Markets

Tata Sons ousts Mistry and names Ratan Tata interim chairman

Tata Sons ousts Mistry and names Ratan Tata interim chairman

However, in almost four years since he took over the reins of the salt-to-software conglomerate, Mistry had to face many challenges in both domestic and global markets as numerous group companies faced headwinds. The selection panel includes Ratan Tata, Ronen Sen, Venu Srinivasan, Amit Chandra. The $100 billion group employs some 700,000 persons. This surprise move came-in from the company where Cyrus Mistry took over the as the chairman four years ago. But he will have to quit as chairman of all group companies, according to the media reports.

The Shapoorji Pallonji group is Cyrus Mistry's family's business empire.

Cyrus Mistry has chose to drag Tata Sons to Bombay High Court, moments after he was sacked from the Chairman's post.

Tata, who became Chairman Emeritus of the group when he retired on December 29, 2012, further said: "The committee has been mandated to complete the process in four months".

Bob Dylan's Website Now Reflects Nobel Prize Win
Only two people have declined a Nobel Prize in literature. "She said: "[He is] a great poet in the English speaking tradition. Alameddine later clarified that he respects Dylan as a songwriter, but he'd have awarded the prize to poets more deserving.


It was a shocking Monday for Indian economy as the board of Tata Sons showed the door to Cyrus Mistry and brought back Ratan Tata at the helm. "As I see it, Ratan Tata will take matters in his hands for at least one year". "Buying four months' time and getting Ratan Tata from hibernation is a counter-intuitive game", he added. This figure had risen 57 times under Tata's 21 years, but Tata had the advantage of starting on much smaller base.

Worldwide revenues make up close to 70 per cent of Tata Group's total turnover, and the majority of its capital spending has been overseas in the last three years. In July, Tata group's hospitality firm Indian Hotels Company Ltd (IHCL), which runs Taj Group of hotels, completed sale of Taj Boston hotel for United States dollars 125 million (about Rs 839 crore). While Tata Trusts, headed by Ratan Tata, is the principal shareholder, the Shapoorji Pallonji group is the largest shareholder with 18.5 percent of the equity.

After assuming office, he had to face some challenging situations such as the decision to sell Tata Steel UK in the wake of mounting losses.

Tata group has several listed entities, including Tata Chemicals, Indian Hotels Co Ltd, Tata Coffee, Tata Elxsi, TCS, Tata Global Beverages, Tata Investment Corporation, Tata Sponge Iron, Tata Steel and Tata Teleservices.


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