Media baron Subhash Chandra has appealed to the National Company Law Appellate Tribunal (NCLAT) against a five-member National Company Law Tribunal (NCLT) bench's order that prevents him from selling or transferring his assets while his personal insolvency case is ongoing.
Subhash Chandra hoped that the lenders would discuss the matter with the borrowers, reconcile the outstanding accounts, and get paid by the borrowers.
N Chandrasekaran's exit marks a major shift for TCS, leaving its leadership to navigate AI disruption without the group chairman's deep expertise.
'Resolution plan with this much haircut is totally unviable.'
Tata Sons has provided Tata Trusts with three legal opinions, including those from former Supreme Court judges BN Srikrishna and UU Lalit, to assert the validity of N Chandrasekaran's reappointment as chairman for another five years, following queries from Tata Trusts regarding the September 17 board meeting resolution.
A special five-member NCLT bench has issued notices to all parties in Subhash Chandra's personal insolvency case and directed the Essel Group Chairman not to alienate his properties, either directly or indirectly, following a split verdict on a repayment plan.
Zee founder Subhash Chandra has shifted his public statements from allegations against Mukesh Ambani to focusing on settling outstanding Essel Group debt, with borrowers reportedly agreeing to repay obligations.
Chandra's tenure also saw a big jump in Tata Sons' other income, such as brand fee from group companies, treasury gains, and other non-recurring income.
Even as lawyers on both sides study the pros and cons of a court battle, there are unanswered questions: When did Tata Trusts review its resolution of 2025 on backing Chandrasekaran for a third term?How will the shareholders of Tata Sons respond on listing and the leadership issue?
'On a plain reading of Article 121, it can be said that the chairman's casting vote can be invoked in either of these cases.'
Essel Group Chairman Subhash Chandra has challenged the National Company Law Tribunal's (NCLT) decision to form a five-member bench to hear his personal insolvency case, arguing that the tribunal lacks the power to constitute such a bench. This comes after a split verdict and a subsequent stay on an order allowing him to settle claims.
Sources clarify that the NCLT's approval of a repayment plan for Essel Group founder Subhash Chandra does not signify a 99.97 per cent write-off of Rs 22,000 crore in bank loans, as the figure represents claims against him as a personal guarantor, not debt personally borrowed.
While the latest trigger for him stepping down could be the uncertainty around his renewal as a director at the AGM, which is otherwise a routine matter, Chandra may have been contemplating quitting for some time now because of the overall turbulence with the principal shareholder on the leadership issue.
Essel Group founder Subhash Chandra has called for an independent audit to examine the group's borrowings, defaults, and repayments, stating that approximately 43,000 crore of its 45,000 crore total debt has been repaid.
Media baron Subhash Chandra has clarified that the total claim against him in personal insolvency proceedings is Rs 3,992 crore, not Rs 22,000 crore as claimed by dissenting creditors, asserting he was only a personal guarantor and not the borrower.
BJP MLA Sumitro Chatterjee, a descendant of Bankim Chandra Chattopadhyay, has demanded an unconditional apology from Congress Parliamentary Party chairperson Sonia Gandhi. This demand follows an alleged incident at the AICC headquarters on Independence Day, where Chatterjee claims there were attempts to prevent the full singing of "Vande Mataram," which he described as a "shameless repetition of a historical mistake."
Just in case the AGM, scheduled At the AGM, if it is held, a shareholders' vote on Chandra's renewal as a director on the Tata Sons board is unlikely but not ruled out.
The National Company Law Tribunal (NCLT) has approved media baron Subhash Chandra's personal insolvency resolution plan, which proposes to pay Rs 6.5 crore against admitted creditor claims of approximately Rs 22,006.57 crore, despite allegations from dissenting lenders that five family-linked entities controlled 61.78 per cent of the voting share.
N Chandrasekaran's letter of not seeking a third term was written to Tata Sons directors (including to Noel Tata as a nominee director) and, therefore, Tata Trusts did not have a locus standi on accepting or rejecting that letter.
The National Company Law Tribunal (NCLT) has approved a repayment plan for media baron Subhash Chandra, allowing him to settle admitted creditor claims of approximately Rs 22,006.57 crore by paying just Rs 6.5 crore, resulting in a nearly 99.97 per cent haircut for lenders.
'You can't have a runaway board that takes decisions against the active disagreement of the 66 per cent shareholder.'
'You can't have a runaway board that takes decisions against the active disagreement of the 66 per cent shareholder.'
N Chandrasekaran, chairman of Tata Sons, announced he would not seek reappointment when his term ends in February 2027, following a series of departures by senior figures closely associated with former chairman Ratan Tata, including Vijay Singh and Mehli Mistry, amid a deepening power struggle and governance dispute within the Tata Group.
The Securities and Exchange Board of India (Sebi) has prohibited Zee Entertainment Enterprises Ltd (ZEEL) from the securities market for two months and its Chairman Emeritus Subhash Chandra and MD & CEO Punit Goenka for one year, imposing a total penalty of Rs 1.48 crore, for the unauthorised pledge of ZEEL's Hyderabad land to secure loans for promoter-linked Essel Group entities.
The Tata Sons board has voted to reappoint N Chandrasekaran as chairman for a third five-year term, a decision influenced by the Reserve Bank of India's rejection of the company's application to surrender its NBFC registration, which revives the prospect of a stock market listing.
Tata Steel more than doubled its Indian capacity through acquisitions and expansion, strengthening cash generation as it pursued a costly restructuring of its European operations.
Ankur Bhattacharjee and Diya Chitale have won the men's and women's singles titles, respectively, at the second National Ranking Table Tennis Championships in Panchkula. Bhattacharjee defeated Raegan Albuquerque in a hard-fought final, while Chitale overcame Syndrela Das. Priyanuj Bhattacharyya and Divyanshi Bhowmick also secured U-19 titles.
Six individuals, including two juveniles, have been apprehended in northeast Delhi for the fatal stabbing of a 20-year-old man. The incident occurred on Tuesday night in Central Park following a dispute over smoking. The victim, Subhan, succumbed to his injuries during treatment.
Twelve retired police personnel in Kanpur have been booked 35 years after a CB-CID inquiry revealed they allegedly falsely implicated 12 men in a robbery case following a staged police encounter in 1991. The FIR, registered on Tuesday, includes charges of fabrication of evidence and wrongful confinement. The original complaint stemmed from a dispute over a plot of land, leading to the alleged framing of Rakesh Pathak and his associates.
A 21-year-old man, Subhan, was critically injured after being stabbed multiple times by unidentified assailants in a park near Seelampur police station on Tuesday. Police are investigating the incident, examining CCTV footage, but have not yet established a motive or made any arrests.
Four individuals, including the son of a Hyderabad Cricket Association member, were arrested in Hyderabad for allegedly selling complimentary tickets for the upcoming India vs West Indies T20 International match at inflated prices in the black market. Police acted on a complaint, apprehending the accused who obtained tickets through the HCA member's son and advertised them on social media.
A 23-year-old man has been arrested in Ranchi, Jharkhand, for allegedly raping and strangling a 17-year-old girl to death. The girl's body was found on Sunday, and the accused confessed to the crime after his arrest on Monday.
Tata Motors Passenger Vehicles (TMPV) Managing Director and CEO Shailesh Chandra stated that the ongoing tussle between Tata Sons and Tata Trusts is 'of no concern' to TMPV, as it is an independently listed company focused on its own strategy.
N Chandrasekaran not only faces muted financial performance from the group's listed companies, but also mounting losses at Tata Sons' unlisted subsidiaries, many of which have been set up by him in the last decade.
This year's Ekta Diwas parade in Kevadia, Gujarat, will feature around 2,000 artists from 126 Naxal-affected districts and celebrate the significant achievement of ending armed Naxalism in the country. Union Home Secretary Govind Mohan announced that Prime Minister Narendra Modi will attend the annual event on October 31, which also commemorates Sardar Vallabhbhai Patel's birth anniversary. The celebrations will include cultural performances, innovative tableaux, and will honour security forces while promoting tourism to the Statue of Unity.
Five golfers, including Gaganjeet Bhullar, Aryan Roopa Anand, C Muniyappa, Rohit Baisoya, and Joshua Grenville-Wood, are tied for the lead at 5-under 65 after the opening round of the AM Green IGPL Krishna Invitational Hyderabad. Punjab Raptors and Vimtra Chennai Lions GC share the team honours, with 16 players within two shots of the lead, promising a competitive tournament.
Air India Group has accumulated losses of about Rs 47,821 crore since its takeover, leaving its prolonged transformation among the biggest unfinished projects of N Chandrasekaran's tenure.
Actor Imran Khan, a US national and OCI cardholder, plans to challenge a Mumbai police notice in the Bombay High Court. The notice, issued after his participation in a protest against the Chief Election Commissioner, demands he leave India by October 28 for allegedly violating immigration laws. Khan's petition argues that no law prohibits OCI cardholders from protesting.
India's Agriculture Secretary Atish Chandra has warned that the upcoming rabi (winter) crop season is likely to be challenging for rainfed areas due to the strengthening El Nio weather pattern, potentially affecting foodgrain production. This comes as Maharashtra declares drought in nearly 74 per cent of its talukas, highlighting the immediate impact of climate change.
Shailesh Chandra, MD and CEO of Tata Motors Passenger Vehicles (TMPV), stated that the uncertainty surrounding how long commodity costs will remain elevated is a greater concern for the company than the actual price increases. He noted that commodity prices have risen significantly over the past five to six months, impacting margins and necessitating faster cost-reduction efforts, though no major production or supply-side issues are currently foreseen.
