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".

Rockstar's Red logo generates more buzz than most game releases
This got gamers pumped up for news of the Red Dead Redemption 2 release date, even though there was nary a character in sight. But then again, Rockstar is still pending to announce on the title hence you should take the above with a grain of salt.


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.


  • Lewis Hamilton Powers to Pole at United States Grand Prix

    Lewis Hamilton Powers to Pole at United States Grand Prix

    Rosberg had to work harder for his runner-up spot as he was overtaken by Red Bull Racing's Daniel Ricciardo at the start. Red Bull's Dutch teenager Max Verstappen had a wild race that ended with a gear box problem on lap 32.

    Iraqi forces launch new advance northeast of Mosul

    However, progress has been hampered by a toxic cloud from by a fire started by IS fighters at a sulphur plant south of Mosul. As Kurdish Peshmerga forces moved though the area, armored vehicles moved along a road and a helicopter flew overhead.

    Oil prices fall despite Russian freeze call

    According to Goldman, however, some OPEC countries may not comply with the agreement and continue to produce oil at a high rate. Oil prices were falling today after OPEC reported that its members produced 33.39 million barrels per day in September.
  • AT&T will buy Time Warner for $80 billion

    The deal that would create "a media behemoth that offers TV, wireless and the programming that goes with it", said Bloomberg . The New York media company owns HBO , CNN , Cartoon Network , TBS and Hollywood's largest film and TV studio, Warner Bros .
    Bears' anemic offense takes another hit at quarterback

    Bears' anemic offense takes another hit at quarterback

    Backup quarterback Brian Hoyer broke his left arm in the second quarter of the game after struggling up to that point. Barkley is just learning the offense after getting called up from the practice squad after Cutler got hurt.
    Netflix reports surge in new members, shares pop

    Netflix reports surge in new members, shares pop

    Netflix's results sent NFLX stock soaring in after-hours trading, and the stock is ahead almost 20% in Tuesday morning action. Netflix also took some time in the statement to say that partnerships with cable operators validate its content strengths.
  • North Korea missile launch fails, according to US military

    North Korea missile launch fails, according to US military

    Washington sees the US-built THAAD system as protection against North Korea's pursuit of missile and nuclear technology. The missile , believed to be a Musudan, is said to have been launched from the western city of Kusong.
    Trump, Clinton Outline Starkly Different Visions For America's Future

    Trump, Clinton Outline Starkly Different Visions For America's Future

    He has faced damaging fallout after a video emerged of him making obscene remarks about groping women. He called her a liar, questioned her experience and at one point labeled her " such a nasty woman ".
    Mauritanian Guantanamo prisoner who published diary set free

    Mauritanian Guantanamo prisoner who published diary set free

    We're so grateful to everyone who helped make this day a reality". "I'm thrilled to reunite with my family". Department of Defense confirmed his transfer Monday.
  • United States election: Trump will accept result 'if I win'

    In numerous close elections and recounts, I have observed the inner workings of our election system from a front row seat. Both were asked if they would consider tax increases or benefit cuts to support Social Security and Medicare programs.

    Russian Federation pauses Aleppo bombing 11 hours for four days, United Nations wants more

    More than 250,000 civilians have been trapped in the rebel-held east of the city under near-continuous siege since mid-July. The statement charged that the rebels in eastern Aleppo are holding hundreds of families hostages.
    Diwali Sale: Xiaomi slashes Mi 5 price by Rs 3000

    Diwali Sale: Xiaomi slashes Mi 5 price by Rs 3000

    We have been hearing plenty of rumors about the Xiaomi Mi Note 2 ever since the summer and now the handset is in mass production. As per the Weibo post, the flexible curved display of Xiaomi Mi Note 2 will be manufactured by Samsung and LG in collaboration.