Mumbai:Launching a scathing attack on ousted chairman Cyrus Mistry, Tata Sons today accused him of betraying trust and trying to seek control of main operating firms of the over USD 100 billion group. In a nine-page statement, the promoter of the major operating Tata companies made a point by point rebuttal to the letter which Mistry had written to its board members a day after he was ousted on October 24. Tata Sons accused Mistry of trying to gain control of the Indian Hotels Co Ltd - the...Read More

New Delhi: Key Tata Group firms lost over INR 10,000 crore for the second day on Wednesday, extending the total erosion in market capitalisation to more than INR 21,000 crore following Cyrus Mistry's ouster as Tata Group chairman. These firms had lost about INR 10,700 crore on Tuesday. Shares of Tata Motors dipped 4.27 per cent, Tata Steel slumped 4.01 per cent, Tata Power lost 2.06 per cent and TCS fell by 0.07 per cent on BSE on Wednesday. Besides, Tata Metaliks slipped 3.85 per cent,...Read More

Mumbai: Sacked unceremoniously, a "shocked" Cyrus Mistry has levelled a series of allegations against Ratan Tata and contended that he was pushed in to a position of "lame duck" chairman and changes in decision making process created alternate power centres in Tata Group. In an explosive confidential email to Tata Sons board members, he accused them of replacing him as Chairman of India's largest conglomerate without so much as a word of explanation and without affording him an opportunity of...Read More

Ahmedabad: In an email to Tata Sons board members, Mr. Mistry said that he was “shocked byond words.” In an email to Tata Sons board members, Cyrus Mistry, former chairman of the group, has called his removal from the position “unparalleled in the annals of corporate history.” In a report in The Economic Times, Mr. Mistry, in the email, goes on to say that the board of directors “has not covered itself with glory.” The report also states that Mr. Mistry said he was “shocked b...Read More

Mumbai: Tata Sons today announced that its Board has replaced Mr. Cyrus P. Mistry as Chairman of Tata Sons. The decision was taken at a Board meeting held here today. The Board has named Mr. Ratan N. Tata as Interim Chairman of Tata Sons. The Board has constituted a Selection Committee to choose a new Chairman. 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...Read More

New York: Tata Group chairman Cyrus Mistry has said he is "not embarrassed" to admit that exits for the group, which has exited over 40 businesses in 20 years, are usually the last resort and the conglomerate does not take decisions about exiting through a "short-term financial lens". Mistry cited the turnaround and growth of Tata's jewelery brand Tanishq and its IT arm Tata Consultancy Services as examples "within the group where persistence and a long-term perspective have paid off." He ...Read More