'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'.
Shapoorji Pallonji Mistry's statement will be watched closely against the backdrop of the listing battle as well as the Tata leadership contest, with veto votes being cast over the reappointment of N Chandrasekaran as chairman of Tata Sons for a third term.
Chandra's tenure also saw a big jump in Tata Sons' other income, such as brand fee from group companies, treasury gains, and other non-recurring income.
'Listing leads to greater transparency and shareholder oversight.'
Indian benchmark equity indices, Sensex and Nifty, rallied in early trade, driven by positive global market trends and easing crude oil prices, despite the US Federal Reserve's hawkish stance tempering overall sentiment. Track Sensex, Nifty on September 18.
Indian benchmark equity indices, Sensex and Nifty, closed mixed on Friday. While a drop in crude oil prices offered some relief, weakness in IT stocks and several Tata Group counters, including a significant dip in Tata Chemicals and ongoing boardroom issues at Tata Sons, limited a broader market recovery.
Even as lawyers on both sides study the pros and cons of a court battle, there are unanswered questions: When did Tata Trusts review its resolution of 2025 on backing Chandrasekaran for a third term?How will the shareholders of Tata Sons respond on listing and the leadership issue?
The Tata Sons board has voted to reappoint N Chandrasekaran as chairman for a third five-year term, a decision influenced by the Reserve Bank of India's rejection of the company's application to surrender its NBFC registration, which revives the prospect of a stock market listing.
'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.'
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.
'The issue appears to be less about Chandrasekaran personally and more about the direction Tata Sons should take.'
'... that work is done. The task is to reallocate what has been built, with the courage of a founder and the discipline of an owner.'
Natarajan Chandrasekaran, credited with stabilising Tata Sons after a boardroom coup and overseeing significant expansion, has announced his resignation as chairman, capping a nearly decade-long tenure marked by both successes and escalating tensions with the group's controlling charitable trusts.
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.
'whom he believes in ... or whom he has faith in. But we don't know whether that person will be competent or not. This will lead to a lot of uncertainty in the minds of investors and shareholders of the Tata group companies.'
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.
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.
'Not many know that Ratan Tata became chairman of Tata Sons because of Cyrus's father Pallonji Mistry. But he (Cyrus) never used it or leveraged it to his benefit.'
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.
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.
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.
The Supreme Court on Thursday dismissed a plea of the Sapoorji Pallonji (SP) group seeking a review of the 2021 verdict which had upheld the Tata group's decision to remove Cyrus Mistry as the executive chairman of the Tata Sons. A bench headed by Chief Justice N V Ramana, however, ordered the deletion of certain remarks made against Cyrus Mistry in the March 2021 verdict. Senior advocate Harish Salve, appearing for the Tata group, said the court may permit the deletion of one or a few sentences not for the reasons given in the application of the Sapoorji Pallonji (SP) group.
The driver of the car in which Cyrus Mistry was travelling lost control due to overspeeding and rammed into the divider, said Palghar Police sources on Sunday.
'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.
'Cyrus was always very different. He would think before acting.'
Maharashtra Deputy Chief Minister Devendra Fadnavis on Sunday said he has asked the state police to conduct a detailed investigation into the accident in which former Tata Sons chairman Cyrus Mistry was killed.
A family priest performed the prayers as per Parsi tradition before the last rites.
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...'
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
His wife, Dr Anahita Pandole, who was driving the car at the time of the accident, was recovering and will be discharged soon, said an official of the Sir H N Reliance Foundation Hospital.
Members of the Parsi community, business leaders and politicians were among those who attended the cremation.
If Cyrus's protestations of having no knowledge of his imminent dismissal are to be taken at face value, he was extraordinarily naive and insulated from the ground reality. There were enough straws in the wind to suggest that his relations with Ratan were fast deteriorating to a point of no return.
Calling Cyrus Mistry her twin, Nationalist Congress Party leader Supriya Sule on Monday said she has been devastated by the demise of the former chairman of Tata Sons.
Shapoorji and Pallonji Group to contest Cyrus Mistry's ouster from Tata Sons
The police team probing the crash are examining the CCTV footage for further leads, the official said.
Luxury carmaker Mercedes-Benz has submitted its interim report on the fatal accident of industrialist Cyrus Mistry to the Palghar police, which mentions that the brakes of the vehicle were pressed five seconds before it crashed into the road divider, a senior official said on Friday.
Mistry exhorted the employees to carry forward the legacy of the group's founder Jamsetji Tata.
30 companies belonging to the Tata group are listed and have a combined market cap of 478,659 crore.
