Refuting Tat's charges about Welspun buy, Mistry said to even suggest that the Tata Sons board including the nominee directors of the Tata Trusts had not been adequately informed is contrary to the factual record
Tata Group is set to become India's first homegrown iPhone maker after Taiwan's Wistron Group agreed to sell a plant in Bengaluru to India's largest conglomerate. Wistron's board approved the sale of Wistron InfoComm Manufacturing (India) Private Ltd to Tata Electronics for $125 million, the Taiwanese electronics manufacturer said in a statement on Friday. The unit operates an iPhone assembly plant near Bengaluru.
Refusing to be drawn into a point by point clarification of Mistry's letter, the company said: "It will be beneath the dignity of Tata Sons to engage in a public spat with regard to the several unfounded allegations appearing in his leaked confidential statement."
It is believed that Tata Sons was unhappy with Mistry's approach of shedding non-profit businesses, including the conglomerate's steel business in Europe, and concentrating only on cash cows
Billionaire Mukesh Ambani on Tuesday showered lavish praises on Tata Group chairman N Chandrasekaran, saying he has scripted the salt-to-software conglomerate's spectacular growth in recent years. Sharing the dais with Chandrasekaran at the 10th convocation of Pandit Deendayal Energy University in Gandhinagar, Ambani said Tata Group's gigantic steps in the field of renewable energy under his leadership are inspirational.
Ahead of the board meeting that afternoon, in fact only minutes before that, then chairman Cyrus Mistry was given an opportunity to step down, it is learnt. But, Mistry declined
In a major victory for the Tata Group, the Supreme Court on Friday set aside the NCLAT order restoring Cyrus Mistry as the executive chairman of the conglomerate.
Chandrasekaran served TCS for three decades as it rose to become the largest IT company in the country and also the crown jewel for Tata Sons
Tata Sons on Friday announced organisational changes, bringing in S Padmanabhan as the group human resources head.
"Tata Sons board is meeting tomorrow (Friday) to consider the proposal to bid for Jet Airways," people in the know of the development told PTI.
The Cyrus Mistry camp is confident that independent directors will take their cue from their counterparts in Indian Hotels.
With the addition of these two directors, the total Board strength of the company increases to 14 which include seven independent directors, including O P Bhatt, Tata Consultancy Services said.
Mistry will work with Ratan Tata over the next year and take over from him when he retires.
Tata Group is the country's most valuable group and has an estimated 4.1 million shareholders across its various listed companies
Due to the group's presence across multiple businesses, it is in a unique position in the aviation industry to bring the best of talents.
'He was a practical person who ensured that he thought about the common man, animals, the fact that they have a life and they have to be respected.'
The Supreme Court in its order said it was not open for SP group companies to call Ratan Tata a "shadow director" when the board of which Cyrus Mistry was chairman had nominated him as chairman emeritus of the USD 100 billion salt-to-software Tata group.
Tata had led the salt-to-software conglomerate for 21 years after being chosen successor by his uncle, the iconic JRD Tata, in 1991.
Tata Sons on Thursday announced the appointment of Campbell Wilson as chief executive officer and managing director of Air India. Wilson is the founding CEO of low-cost airline Scoot.
A division bench of Justices Ranjit More and Bharati Dangre on Monday quashed and set aside the proceedings.
While four of the directors would be nominated by Tata Sons, the other two would be representatives of Singapore Airlines.
The government is keeping a "close watch" on the developments relating to the Tata-Mistry case, but does not want to "interfere" at present as it was an "internal matter" of a private group, Ministry of State for Corporate Affairs Arjun Ram Meghwal has said.
The price movement and trading volumes for few days prior to Mistry's ouster will also be looked into
JV will set up a full-service carrier based out of New Delhi.
A revered figure in India's domestic circuit, Milind Rege played A crucial role in Mumbai's 42nd Ranji Trophy triumph last season after coming on board as Cricket Advisor.
The new alliance will help the Tatas realise their long-cherished dream of flying abroad, while Singapore Airlines will get a foothold in the expanding Indian market
The NCLAT, in its December 18, 2019 order, had restrained the company, its board of directors and shareholders from exercising the power under the article against minority members except in exceptional circumstances and in the interest of company. A bench headed by Chief Justice S A Bobde dealt with this issue in its 282-page verdict which set aside the NCLAT's order that had restored Cyrus Mistry as the executive chairman of the USD 100 billion salt-to-software conglomerate.
Here stood a man who embodied the legacy of whatever Brand Tata stood for, embellished it, and departed into the long night, leaving the brand legacy for others to further enrich, notes R Gopalakrishnan.
Shareholders of industry giants Adani Enterprises, Reliance Industries, and Tata Motors - the latter two are part of the Sensex - will decide on combined related-party transactions of more than Rs 2.68 trillion proposed for this financial year and later. Related-party transactions for BSE 500 companies touched at least a six-year high of Rs 42.1 trillion in FY23, the Capitaline data shows. The Rs 42.1 trillion includes related-party transactions both at balance-sheet and profit-and-loss levels.
'Tata A&D, when formed, will be better equipped to execute larger and more complex projects and be more globally competitive as part of the global supply chain.'
Tata, 78, who retired as Tata Group Chairman nearly four years back, justified his return for "maintaining stability and continuity of leadership" and promised to give the group "a world-class leader" when a fulltime boss is appointed.
Mistry indeed followed standards of corporate governance so that it should not create any controversies at a later date
Amid speculation over Tata Sons chairman Ratan Tata's successor, the group has said that the selection committee has interviewed several candidates, both internal and external, but no final decision has been taken.
Tatas' best bet would be to find an insider who understands the systems, say headhunters
Starting the process of incorporating a new company for its proposed aviation venture with Singapore Airlines, Tata group has sought to register this entity as 'Tata SIA Airlines Limited'.
The last date to submit bids is March 17 but the deadline could be extended if there are requests from potential bidders.
Tata Group expects to do some tightrope walking on legal issues in the days ahead.
"The strategic divestment transaction of Air India successfully concluded today with transfer of 100 per cent shares of Air India to M/s Talace Pvt Ltd along with management control," DIPAM secretary Tuhin Kanta Pandey said in a tweet. A new board, led by the strategic partner, takes charge of Air India, he added.
The parties have jointly applied to the Delhi high court, requesting that it accept their agreed terms of settlement, subject to such further orders as the court sees fit, it said.
'Tata may have sensed that the suddenness of the decision to replace Mistry would become controversial and it was proper to keep the prime minister informed of the decision,' says A K Bhattacharya.
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