'It is unfortunate that the Chairman of Tata Sons, a Company renowned for setting high standards of corporate governance, is contending reappointment on such an untenable interpretation of the Articles'.
Bringing an end to the speculation around Mehli Mistry's trusteeship in the Tata Trusts, the former trustee has officially parted ways with the Tata group, ANI has learned from sources close to Mistry.
It is because dealing with a regulatory system that is largely headed by retired IAS officers then becomes relatively easy, points out A K Bhattacharya.
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."
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...'
Cyrus Mistry undertook quite a few significant initiatives at the Tata Group in the past two years.
John Elliott, the author of Implosion: India's Tryst with Reality, on his Riding the Elephant blog, says the sacking of Cyrus Mistry as chairman of Tata and Sons was in line with Ratan Tata's personal style of dealing with executives
'Tata Steel has doubled, Tata Motors has more than doubled, and Tata Chemicals too has more than doubled.' 'So, Cyrus Mistry was getting accepted by the market for bringing in the change that was good for the group companies.'
Tata Sons said dividend from 40-odd Tata Group firms had declined during Mistry's tenure while expenses had risen
'The untimely demise of Shri Cyrus Mistry is shocking. He was a promising business leader who believed in India's economic prowess,' Prime Minister Modi said in a tweet.
'Wherever the businesses are not up to the size of the Tata group, Cyrus Mistry initiated actions to move out of those businesses.'
One is hopeful that if he becomes CM, Mr Thackeray will not be as trigger happy in calling for bans or encouraging outrage, says Uttaran Das Gupta.
Former Tata Sons chairman Cyrus Mistry was on Sunday killed in a road accident after his car hit a divider in Maharashtra's Palghar district neighbouring Mumbai, a police official said.
Quoting Greek philosopher Socrates, Justice Bopanna emphasised that there are four qualities that are expected of a judge -- to hear courteously, to consider soberly, to answer wisely and to decide impartially.
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.
'He wanted to learn all the time.'
'The main thing Cyrus left is to tell us that you can be a business leader by being good.' 'He practiced that in all of his dealings, in all of his decisions -- in the way he thought, the way he behaved and indeed as he spoke.'
'He was the most thoughtful corporate person I encountered.'
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."
Have You met Mr Tata, interacted with him? If you have, we would love to hear from you. Please mail your memories of your encounter with Mr Tata, complete with the date of the meeting, your full name, where you are based, what you do. And if you have a photograph of yourself with Mr Tata, please mail that too. Do mail your recollections to ReadersWriteIn@rediffmail.com
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
Rajesh Karkera/Rediff.com heads to south Mumbai to discover why Kitab Khana is considered one of the best bookshops in the world.
"We are waiting for any input from any quarter," Civil Aviation Secretary R N Choubey said, adding, "We have not received anything so far".
The Day in Politics: Featuring Dr Singh, Messrs Kejriwal and Sisodia and Mamatadi.
There were certainly qualities adhering to the Tata Group, which emanated from the persona of Ratan Tata. Most notable of these would be the low profile he maintained, which sharply contrasted the in-your-face celebrity status, celebration of wealth and pursuit of importance many of liberalised India's rich, love, notes Shyam G Menon.
Here's a look at how key Tata group companies fared under Cyrus Mistry's stewardship.
Mistry said the poll body satisfied the candidate on every complaint but despite that he raised all those points in the media before bringing them to "our notice".
Mistry is not the first Tata bigwig to be ousted and Tata is not the only big name which saw a doyen or two leave
'That she drove 20 km in 9 minutes is rubbish.'
The last electoral contest for the top post of the party took place in 2000 when Jitendra Prasada had suffered a crushing defeat at the hands of Sonia Gandhi.
To me he always symbolised the sincere, confident, face of a Bharat whose rise is unstoppable. Ratan Tata was a Rishi who was unquestioningly trusted by people who never saw him and never met him, asserts Tarun Vijay, the former BJP MP.
'And he was really trying just to do the best by the shareholders, and by the laws of India.'
'Cyrus was also generous, hospitable, sharing of whatever he had.' 'He never ever acted like the inheritor of great wealth.'
'I think Ratan felt he had to do everything that he could to retain control of the company started by his forefathers, because that was the first priority and nothing else mattered compared to that.'
There's a quiet before the storm within the ruling party. Illustration: Uttam Ghosh/Rediff.com.
Modi had said he receives "2.5-3 kg" of abuses everyday, but he turns the harsh remarks into positive energy.
Congress presidential candidate Shashi Tharoor on Tuesday claimed many electors have been instructed by 'their leaders' to support his rival but they may eventually vote for him in a secret ballot.
'Gehlot is right now doing things, which are not appreciated by the Gandhis.' 'The Gandhis have realised that their writ does not run in Rajasthan, therefore they have deflected the issue to Kharge.'
Rediff readers shared their election style. Scroll down to take look.
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