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.
Ratan Tata was deeply involved in promoting a technology-oriented culture in the group
The Supreme Court on Friday set aside NCLAT order of December 18, 2019 restoring Cyrus Mistry as executive chairman of Tata Group.
Mistry is expected to take over the mantle of the salt to software giant in Deecmber, 2012 after Ratan Tata retires.
With the Tatas agreeing to sell its Scunthorpe steel plant in the UK to investment firm Greybull for a nominal one pound, the storied 'British Steel' name will be back in the now-ailing industry.
Tata Group Chairman Ratan Tata, Infosys Technologies CEO Nandan Nilekani, Wipro Chairman Azim Premji and Reliance Industries Chairman Mukesh Ambani are the four Indians in Asia's 25 most powerful business leaders list by the Fortune magazine.
The government is keeping a "close watch" on the developments relating to the Tata-Mistry case, but does not want to "interfere" at present as it was an "internal matter" of a private group, Ministry of State for Corporate Affairs Arjun Ram Meghwal has said.
In a significant development that ends the prolonged speculation about the succession in India's leading corporate house Tatas virtually extended the term of group Chairman Ratan Tata till 2012.
Ratan Tata will step down in December next year after he turns 75.
3 plants worth $2 billion to be set up by the Tata Group in Bangladesh would take off within the next 4 years and this could help break the 'false barriers' between the two countries, Ratan Tata said.
This move is seen as a way to create an enabling structure for the new chairman, where he or she will have the support of an experienced team to share some of the responsibilities in running the conglomerate through Tata Sons.
The answer to this million-dollar question may lie behind certain recent developments. Shahid Usman Balwa, Swan Telecom promoter and an accused in the 2G scam case, on May 18
Amid the tape controversy, Agriculture Minister Sharad Pawar on Tuesday said the government should take note of Ratan Tata's statement that India risked turning into a 'banana republic'.
The anti-corruption branch of the Central Bureau Investigation has given a clean chit to Tata Group chairman Ratan Tata in the 2G spectrum scam.
The search panel might have to lower the benchmark to find a successor to the head of $71 billion business empire.
Parliament's Public Accounts Committee has called leading industrialists, including Ratan Tata and Anil Ambani, and corporate lobbyist Niira Radia to appear before the panel in connection with the 2G spectrum scam which it is probing.
Stating that his role is for the short term so as to ensure stability and continuity at the group, Tata asked top executives of the USD 100 billion conglomerate to act as leaders in respective markets and focus on enhancing returns to shareholders.
Tata Group expects to do some tightrope walking on legal issues in the days ahead.
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.
Tata, 78, who retired as Tata Group Chairman nearly four years back, justified his return for "maintaining stability and continuity of leadership" and promised to give the group "a world-class leader" when a fulltime boss is appointed.
Coinciding with the beginning of a search for chairman Ratan Tata's successor, the Tata Group has become the country's wealthiest, with a market value of about Rs 371,000 crore (Rs 3,710 billion) -- higher than that of the business houses led by the two Ambani siblings.
Amid suggestions aplenty, including from a former Tata Group veteran to choose someone from within the Tata family to head the conglomerate, incumbent chairman Ratan Tata on Friday said only the best would succeed him.
Industrialists Anand Mahindra and Ratan Tata will co-host a power lunch for CEOs with the visiting US Treasury Secretary Timothy Geithner on April 7.
Earlier, finance minister Pranab Mukherjee had said the fiscal stimulus given to the industry to combat the adverse impact of the global financial meltdown would not be withdrawn before the budget next year.
Indian business spreads its footprint across the globe.
The Tatas are planning to introduce its small car Nano in Latin America in partnership with Italian auto maker Fiat.
Indian conglomerate Tata Group Chairman Ratan Tata has said that Tata Motors will have an electric car in the market by September this year.
'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 had in the past blamed corporate rivals, without naming them, for putting a spanner in the Nano project leading to land acquisition problems in West Bengal. As a result, the project had to be shifted out of Bengal to Sanand in Gujarat. And this came at a cost. The project originally estimated at Rs 1,500 crore (Rs 15 billion) now costs over Rs 2,000 crore (Rs 20 billion).
The Supreme Court has said that Cyrus Mistry's removal as executive chairman of Tata group was justified as a "a person who tries to set his own house on fire for not getting what he perceives as legitimately due to him, does not deserve to continue as part of any decision-making body".
With a net worth of $12.6 billion, Mistry is well known for constructing some of Mumbai's landmarks such as the Reserve Bank of India headquarters, The Taj Mahal Palace and Towers, and the Oberoi Hotels
Rata Tata lets his wit roll at the launch of his much awaited small car, the Nano.
Indian business titan Ratan Tata, already named among the world's most influential business people from India, has now made to a list of 30 most powerful in the British construction space with a ranking higher than even the UK's Minister for Housing.
State commerce and industry minister, Nirupam Sen, and secretary, Sabysachi Sen are in Mumbai and have held a series of meetings with industrialists in Mumbai, including Tata group chairman, Ratan Tata, Mukesh Ambani of Reliance and Ashok Hinduja of the Hinduja group.
Old ideas contained in the heads of old economists still dominate. That's not good, asserts T C A Srinivasa Raghavan.
The latest Fortune list is topped by Apple Computer CEO Steve Jobs.
West Bengal Pradesh Congress Committee President Adhir Ranjan Chowdhury on Saturday criticised the statements of West Bengal ministers against Ratan Tata, and said Tata's views and opinions about the development of the state would always be welcomed by the people of Bengal.
There is a brand finance study that pegs the Tata brand value at about $7.6 billion and a 103 on the list of 250 'most valuable brands in the world.' After acquiring Corus, this is value will rise further.
If commercially successful, the Tata car will alter the passenger car market in India, and perhaps the world, beyond description.
Ratan Tata-led interim management of Tata Sons is seeking to oust Mistry from his positions in the operating group firms, including IHCL and Tata Motors
