The Board has decided to confer on Ratan Tata the honorary title of Chairman Emeritus.
NCLT in its judgement said: "The removal of Cyrus Mistry as executive chairperson was because the board lost confidence and not because they were contemplating that he would cause discomfort to Ratan Tata, N Soonawala and others.' "The Board is competent to remove an executive chairman. Mr Mistry's removal from the position of director came because he admittedly sent out company information to the I-T (department), press, and came out in public against the board and the trust."
As the Ratan Tata Endowment Foundation and Trust are new entities, the continuous CSR fund flows from Tata Sons will help it undertake new projects.
The Tata Trusts, led by the Sir Ratan Tata Trust and the Sir Dorabji Tata Trust, hold a 66 per cent stake in Tata Sons, the Tata group's holding company.
Tata Sons said dividend from 40-odd Tata Group firms had declined during Mistry's tenure while expenses had risen
Tata Sons will increase its stake in budget carrier AirAsia India (AAI) to 83.67 per cent by acquiring an additional 32.67 per cent for $37.66 million from AirAsia Investment Ltd (AAIL), according to a regulatory filing. Currently, AAIL, which is a wholly-owned subsidiary of Malaysia-based AirAsia, holds 49 per cent stake in the Bengaluru-based AirAsia India. In a regulatory filing to stock exchange Bursa Malaysia, AirAsia said, "The board of directors of AirAsia wishes to announce that its wholly-owned subsidiary AAIL and Tata Sons Pvt Ltd, India, on December 29, entered into a share purchase agreement."
Tejas Networks, a telecom and network firm, on Thursday said an arm of Tata Sons will acquire controlling stake in it for nearly Rs 1,890 crore in a multi-step deal. The company has executed definitive agreements with Panatone Finvest, a subsidiary of Tata Sons (Tata group holding firm), it said in a statement. As part of the agreement, the company will make a preferential allotment of 1.94 crore equity shares at a price per equity share of Rs 258 per share aggregating to Rs 500 crore to Panatone.
Noel Tata -- the half-brother of late Rata Tata -- who takes over as chairman of Tata Trusts, has been with the Tata Group for over four decades, slowly rising through the ranks in the salt-to-software conglomerate. Having functioned mostly under the shadows of his illustrious half-brother, Noel (67) will now have the responsibility of leading the Tata Trusts -- broadly comprising Sir Ratan Tata Trust & Allied Trusts, and Sir Dorabji Tata Trust & Allied Trusts -- that hold a controlling 66 per cent stake in Tata Sons, the holding and promoter firm of Tata Group companies.
Half a dozen names are doing the rounds as replacement for Cyrus Mistry as the chairman of the Tata Group.
Noel, Ratan Tata's half-brother and Mistry's brother-in-law, was a contender for the top position when Mistry was chosen as chairman in 2011.
At TCS, Chandrasekaran would be succeeded by Rajesh Gopinathan, currently the company's chief financial officer.
Kumar will hold responsibility for strategy at the group level.
Funds will be raised via non-cumulative preference shares issued to Tata Sons on rights basis
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The proposal of Tatas and Singapore Airlines for a new joint venture, entailing foreign investment of $49 million, is likely to come up before the Foreign Investment Promotion Board for approval on October 18.
Will it be Noel Tata, Ratan Tata's half brother?
The infusion will help the airlines plan their next rounds of operations as easing of 5/20 norms
Vistara's growth and future funding requirement would hinge on how soon the government changes these rules.
Terms reveal that such premature redemption is allowable on dividend reset dates in case there is no agreement on the dividend rate
With Amit Chandra's appointment, the Tata Sons board now has nine directors.
'We consider everyone who lost someone in this tragedy as part of our family -- now and forever.'
Most airlines have fattened their profits, turned the corner, or cut their losses, except AirAsia India.
'We're always looking at how we can keep improving, keep getting better, and keep learning.'
It was a shop that we grew up with and one that saw us grow. As children in boarding school, items bought from Krishnaji's store were like living symbols from home.
Former Civil Aviation Minister and senior NCP leader Praful Patel on Wednesday questioned the "silence" of Singapore Airlines over the horrific crash of an Air India Boeing 787-8 Dreamliner in Ahmedabad last week.
Tata Sons chairman N Chandrasekaran on Thursday skipped the Annual General Meeting of Tata Consultancy Services (TCS), marking his absence from the group's shareholder gathering for the second consecutive day. This is the first time in over 17 years that Chandrasekaran, who was elevated as the chairman of the diversified conglomerate after working as TCS's chief executive, has missed the AGM of the largest IT services company.
Ratan Tata: A Life, the much awaited biography, reveals that after a year of 'parallel running', Tata began having second thoughts about Cyrus Mistry's 'suitability'. 'Mistry targeted Ratan, the man who had elevated him from virtual oblivion into the mainstream of the Tatas...'
Ratan was extremely ethical in his dealings, which he brought to bear on the business house which he helmed, remembers Sailesh Kottary.
His resignation as chairman of the government's skill development agencies triggered talk that he may be headed back to the Tata Group where a search committee is looking for a full-time chairman.
'It is notable how humble he was and didn't want anything different just because he was a Tata.'
Shares of Tata Group companies on Thursday rose up to 10 per cent, with Tata Chemicals and Tata Teleservices among the major gainers. Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday. He was 86. "Investors can pay tribute to Ratan Tata and the great corporate empire he built by buying stocks like TCS, Tata Motors, Tata Steel, Tata Consumer and Indian Hotels.
Companies such as Tata Sons and Bharti Telecom, which are unlisted but have listed subsidiaries, may soon have to file periodic financial statements with the registrar of companies under the new provision of the Companies Act. The provision requires greater financial disclosures by a certain category of unlisted companies.
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.
United States Ambassador to India, Eric Garcetti, expressed condolences on veteran industrialist, Ratan Tata's demise on Thursday and said that India, and the world have 'lost a giant with a giant heart'.
Even as the government is trying to park politicians on the boards of 'Navratna' companies, an official committee has cleared names of people like Tata Sons chairman Ratan Tata for appointment as independent directors on the board of HAL.
The billionaire Mistry family's estate is likely to soon change hands. The assets in the name of Cyrus Mistry, who died in September last year, may soon be divided equally among his wife Rohiqa and sons Firoz and Zahan, according to sources. The reorganisation will also include the 9.2 per cent stake in Tata Sons, which is currently in Cyrus Mistry's name and held through his investment company Cyrus Investments.
A timeline of events related to the investigation of the Air India Boeing 787 crash in Ahmedabad, including investigation initiation, black box recovery, and safety measures taken.
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