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Showing posts with the label Cyrus Mistry

Full text: Why Tata Sons lost confidence in Cyrus Mistry

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Before EGMs, Tata group writes 'an appeal' to stakeholders of all group companies Even as both camps in the Tata vs Mistry boardroombattle get ready for the impending extraordinary general meetings of various Tata group companies to oust former Tata Sons chairman Cyrus as director, the war of words through statements and counter-statements do not seem to end. On Sunday, while the Ratan Tata camp alleged that Mistry misled the selection committee to become the chairman of Tata Sons, Mistry’s office stated that Ratan Tata had been repeating the same lie a thousand times and hoping it to become a truth. ALSO READ:   Mistry misled to become chairman, says Tata Sons Here is the full text of the Tata group’s letter to stakeholders explaining why the group lost its confidence in Cyrus Mistry: AN APPEAL FROM THE TATA GROUP TO ALL STAKEHOLDERS OF TATA COMPANIES Extraordinary General Meetings of various Tata Companies are coming up over the next few weeks. We, at Tata Sons Lt...

Tata group could see Rs 1,18,000 crore in writedowns: Cyrus Misry

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Says Indian Hotels, Tata Motors' passenger cars, Tata Steel UK, telecom biz and Mundra UMPP are legacy hotspots Group companies in the salt-to-software Tata Sons conglomerate faces potential writedowns to the tune of close to $18 billion (about Rs 1,18,000 crore) due to investments in unprofitable businesses, according to an internal letter that ousted Chairman   Cyrus Mistry   sent to the company's board. Mistry was shunted out of the company on Monday by the   Tata Sons   board for reasons not officially made public by the group, however, sources told Reuters that Mistry had lost favor with family patriarch   Ratan Tata   and the powerful trusts, which own two-thirds of the group. Mistry said in the letter that Indian Hotels Co, passenger-vehicle operations of Tata Motors Ltd, the loss-making European steel operations of Tata Steel, its telecom venture and the Mundra ultra mega power plant of Tata Power are "legacy hotspots" of the company. "A...