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.
Chandrasekaran's exit is more than a change of chairman. It represents the breakdown of the informal consensus that governed the Tata system under Ratan Tata.
Mehli Mistry is backed by three other trustees -- Pramit Jhaveri, Darius Khambata and Jehangir HC Jehangir -- against Tata Trusts Chairman Noel Tata and the two vice-chairmen, Venu Srinivasan and Vijay Singh.
'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.'
Corporate leaders' half-life has shrunk over the past few decades. That is the Tata experience as well. Over 144 years till 2012, Tata Sons had just five chairmen. However, in the 15 years till 2027, the same group will see three, points out R Gopalakrishnan.
Noel Tata, chairman of Tata Trusts, has presented a proposal for the Shapoorji Pallonji (SP) group to sell its 18.37 per cent stake in Tata Sons for approximately 25,000 crore, aiming to address the SP group's liquidity needs without a public listing of Tata Sons.
'The issue appears to be less about Chandrasekaran personally and more about the direction Tata Sons should take.'
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.
While the leadership issues may get sorted in the upcoming board meetings of Tata Trusts and Tata Sons, listing of the holding company of the Group on stock exchange should potentially resolve the bigger question on ownership and control
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.
N Chandrasekaran will step down as chairman of Tata Sons in February 2027, concluding a decade at the helm, following a prolonged standoff over his reappointment with Tata Trusts Chairman Noel Tata.
With the Supreme Court not getting into the valuation part and leaving it to the two parties, lawyers said there was nothing much for Mistry Group to negotiate.
Top businessmen often seek refuge in the animal kingdom to describe their situation
From a scene-stealing child actor to a cult-comedy favourite and a director in his own right, Kunal Kemmu has delivered plenty of memorable turns across three decades.
Cyrus Mistry undertook quite a few significant initiatives at the Tata Group in the past two years.
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.
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.
Darius Pandole, who survived the car accident in which industrialist Cyrus Mistry died, has told the police that his wife Dr Anahita was driving the Mercedes-Benz car in the third lane and could not merge into the second lane that turned narrow near the Surya river bridge in Maharashtra's Palghar, an official said.
Mistry is expected to take over the mantle of the salt to software giant in Deecmber, 2012 after Ratan Tata retires.
Dr Anahita Pandole and her husband Darius, who injured in the car accident that killed former Tata Sons chairman Cyrus Mistry, were on Monday shifted by road to Mumbai from a hospital in neighbouring Vapi town of Gujarat, an official said.
A quiet but consequential power struggle has erupted within the storied 156-year-old Tata Trusts just a year after the death of group patriarch Ratan Tata on October 9, 2024.
The last rites of Cyrus Mistry, former chairman of Tata Sons who was killed in a car crash, will be performed in Mumbai on Tuesday, his family said.
'He wanted to learn all the time.'
The Tata Sons board has deferred a decision on the re-appointment of Natarajan Chandrasekaran as Chairman, signaling potential differences within the group. Concerns were raised about losses in certain group companies and the listing of Tata Sons.
Small- and mid-size companies where Cyrus was the chairman did better on bourses than large Tata group companies
'Cyrus was also generous, hospitable, sharing of whatever he had.' 'He never ever acted like the inheritor of great wealth.'
The government is closely watching the fast-paced developments at the salt-to-semiconductor conglomerate.
If Tata Sons is listed, the special veto rights of Tata Trusts, under Article 121A, may have to go away.
The Supreme Court has said that Cyrus Mistry's removal as executive chairman of Tata group was justified as a "a person who tries to set his own house on fire for not getting what he perceives as legitimately due to him, does not deserve to continue as part of any decision-making body".
Mistry would be succeeding as the chairman of Tata Group.
Tata Group expects to do some tightrope walking on legal issues in the days ahead.
At 4.16 mn shares, chairman-in-waiting holds 0.21% in group's cash cow
'Wherever the businesses are not up to the size of the Tata group, Cyrus Mistry initiated actions to move out of those businesses.'
SP Group chairman Shapoorji Pallonji Mistry on Friday reiterated calls for public listing of Tata Sons to bring transparency, amid infighting among trustees of Tata Trusts which controls a 66 per cent stake in the holding company of the salt-to-software conglomerate. Shapoorji Pallonji family is the single largest minority shareholder with about 18.37 per cent in Tata Sons.
People who attended the celebrations said the sincerity and passion, besides absence of smart one-liners, reminded them of his predecessor.
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.
Mistry is presently also the chairman of loss-making Forbes & Company Ltd listed on the Bombay Stock Exchange.
Cyrus Mistry said more focus was needed for improvement in key areas such as vehicle technology.
'He was the most thoughtful corporate person I encountered.'
