In a major victory for the Tata Group, the Supreme Court on Friday set aside the NCLAT order restoring Cyrus Mistry as the executive chairman of the conglomerate.
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
Shareholders of Tata Sons, the holding company and promoter of Tata group companies, have approved the reappointment of N Chandrasekaran as chairman for another five-year term despite its single largest shareholder the Shapoorji Pallonji family abstaining from voting, according to sources. In February this year, the Board of Tata Sons had approved the reappointment of Chandrasekaran as executive chairman for another five years till February 2027, subject to shareholders' approval. At the shareholders meeting held on Monday, the proposal for Chandrasekaran's reappointment for a second term needed more than 50 per cent of votes as it was an ordinary resolution.
'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.'
"We are waiting for any input from any quarter," Civil Aviation Secretary R N Choubey said, adding, "We have not received anything so far".
Ambani and Adani account for a fifth of the net worth of all billionaire promoters in the country and half the combined net worth of the top 10.
Between Kotak, Shapoorji and HDFC, fund managers have raised $700 million from investors
Top ten billionaires in India.
Ten billionaires including Mukesh Ambani, Sunil Mittal are in the world's richest list.
Here's a look at how key Tata group companies fared under Cyrus Mistry's stewardship.
Mukesh Ambani, the patriarch of Reliance Industries (RIL), and Gautam Adani, the chairman of Adani Group of companies, have secured the top positions on the Fortune India Rich List, created in partnership with Waterfield Advisors, with respective wealth of $99.7 billion and $63.71 billion. With a wealth of $34.6 billion, the Mistry family of Shapoorji Pallonji Group holds the third position on the list, while the Poonawalla family, owners of vaccine maker Serum Institute, with a wealth of $32.9 billion, stands fourth. Stockbroker and founder of D-Mart-branded grocery stores, Radhakishan Damani, claims the fifth spot on the India Rich List with a wealth of $23.4 billion
'He wanted to learn all the time.'
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.
Mukesh Ambani continues to remain the richest man in India.
Reliance Industries chairman Mukesh Ambani continues to top India's richest list, according to the Hurun India Rich List 2014.
Jeff Bezos of Amazon tops the list for the second consecutive year with networth of $147 billion.
'Cyrus was also generous, hospitable, sharing of whatever he had.' 'He never ever acted like the inheritor of great wealth.'
'And he was really trying just to do the best by the shareholders, and by the laws of India.'
The Cyrus Mistry camp is confident that independent directors will take their cue from their counterparts in Indian Hotels.
The combined networth of India's 100 wealthiest is $381 billion (nearly Rs 25.5 lakh crore), a rise of 10 per cent from $ 345 billion in 2015
While study was done before the current boardroom battle began, the findings indicate Tata is no longer viewed as aspirational brand by working professionals.
Famous and long believed to be trusted Indian brands have wilted against foreign brands, says Mohan Guruswamy.
'We want to be a nation at par with the best internationally.' 'But why is it in theatre we continue to have such low standards?'
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