Sunday, July 14

Tag: Cyrus Mistry

Breaking Nirmalya Kumar’s Blog Post About Cyrus Mistry’s Exit
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Breaking Nirmalya Kumar’s Blog Post About Cyrus Mistry’s Exit

The internet has gone crazy about Nirmalya Kumar's latest blog post about how Cyrus Mistry was fired as Tata's Chairman. Nirmalya Kumar, Former Group Executive Council member at Tata Sons has revealed a sequence of events on 24 October 2016, the day when Cyrus Mistry was relieved from his services. Nirmalya Kumar was hired by Cyrus to head strategy for the Tata Group, a position that had required Nirmalya to intensively interact and stay close to him. In his latest blog, published on 21 October, 2017; a year after Cyrus' removal, Kumar shed light on the sequence of events held that day! THE GRAPEVINE Cyrus Mistry was in his Bombay House 4th floor office examining what seemed like a routine agenda for the Tata Sons board meeting that was scheduled to start in five minutes at 14:00 hour...
Tata-Mistry Spat Unlikely to Hit TCS Operations: Analysts
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Tata-Mistry Spat Unlikely to Hit TCS Operations: Analysts

The bitter boardroom battle at Tata Sons is unlikely to impact operations of the USD 100-billion conglomerate's crown jewel TCS, but if its chief N Chandrasekaran is elevated to the top at the group level, it could be a blip on the firm's business, say analysts. "Customers care about delivery and long-term stability, not so much about boorish boardroom behaviours... If Chandrasekaran does assume leadership at the group level, it could well prove to be a short-term loss for TCS," Sanchit Vir Gogia, Chief Analyst & CEO, Greyhound Research said. Under Chandrasekaran's leadership, Tata Consultancy Services has stood its ground amidst formidable competition from the likes of Infosys, Tech Mahindra, IBM, Accenture, Wipro, HCL among others, he added. Last week, Tata Sons - the majority...
Tata Motors Shuts Down Loss Making Small Car Tata Nano Production
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Tata Motors Shuts Down Loss Making Small Car Tata Nano Production

Days after ousted Tata Sons chairman Cyrus Mistry blamed Nano for bleeding Tata Motors, the company today said it has significantly written off development cost and investments related to the car and is now refocusing its strategy on "growing and attractive segments" of the passenger vehicles market. The company, however, refuted Mistry's allegations that another reason for it not shutting down the Nano, besides emotional reasons, was the supply of gliders to an electric car maker in which Ratan Tata has a stake. "... due to combination of several factors including project delays, due to change in location of the factory and the perception of being a low-priced car, the volumes initially anticipated did not materialise and utilisation of capacities are significantly lower," Tata Motors ...
This is Why Cyrus Mistry Ousted By Ratan Tata? Surprised By The Reason Says Mistry
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This is Why Cyrus Mistry Ousted By Ratan Tata? Surprised By The Reason Says Mistry

The war of words between Tata Sons and its ousted Chairman Cyrus Mistry ratcheted up a notch late on Friday, with Mistry stating he was surprised with reasons given by the Indian conglomerate for his dismissal. Mistry was sacked as chairman by the board of Tata Sons on Monday and a scathing 5-page letter he wrote to the board was leaked on Wednesday, turning a boardroom feud into a public row. Mistry's letter included allegations of corporate governance failures within Tata Sons, and a series of other barbs aimed at family patriarch Ratan Tata, who has returned as interim chair of the $104 billion salt-to-software conglomerate. In a statement on Thursday, Tata accused Mistry - whose Pallonji family owns a minority stake in Tata Sons - of making "unsubstantiated claims and malicious a...
Focus on Business & Market Leadership, Not on Cyrus Mistry Exit: Ratan Tata
Entrepreneurs Talk

Focus on Business & Market Leadership, Not on Cyrus Mistry Exit: Ratan Tata

A day after the abrupt ouster of Cyrus Mistry as Tata Group chairman, Ratan Tata, who has assumed charge as interim Chairman, today asked senior management of the conglomerates firms to focus on their businesses without being concerned about the top level change. Stating that his role is for 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. "I assumed the role of the interim Chairman for stability and continuity so that there is no vacuum. This will be for a short time. A new permanent leadership will be in place," he said while addressing managing directors and senior leaders of Tata companies at the Bombay House. In...
Tata Sons Remove Cyrus Mistry as Chairman, Ratan Tata Steps in
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Tata Sons Remove Cyrus Mistry as Chairman, Ratan Tata Steps in

In a major shakeup, Tata Sons has removed Cyrus Mistry from the post of Chairman. The decision was taken at athe board meeting held in Mumbai on Monday. Ratan Tata will be the interim Chairman, the board announced in a statement. A search committee has been set up to find a successor. 'The Committee comprises Mr. Ratan N. Tata, Mr. Venu Srinivasan, Mr. Amit Chandra, Mr. Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons,' the statement said, adding that the committee has been given four months to complete the process. CEOs at the operating company level have not been touched in the rejig.
Tatas Record $103-Bn FY16 Revenue; Investment at $9-Bn: Cyrus Mistry
BUSINESS

Tatas Record $103-Bn FY16 Revenue; Investment at $9-Bn: Cyrus Mistry

Tata Group invested USD 9 billion in its businesses globally in 2015-16, even as its worldwide revenue fell marginally to USD 103 billion due to commodity market slowdown and volatile currencies among other reasons, the diversified conglomerates chief Cyrus Mistry said today. Addressing the Annual Group Leadership Conference (AGLC) of the steel-to-software conglomerate, Mystry also announced a new leadership competency model based on key competencies to develop and identify leaders within the group firms and outlined a new framework focussed on happiness at work. The total investments by the over 100 group companies in the last three years total to over USD 28 billion, said Mistry, Chairman of the main holding company Tata Sons Ltd. Addressing the top leadership and senior mana...