Tata Consultancy Services, Indian Hotels, Tata Global Beverages, Tata Chemicals, Tata Industries and Tata Teleservices.
From small restaurants to mighty software companies, it is businesses, not the government, that create jobs. Yet, in a cruel irony, they have to fight extortive and brutal State power every step of the way, says Debashis Basu.
Tech major's shareholders will receive total dividend of Rs 15,474 crore in FY15
Of the six chairmen that Tata group has had in its 148 years, the longest serving was Jehangir Ratanji Dadabhoy
Mistry will work with Ratan Tata over the next year and take over from him when he retires.
The objective of the council is to provide strategic and operational support to the group chairman.
The Tata Sons controversy has raised governance concerns. Arun Duggal and Mohandas Pai on the role of independent directors in such conflict situations.
In absence of hard facts, the group risks losing public trust, says the firm, which has investment from the Tatas
The price movement and trading volumes for few days prior to Mistry's ouster will also be looked into
Tata Group expects to do some tightrope walking on legal issues in the days ahead.
The Tata group companies are now more valuable than all the listed central public sector undertakings (CPSUs) or companies in the country. The key 20 listed Tata companies ended the 2021 calendar year with a combined market capitalisation of Rs 23.36 trillion, ahead of the 70 listed CPSUs, which had a combined m-cap of Rs 23.2 trillion. In comparison, these CPSUs had a combined market capitalisation of Rs 16.7 trillion at the end of December 2020 against the Tata group firms' combined m-cap of Rs 15.7 trillion.
Other legal options include approaching the NCLT alleging mismanagement and oppression of minority shareholder
In 2019-20, Gopinathan had received a total remuneration of Rs 13.3 crore. According to TCS' annual report for 2020-21, Gopinathan received Rs 1.27 crore in salary, Rs 2.09 crore in benefits, perquisites and allowances, and Rs 17 crore in commission. TCS chief operating officer N Ganapathy Subramaniam drew a pay package of about Rs 16.1 crore in the last financial year. This includes Rs 1.21 crore in salary, Rs 1.88 crore in benefits, perquisites and allowances, and Rs 13 crore in commission.
The government will transfer about Rs 16,000 crore of unpaid fuel bills and other pending dues that Air India owes to suppliers, to a special purpose vehicle before handing over the loss-making airline to the Tata Group, a senior official said. Air India Assets Holding Ltd (AIAHL), which will hold non-core assets of Air India such as land and building, will also be saddled with 75 per cent of the airline's debt that the Tata Group is not taking over. Besides the debt, the excess liability going to AIAHL comprises unpaid fuel bills to oil companies, airport operators and vendors, said Tuhin Kanta Pandey, Secretary to the Department of Investment and Public Asset Management - the department running the privatisation programme of the government.
Tata Consultancy Services (TCS) on Friday reported a 14.1 per cent rise in consolidated net profit to Rs 9,624 crore in the September 2021 quarter, aided by broad-based growth across geographies and verticals. The Mumbai-based company had logged a net profit of Rs 8,433 crore (excluding adjustment towards a legal claim) in the year-ago period. Its revenue grew 16.7 per cent to Rs 46,867 crore for the September 2021 quarter from Rs 40,135 crore in the year-ago period.
After Singapore this is the second such nodal office opened by the new group chairman.
While the entry of 62-year-old Noel Tata, half brother of Ratan Tata, into Tata Trusts is being seen as a significant departure from the past within the salt-to-software conglomerate, Jehangir, a long-standing philanthropist is expected to add heft to Tata Trusts.
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
'Cyrus was also generous, hospitable, sharing of whatever he had.' 'He never ever acted like the inheritor of great wealth.'
Ride-hailing major Ola on Wednesday said it will launch its electric two-wheeler range in New Zealand. This will help support the New Zealand government's goal of bringing on road 64,000 new electric vehicles by the end of 2021, while also helping the public sector become carbon neutral by 2025, Ola said in a statement. According to the industry sources, the company plans to launch the range in New Zealand over the next 6-9 months.
The share of public sector undertakings (PSUs) in the total market capitalisation of listed companies--at an all-time low of 10 per cent currently --- may get a leg-up from the government's divestment push. Recently the government announced the successful sale of national carrier Air India to Tata Sons, India's first privatisation of a PSU since 2002-03. The transaction is expected to be completed by December.
The Tata Sons' chairman emeritus has been aggressively investing in start-ups, ranging from e-commerce firms to cab aggregators
Tatas' best bet would be to find an insider who understands the systems, say headhunters
After more than two decades and three attempts, the government has finally sold its flagship national carrier Air India, and it is deja vu for Maharaja as it returned home to its founding father the Tata group. Jehangir Ratanji Dadabhoy (JRD) Tata founded the airline in 1932 and named it Tata Airlines. In 1946, the aviation division of Tata Sons was listed as Air India, and in 1948, the Air India International was launched with flights to Europe. The international service was among the first public-private partnerships in India, with the government holding 49 per cent, the Tatas keeping 25 per cent and the public owning the rest. In 1953, Air India was nationalised and for the next over four decades it remained the prized possession for India controlling the majority of the domestic airspace.
While study was done before the current boardroom battle began, the findings indicate Tata is no longer viewed as aspirational brand by working professionals.
While four of the directors would be nominated by Tata Sons, the other two would be representatives of Singapore Airlines.
This move is seen as a way to create an enabling structure for the new chairman, where he or she will have the support of an experienced team to share some of the responsibilities in running the conglomerate through Tata Sons.
Virtually addressing employees of Air India across the globe, he said for the airline to be the best again there will be an organisational redesign, and it will "require a huge transformation, probably the largest transformation and the change all of you would ever go through". The carrier will expand its "outreach both domestically and internationally" and it has the desire to connect India with every part of the globe, he added.
The Tata Sons' chief said that world's reliance on China for sourcing goods will reduce, and India will definitely have an opportunity to participate.
A lot depends on how Srei shapes up under the new administrator and his team, which is critical for investors' interest.
With better utilisation of slots, foreign flying rights, and greater international connections, the operator of India's largest airport feels a privatised Air India will bring commercial benefit to Delhi airport and help it revive quicker from the pandemic shock. Delhi is the largest hub for Air India, with most of its long-haul flights to the US and Europe being operated from here. The airport plans to give its most modern terminal 3 (T3) exclusively to the Tata Group.
Cyrus Pallonji Mistry, 43, currently the Deputy Chairman of Tata Sons has been a director of Tata Sons since 2006.
The search panel might have to lower the benchmark to find a successor to the head of $71 billion business empire.
JV will set up a full-service carrier based out of New Delhi.
With a net worth of $12.6 billion, Mistry is well known for constructing some of Mumbai's landmarks such as the Reserve Bank of India headquarters, The Taj Mahal Palace and Towers, and the Oberoi Hotels
In a letter to the Business School community on Wednesday, Nohria said he will step down from the position of dean of the Harvard Business School (HBS) on June 30, 2020, after a decade in the role.
Mistry is halfway through in building Tata group's Gen Next.
The notices from the stock exchanges followed reports about Cyrus Mistry disclosing possible writedown to the tune of $18 billion faced by the conglomerate
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
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