The role of independent directors comes into sharp focus as the Tata-Mistry spat spills over to group firms.
It is shaping up into a fight to the finish. Cyrus Pallonji Mistry, the 48-year-old former chairman of Tata Sons, appears to be ready to take his battle against Ratan Tata, 78, and Tata Sons, from where he was ousted unceremoniously on October 24, to its logical conclusion. Mistry, whose family owns an 18.4 percent stake in Tata Sons, is undaunted even in the face of the value erosion which Tata group companies have been facing ever since the bruising face-off began.
“Cyrus believes what is happening is catharsis. If there is value erosion in the process, he is willing to take the hit because his family’s fortunes aren’t solely dependent on the holding in Tata Sons,” says a source close to Mistry.
While the initial exchange of fire between the two sides was restricted to the group level and to Tata Sons, it has now spread to group companies, with the focus sharply on the role— read independence—of independent directors including Ratan Tata’s old friend-turned-foe and Bombay Dyeing patriarch Nusli Neville Wadia.
On November 15, a bizarre drama played out at the board meeting of Tata Global Beverages Limited (TGBL), where the company’s second quarter results signed by Mistry were released to the exchanges at 6.02 pm and another statement replacing him as chairman reached the exchanges at 6.12 pm. Mistry was replaced by Tata loyalist Harish Bhat, who also has been given an important role in the group (including that of custodian of the Tata brand) in a recent round of restructuring following Mistry’s ouster as Tata Sons chairman.
Bu hikaye Forbes India dergisinin December 9, 2016 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Forbes India dergisinin December 9, 2016 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Home-Cooked Meal Is Now Greatly Valued
The pandemic has also brought with it an improved focus on hygiene, use of technology in dining, rise of cloud kitchens and resurgence in popularity of Indian ingredients
Paytm 3.0 - Reaching Near Breakeven In Two Years
As of 2020, Vijay Shekhar Sharma’s super app for financial services had run up losses in thousands of crores. Now, as digital payments gets yet another boost courtesy Covid-19, he’s hopeful of reaching near breakeven in two years
THE PANDEMIC HAS CAUSED WOMEN GREATER LABOUR PAIN
Covid-19 has shown that women are more likely to face the brunt of job losses than men, and find fewer opportunities when they want to resume. That apart, several have to deal with increased hours of unpaid work at home and even domestic abuse
LEADERSHIP WILL BE ABOUT SEEING THE BIGGER PICTURE
Leaders must not only guard their teams first during a crisis, but also deal with stakeholders with respect and dignity. And apart from pursuing business goals, they should remain committed to our planet and the environment
PHILANTHROPY SHOULD BE HUMBLE, BUT NOT MODEST
Apart from building a flexible and resilient framework for the future, philanthropists, civil society and the government must work in tandem so that every rupee is absorbed on the ground
INTEGRATED HEALTH CARE, TECH WILL DISRUPT SECTOR
While clinical research will get a boost, having a skilled workforce and public spending on health care will be challenges in the near term
DIGITALISATION WILL HELP IN VALUE CREATION
As the pandemic brings technology and innovation to the core of business and daily life, the next decade will see about 150 million digital-first families in India
Industry 4.0: Climate Revolution?
Augmenting sustainability alongside digital capabilities is an economic, competitive and global opportunity for India’s businesses, but regulations need to reflect intent
EV Dream Still Miles Away
Electric vehicles have remained a buzzword in India for years. But not much has moved on ground due to high upfront costs, range anxiety and charging infrastructure
Living Waters
A virus has caused us to scramble for oxygen but our chokehold on the environment is slowly strangling the very waters that breathe life into us. The virus is a timely reminder: We are merely consumers, not producers of life’s breath on this planet
