'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.
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.
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...'
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
'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.'
'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.'
'He wanted to learn all the time.'
Cyrus Mistry undertook quite a few significant initiatives at the Tata Group in the past two years.
'Cyrus was also generous, hospitable, sharing of whatever he had.' 'He never ever acted like the inheritor of great wealth.'
'Wherever the businesses are not up to the size of the Tata group, Cyrus Mistry initiated actions to move out of those businesses.'
'And he was really trying just to do the best by the shareholders, and by the laws of India.'
'He was the most thoughtful corporate person I encountered.'
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."
'That she drove 20 km in 9 minutes is rubbish.'
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.
Here's a look at how key Tata group companies fared under Cyrus Mistry's stewardship.
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.
"We are waiting for any input from any quarter," Civil Aviation Secretary R N Choubey said, adding, "We have not received anything so far".
'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.'
Tata Sons said dividend from 40-odd Tata Group firms had declined during Mistry's tenure while expenses had risen
'The Tata group will need for its new leader to show the same foresight and willingness to go against conventional wisdom at times to keep the group's aspirations high and uphold the values of innovation, ethics, corporate responsibility, trust and leadership that are frequently associated with the Tata name.'
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."
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.
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.
Guenter Butschek will start his new job by Feb. 15
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
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
Issues related with intellectual property rights, including piracy of films and software, figured prominently during the India-US CEO Forum in New Delhi attended by Prime Minister Narendra Modi and US President Barack Obama.
Prime Minister Narendra Modi is not taking along an industry delegation to the US but top representatives of India Inc are likely to travel to New York and Washington to be part of the power-packed business meetings and receptions being hosted for him.
The $12.1 billion Corus acquisition-the biggest global acquisition made by an Indian company-ended up as a millstone around Tata Steel's neck, points out Indrajit Gupta.
So let's stop focusing the Modi agenda on India Inc and the capital markets, and let's start focusing on the Modi development agenda for the average Indian.
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