Tata Trusts, which exerts decisive influence over India's most valuable conglomerate through its about 66 per cent stake of Tata Sons, finds itself in the midst of infighting among its trustees over board appointment and governance issues.
'The quality of a leader should be such that even if the leader is not there, the institution carries on.'
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 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.
A naturally reclusive nature and a conviction for the work to do the talking meant there was very little known about Mistry even during his time at the helm of Tata Sons. He did not do a single media interview from Bombay House.
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...'
Noel Tata's children - Leah, Neville, and Maya - have been appointed to the boards of five philanthropic organisations of Tata Trusts, which oversees the $150-billion Tata group. The move is being seen as part of the Trusts' succession plan. Noel Tata's wife Aloo is the daughter of Pallonji Mistry, whose family owns an 18.5 per cent stake in Tata Sons, the holding company of Tata group.
Cyrus Pallonji Mistry, 43, currently the Deputy Chairman of Tata Sons has been a director of Tata Sons since 2006.
People who attended the celebrations said the sincerity and passion, besides absence of smart one-liners, reminded them of his predecessor.
"A reclusive construction tycoon" is how an industry captain, who claims to be his friend, describes Cyrus. In that sense, he has striking similarities to the man he is succeeding and who he admires the most. Even after so many years of staying in the limelight, Tata also remains low-key and shy.
Let's take a look at 30 companies named after people.
Mistry is presently also the chairman of loss-making Forbes & Company Ltd listed on the Bombay Stock Exchange.
Top ten billionaires in India.
Ten billionaires including Mukesh Ambani, Sunil Mittal are in the world's richest list.
'He wanted to learn all the time.'
The Tata Trusts, led by the Sir Ratan Tata Trust and the Sir Dorabji Tata Trust, hold a 66 per cent stake in Tata Sons, the Tata group's holding company.
Construction major Shapoorji Pallonji & Co will set up a real estate fund in the next one year. The fund will focus on investments in the domestic market, according to Shapoor Mistry, chairman of Eureka Forbes, a part of the Shapoorji Pallonji group.
Cyrus Mistry undertook quite a few significant initiatives at the Tata Group in the past two years.
Shapoorji and Pallonji Group to contest Cyrus Mistry's ouster from Tata Sons
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
At a time when others are cutting on development of commercial property, plans to add 50% more of IT space.
India's leading businessmen attended the grand banquet organised to honour US President Barack Obama at the Rashtrapati Bhavan.
Reliance Industries chairman Mukesh Ambani continues to top India's richest list, according to the Hurun India Rich List 2014.
The Supreme Court on Friday set aside NCLAT order of December 18, 2019 restoring Cyrus Mistry as executive chairman of Tata Group.
Here's a look at how key Tata group companies fared under Cyrus Mistry's stewardship.
Dhirubhai Ambani lived in a one-room chawl in Mumbai with his wife and children and went on to establish the Reliance Group.
With the addition of these two directors, the total Board strength of the company increases to 14 which include seven independent directors, including O P Bhatt, Tata Consultancy Services said.
Between Kotak, Shapoorji and HDFC, fund managers have raised $700 million from investors
Mukesh Ambani continues to remain the richest man in India.
'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.'
The Supreme Court in its order said it was not open for SP group companies to call Ratan Tata a "shadow director" when the board of which Cyrus Mistry was chairman had nominated him as chairman emeritus of the USD 100 billion salt-to-software Tata group.
Half a dozen names are doing the rounds as replacement for Cyrus Mistry as the chairman of the Tata Group.
Jeff Bezos of Amazon tops the list for the second consecutive year with networth of $147 billion.
Other legal options include approaching the NCLT alleging mismanagement and oppression of minority shareholder
Experts view this as a case of "failed experiment" in succession
He is followed by Nandan Nilekani and Narayan Murthy in Hurun India Philanthropy List
Indications are that the Tata Sons stand on listing of the company may come up for a discussion even if it's not part of the agenda
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.
Tata Group overall commands market capitalisation of over $125 billion
