Tata-Mistry showdown
Introduction |
| Having ousted Mistry as the Chairman of Tata group, Ratan Tata said that his dismissal was important to keep up the sanctity of the Tata household.
The chairman emeritus believed that Mistry "didn't respect the board and take care of his fiduciary responsibility."
Tata said that he had asked Mistry to step down 4 times before the board meeting on 24 October 2016.
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Mistry rattles the Tatas: Of selling TCS and $12bn Corus-deal
22 Nov 2016 |
| Hitting back at Tatas, in a third letter clarifying his stance ousted Chairman Cyrus Misty rebuffed claims of not having contributed to TCS and JLR - the Tata cash cows.
Mistry alleged that Tata had once proposed to sell TCS to IBM.
He said it was Tata's ego that led to $12 billion Corus deal at double the cost.
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Cyrus made Tata group his personal fiefdom: Ratan Tata
05 Dec 2016 |
| The Tata group said Cyrus Mistry had transformed the organization into his private fiefdom which was the primary reason for his ouster.
Ratan Tata said that Mistry completely ignored 450 NGOs that Tata Sons interacted with and put all the money in his new initiatives.
Further, Tata said that Mistry's statements had caused ₹1 lakh-crore market cap loss since his removal.
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6 EGMs to oust Mistry off the boards
FACT |
| Tata has called EGM meetings with its shareholders to remove Cyrus from TCS (13 December), Indian Hotels Co Ltd on 20 December, Tata Steel on 21 December, Tata Motors on 22 December, Tata Chemicals on 23 December and Tata Power on 26 December. |
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Mistry fate sealed, removed from TCS board
14 Dec 2016 |
| Tata Consultancy Services shareholders expectedly supported the bid by Tata Sons to remove Cyrus Mistry as director of TCS.
Nearly 93% of the votes at the extraordinary general meeting (EGM) were in support of Mistry's departure while 7% were against his removal.
Shareholders of 5 more Tata firms have requested for similar EGMs to dismiss Mistry from their respective boards.
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Cyrus Mistry resigns from all listed Tata Companies
19 Dec 2016 |
| In a key development, Cyrus Mistry has resigned from six Tata Group Companies.
Mistry said "I think it is time to be more incisive in the best interest of Tata Group. Nothing cogent has been forthcoming from the Tata's on my ouster". He also said that he would be "shifting his battle to a larger platform".
Mistry holds 1,28,625 shares in the company.
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Natarajan Chandrasekaran appointed as new Tata Sons chairman
12 Jan 2017 |
| N.Chandrasekaran, the CEO and managing director of TCS has been appointed the new chairman of Tata Sons. He took over as TCS CEO in 2009.
Under him, TCS generated revenues over $16.5 billion in 2015-16 and ended 2015-16 with a market-capitalization of $70 billion.
He was appointed as Additional-Director of the Tata Sons in 2016.
Let's revisit the recent happenings in the Tatas' boardroom.
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National Company Law Tribunal rejects Mistry's plea
19 Jan 2017 |
| The National Company Law Tribunal has dismissed pleas by 2 companies owned by the Mistry family which alleged violations of NCLT directives in removing Mistry from Tata Sons' board.
NCLT said there was no violation on Tata's part and that it did not amount to contempt of court.
The verdict comes as a relief to Tata Sons, embroiled in legal trouble since removing Mistry.
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Tata, Mistry spar over Tata Motors fundraising issue
23 Jan 2017 |
| An affidavit filed by Ratan Tata and Cyrus Mistry at the National Company Law Tribunal revealed serious difference between the tow on Tata Motors' fund raising plans in 2015.
Ratan Tata alleged that Mistry failed to inform the Tata Sons board of the ₹7,500-crore Tata Motors rights issue.
The affidavit was filed in relation to a lawsuit filed by Mistry-owned companies against Tata Sons.
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Mistry: Was working on governance framework for Tata
24 Jan 2017 |
| Cyrus Mistry, in a fresh affidavit stated that he was working on a governance framework that would establish the role Tata Trusts plays in Tata Sons.
In his affidavit Mistry alleged that Ratan Tata was remote controlling Tata Sons and that he "saw himself as a chairman who never retired."
Mistry said Ratan Tata removed him for standing up to his authority.
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Mistry family firms question Tata Sons management
27 Jan 2017 |
| Cyrus Investments Pvt. Ltd and Sterling Investments Pvt. Ltd, have questioned the directors of the Tata Sons board, accusing two independent directors and a trustee director of collusion.
In an affidavit, they said directors Amit Chandra and Ajay Piramal compromised on their fiduciary duty when they voted against Mistry.
They also accused Tata Trusts-nominated director Nitin Nohria's interests as "being conflicted."
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Tata slips from 100 global brands list
05 Feb 2017 |
| The Tata-Mistry boardroom spat has affected Tata's ratings among global business houses.
Tata's position has slipped from 82 to 103 in the Brand Finance Global 500 list. Tata Group was the only Indian company to figure in the top 100.
The company valuation fell from $13.68 billion to $13.11 billion.
However, other Indian brands like Airtel, LIC and Infosys have improved their rankings.
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Tata Sons' shareholders vote out Cyrus Mistry from board
06 Feb 2017 |
| On Monday, the shareholders of Tata Sons Ltd., controlled by Tata Trusts and Tata Companies, together voted to oust Cyrus Mistry as a director in an extraordinary general meeting (EGM).
Mistry's plea to delay the EGM was rejected last week by the National Company Law Appellate Tribunal (NCLAT).
Mistry has served as a director on the board of Tata Sons since 2006.
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