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.
'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.
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.
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.
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.'
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.
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.
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.
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.
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.
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.
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.
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.
A curative petition has been filed in the Supreme Court challenging the September 23 split verdict on the Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) Act, 2023. The petition, filed by Jaya Thakur, alleges a "reasonable apprehension of bias" due to claims that Justice Satish Chandra Sharma's son is a standing counsel for the Election Commission, raising questions about judicial propriety.
Indian boxers Sakshi Chaudhary and Jadumani Singh have made a remarkable start at the Asian Games, securing their spots in the pre-quarterfinals with impressive victories, including a significant upset by Chaudhary over an Olympic medallist.
From lifelong traditions to four generations celebrating together, these Ganeshotsav moments capture the joy of welcoming Bappa home.
A Dalit girl in Bihar's Muzaffarpur district was allegedly molested by her neighbour on Sunday evening. Police have arrested the accused following a complaint filed by the girl's family. The incident occurred when the girl was returning home, and she raised an alarm, causing the accused to flee.
'Listing leads to greater transparency and shareholder oversight.'
A court in Barabanki has sentenced shopkeeper Ashok Kumar to life imprisonment for raping a two-year-old girl. The incident occurred in November 2023 when the child visited his shop. The court also imposed a fine of Rs 50,000 on the convict.
Indian boxers Sakshi Chaudhary (51kg) and Jadumani Singh (55kg) have both advanced to the pre-quarterfinals of the Asian Games. Chaudhary secured an upset victory over Paris Olympics bronze-medallist Aira Villegas, while Singh dominated his opponent, Chandra Bahadur Thapa, to move into the next round.
The Allahabad High Court has ruled that an Arya Samaj marriage certificate alone does not prove a valid Hindu marriage unless essential ceremonies under the Hindu Marriage Act are performed. This decision led to the reinstatement of an SSB officer who was dismissed for allegedly falsely declaring his marital status, as the court found no evidence of the required rituals in his disputed marriage.
Actor Arif Zakaria on directors, actors and movies he has done in a remarkable career spanning 40 years.
The much-awaited board meeting of Tata Sons did not discuss listing of the holding company or a third term for Chairman N Chandrasekaran.
