Tata vs mistry

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TATA GROUP
Tata Group is a multinational conglomerate and holding company headquartered
in Mumbai, Maharashtra, India. It was founded in 1868 by Jamshedji Tata and gained
international recognition after purchasing several global companies. It is India's largest
conglomerate. In 2015-16, the revenue of Tata companies, taken together, is $103.51
billion.[3] These companies collectively employ over 660,000 people.[3] Each Tata company
or enterprise operates independently under the guidance and supervision of its own board of
directors and shareholders. There are 30 publicly-listed Tata enterprises with a combined
market capitalisation of about $116 billion as of March 2016. Tata companies with significant
scale include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata
Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Taj
Group.
Chairman
 Jamsetji Nusserwanji Tata (1867–1904)
 Sir Dorab Tata (1904–1932)
 Nowroji Saklatwala (1932–1938)
 Jehangir Ratanji Dadabhoy Tata (1938–1991)
 Ratan Tata (1991–2012)
 Cyrus Pallonji Mistry (2012–2016)
 Ratan Tata (2016–2017)
 Natarajan Chandrasekaran (Feb 2017 – )
List of entities associated with Tata Group
The following are articles related to the Tata Group, a large multinational conglomerate from
India, with many of its operations based abroad in the US and the UK. The Tata Group is
owned by the Tata Sons.
Companies with TATA label
Subsidiaries within Tata Group :
 Tata AIA, an insurance based joint-venture company with American International Group.
 Tata Capital, a wholly owned subsidiary of Tata Sons Limited, the apex holding company
of the Tata Group.
 Tata Communications, also known as Tata VSNL, a communication company acquired in
2002.
 Tata Consulting Engineers Limited, Engineering, Design and consultancy for all types of
infrastructure and industrial developments. Specialized in power sector. (Established in
1962)
 Tata Consultancy Services, Asia's largest IT company and World's Largest Software and
Services Company
 Tata DoCoMo, a GSM based mobile company with alliance with NTT docomo

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 Tata Chemicals
 Tata Defence
 Tata Elxsi, another Tata IT company.
 Tata Global Beverages, the world's second largest tea business.
 Tetley (Subsidiary of Tata Global Beverages)
 Tata Housing Development Company, Real estate development company
 Tata Value Homes Limited (100% Subsidiary of Tata Housing, operating in value
and affordable segments)
 Titan Industries, World's 5th largest watch manufacturer.
 Tata Interactive Systems (TIS), is a provider of performance support systems and e-
learning platforms.
 Tata Marcopolo Motors
 Tata Motors, the world's fifth largest and India's largest automobile company. Tata
Motors' principal subsidiaries include
 Jaguar Land Rover the British company making Jaguar and Land Rover (including
Range Rover) cars
 Fiat-Tata, was a joint venture with Fiat which manufactures automotive components
and Fiat and Tata branded vehicles
 Tata Technologies
 Tata Daewoo
 Tata Marcopolo
 Tata Hispano, coach builder
 Tata Hitachi Construction Machinery)
 Tata Motors Cars produces passenger cars under the Tata Motors marque
 Tata Power, India’s largest private sector electricity producer
 Tata Salt
 Tata Sky, a Direct To Home service company in alliance with British Sky
Broadcasting and News corporations STAR
 Tata Starbucks
 Tata Steel, World's 12th largest steel company.
 Tata Steel Europe, formerly Corus group
 Tata Teleservices, India's second CDMA telecom company.
 Tata Technologies
 TRL Krosaki Refractories Limited, a refractory company, formerly Tata Refractories
Limited with Krosaki Harima Corporation.
 Tata CLiQ, e-commerce website, selling apparel, footwear and electronics.
 Tata Insights and Quants Division (A division of Tata Industries Limited), analytics and
big data initiative by Tata Group.
Subsidiaries without the TATA Label
 Mjunction, A Tata Steel & SAIL Joint venture- It is India's Largest B2B E-Commerce
company with GMV more than 3500000 Crore
 C-Edge Technologies, TCS-SBI joint Venture
 CMC Limited Computer maintenance corporation, Information Technology services,
consulting and software company
 Corus Group plc, former name of Tata Steel Europe

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 Tetley, UK based international tea brand
 Taj Hotels Resorts and Palaces, Owner of 'Taj' hotels
 Computational Research Laboratories, Tata initiative in high performance computing
 VSNL International Canada in Canada
 Titan Industries, clock and watch maker in India
 Tanishq, a jewellary brand in India
 Trent (Westside), retail chain
 Brunner Mond, subsidiary of Tata Chemicals
 Voltas
 Vistara, an Indian airline that is a joint venture with Singapore Airlines
 Taj Air Chartered flights
 Infiniti Retail Cromā
 Jaguar Land Rover, British car manufacturer, formed when Tata
Motors acquired Jaguar and Land Rover from US multinational Ford in June 2008
 e-Nxt Financials ltd., Enterprise solutions provider
 The Dhamra Port Company Limited
 Rallis India Limited Rallis is an Agricultural Research Company, They provide
Agricultural products and Services. For more info visit
Educational and Research Institutes
 Tata Institute of Fundamental Research
 Tata Institute of Social Sciences
 Indian Institute of Science
 Nettur Technical Training Foundation R D Tata Technical Education Centre Jamshedpur
 National Centre for Performing Arts
 Tata Management Training Centre
 Tata Memorial Hospital
 Tata Ecotechnology Centre
Subsidiaries
Chemicals
 Rallis India
 Tata Pigments Limited
 General Chemical Industrial Products
 Brunner Mond
 Advinus Therapeutics
 Magadi Soda Company
Consumer products
 Tata Salt
 I-shakti
 Casa Décor
 Tata Swach

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 Tata Global Beverages, is the world's second largest manufacturer of packaged tea and
tea products.
 Tata Starbucks, is a 50:50 joint venture company, owned by Starbucks Corporation and
Tata Global Beverages
 Eight O'Clock Coffee
 Tetley
 Tata Coffee
 Himalayan, mineral water brand
 Tata Ceramics
 Infiniti Retail (Cromā)
 Tata Industries
 Titan Industries
 Trent (Westside)
 Tata CLiQ
 Landmark Bookstores
 Tata Sky
 Voltas, consumer electronics company
 Tata International Ltd.
 Tanishq
 Tata Zoya
 Fastrack, Youth Fashion Brand
 Titan Eye+, Optical Stores from Titan Industries
 Tata Refractories
 Westside
Energy
 Tata Power is one of the largest private sector power companies.
 Tata Power Solar, started as a joint venture between Tata Power and BP Solar, now a
wholly owned company.
 Hooghly Met Coke and Power Company
 Jamshedpur Utilities and Services Company
 Tata Power Delhi Distribution Ltd (Formerly Known as North Delhi Power Ltd)
 Powerlinks Transmission
 Tata Power Trading
 Tata Projects
 Tata Petrodyne
Engineering
 TAL Manufacturing Solutions
 TASL (Tata Advanced Systems Limited)
 Tata Auto Comp Systems Limited (TACO)
 Hispano Carrocera
 Tata Motors, manufacturer of commercial vehicles (largest in India) and passenger cars
 Jaguar Land Rover (Manager of Tata's English brands Jaguar cars and Land Rover)
 Tata Daewoo Commercial Vehicle
 Tata Projects

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 Tata Technologies Limited
 Tata Marcopolo
 Tata Consulting Engineers Limited
 Tata Cummins
 Telco Construction Equipment
 TRF
 Voltas Global Engineering Centre
 Tata Advanced Materials
 Tata Advanced Systems
 Tata Motors European Technical Centre
 Tata Petrodyne
 Tata Precision Industries
 Telcon Construction Equipment
Information systems and communications
 Computational Research Laboratories
 INCAT
 Nelco
 Nelito Systems
 Tata Business Support Services
 Tata Consultancy Services Ltd. (TCS) is one of the world's largest IT Services
companies.
 Tata Elxsi
 Neotel
 Tata Interactive Systems
 Tata Teleservices
 Tata DoCoMo
 Tata Communications
 CMC Limited
 VSNL International Canada
 Tatanet, Managed connectivity and VSAT service provider
Services
 Tata Sons
 TajAir
 Mjunction
 Vistara
 Air Asia India joint venture with Air Asia
 The Indian Hotels Company
 Taj Hotels
 Vivanta By Taj
 The Gateway Hotels & Resorts
 Ginger Hotels
 Roots Corporation
 Tata Housing Development Company Ltd. (THDC)
 Tata Limited

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 TATA AIG General Insurance
 TATA AIA Life Insurance
 e-Nxt Financials ltd.
 TKM Global, Logistics and Supply Chain
 Tata AG
 Tata Asset Management
 Tata Financial Services
 Tata Capital Financial Services Limited
 Tata International AG
 Tata Investment Corporation
 Tata Advanced Systems Limited
 Drive India Enterprise Solutions
 Tata Quality Management Services
 Tata Realty and Infrastructure Limited
 Tata Interactive Systems
 Tata Africa Holdings
 Tata Auto Comp Systems
 Tata Industrial Services
 Tata NYK
 Tata Services
 Tata Strategic Management Group
Steel
 Tata Steel
 Tata Steel Europe
 Tata Steel KZN
 Tata Steel Processing and Distribution
 JAMIPOL
 NatSteel Holdings
 Tata BlueScope Steel
 Tata Metaliks
 Tata Sponge Iron
 Tayo Rolls
 The Tinplate Company of India
 Tata Bearings
 TM International Logistics

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Acquisitions
 February 2000 – Tetley Tea Company, $407 million[6]
 March 2004 – Daewoo Commercial Vehicle Company, $102 million
 August 2004 – NatSteel's Steel business, $292 million
 November 2004 – Tyco Global Network, $130 million
 July 2005 – Teleglobe International Holdings, $239 million
 October 2005 – Good Earth Corporation
 December 2005 – Millennium Steel, Thailand, $165 million
 December 2005 – Brunner Mond Chemicals, $10 million
 June 2006 – Eight O'Clock Coffee, $220 million
 November 2006 – Ritz Carlton Boston, $170 million
 January 2007 – Corus Group, $12 billion[7]
 March 2007 – PT Kaltim Prima Coal (KPC) (Bumi Resources), $1.1 billion
 April 2007 – Campton Place Hotel, San Francisco, $60 million
 January 2008 – Imacid Chemical Company, Morocco[8]
 February 2008 – General Chemical Industrial Products, $1 billion
 March 2008 – Jaguar Cars and Land Rover, $2.3 billion
 March 2008 – Serviplem SA, Spain
 April 2008 – Comoplesa Lebrero SA, Spain
 May 2008 – Piaggio Aero Industries S.p.A., Italy
 June 2008 – China Enterprise Communications, China
 June 2008 – Neotel, South Africa
 October 2008 – Miljo Grenland / Innovasjon, Norway
 April 2010 - Hewitt Robins International, United Kingdom
 July 2013 - Alti SA, France
 December 2014 - Energy Products Limited, India
 June 2016 - Welspun Renewables Energy, India

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Philanthropy
The Tata Group has helped establish and finance numerous research, educational and cultural
institutes in India.[9] The Tata Group was awarded the Carnegie Medal of Philanthropy in
2007 for philanthropic activities.[11] Some of the institutes established by the Tata Group are:
 Tata Institute of Social Sciences
 National Centre for Performing Arts
 Tata Management Training Centre
 Tata Memorial Hospital
 Tata Centre for Technology & Design at IIT Bombay
 Tata Center for Technology & Design at Massachusetts Institute of Technology
 Tata Football Academy
 Tata Cricket Academy
 Tata Trusts, a group of philanthropic organisations run by the head of the business
conglomerate Tata Sons[12]
 The JRD Tata Ecotechnology Centre
 The Energy and Resources Institute (earlier known as Tata Energy and Research
Institute) – a non-governmental research institute.
 Tata Medical Center, was inaugurated on 16 May 2011, by Ratan Tata[13]
 Tata Cancer Hospital
The Tata Group has donated ₹ 2.20 billion ($50 million) to the Harvard Business
School (HBS) to build an academic and a residential building on the institute's campus in
Boston, Massachusetts. The new building will be called the Tata Hall and used for the
institute's executive education programmes.[14] The amount is the largest from an
international donor to Harvard Business School
One Tata project brought together Tata Group companies (TCS, Titan Industries and Tata
Chemicals) was developing a compact, in-home water-purification device. It was called Tata
swach which means "clean" in Hindi and would cost less than 1000 rupees (US$21). The idea
of Tata swach was thought of from the 2004 tsunami in the Indian Ocean, which left
thousands of people without clean drinking water. This device has filters that last about a year
long for a family of five. It is a low-cost product available for people who have no access to
safe drinking water in their homes.[16] The advantage of this device is that it does not require
the use of electricity.[17]
TCS also designed and donated an innovative software package that supposedly teaches
illiterate adults how to read in 40 hours. "The children of the people who have been through
our literacy program are all in school", says Pankaj Baliga, global head of corporate social
responsibility for TCS.[16]
In 1912, Tata Group expanded their CEO's concept of community philanthropy to be
included in the workplace. They instituted an eight-hour workday, before nearly any other
company in the world. In 1917, they recommended a medical-services policy for Tata
employees. The company would be among the first worldwide to organise modern pension
systems, workers' compensation, maternity benefits, and profit-sharing plans.[16]
The charitable trusts of Tata Group fund a variety of projects, for example the Tata Swach
and the TCS project. They founded and still support such cherished institutions as the Indian
Institute of Science, Tata Institute of Fundamental Research, the National Centre for the

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Performing Arts and the Tata Memorial Hospital. Each Tata Group company channels more
than 4 percent of its operating income to the trusts and every generation of Tata family
members has left a larger portion of its profit to them.[16]
After the Mumbai attacks, salaries of the attacked Taj Hotel employees were paid despite the
hotel being closed for reconstruction. About 1600 employees were provided food, water,
sanitation and first aid through employee outreach centres. Ratan Tata personally visited
families of all the employees that were affected. The employee's relatives were flown to
Mumbai from outside areas and were all accommodated for 3 weeks. Tata also covered
compensation for railway employees, police staff, and pedestrians. The market vendors and
shop owners were given care and assistance after the attacks. A psychiatric institution was
established with the Tata Group of Social Science to counsel those who were affected from
the attacks and needed help. Tata also granted the education of 46 children of the victims of
the terrorist attacks.[18][19]
In 2013, the Tata group, through the Tata Relief Committee and the Himmotthan Society, an
associate organisation of the Sir Ratan Tata Trust, has been working in close collaboration
with the Uttarakhand government to provide relief to the impacted local communities in three
districts of the state. The relief activities, which include provision of food and household
material, have so far covered over 65 villages and 3,000 families. In the first phase of relief,
the group expects to reach over 100 villages. The Tata group also plans to implement long-
term measures for the economic, ecological and resource sustainability of the affected
communities and areas. The plan, currently under development, will be based on a baseline
survey of impacted villages which is being carried out by teams from the Centre for Disaster
Management at the Tata Institute of Social Sciences (TISS), Mumbai, in collaboration with
local organisations and communities.[20][21]

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Tata Sons
Tata Sons Limited
Type Private
Founded 1917; 100 years ago
Founder Jamshedji Tata
Headquarters Mumbai, Maharashtra, India
Area served Worldwide
Website www.tata.com
Tata Sons Limited is the holding company of the Tata Group and holds the bulk of
shareholding in these companies. It was established as a trading enterprise by Group
founder Jamsetji Tata in 1868. The chairman of Tata Sons has traditionally been the chairman
of the Tata Group. About 66% of the equity capital of Tata Sons is held by philanthropic
trusts endowed by members of the Tata family. The biggest two of these trusts are the Sir
Dorabji Tata Trust and Sir Ratan Tata Trust. Tata Sons is the owner of the Tata name and the
Tata trademarks, which are registered in India and several other countries. TCS alone
generates 70% revenues of its parent company, Tata Sons.[1][2] Natarajan Chandrasekaran will
take over as Chairman of Tata Sons on 21 February 2017
Location
The company is registered and located in Mumbai, India.
Operating companies under Tata Sons

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 TCS
 Tata Steel
 Tata Global Beverage
 Tata Power
 Tata Motors
 Tata Chemicals
 Indian Hotels
Board of directors
1. Natarajan Chandrasekaran, Chairman, new
2. Ratan Naval Tata,
3. Shubham Parashar
4. Ishaat Hussain
5. Vijay
6. Nitin Nohria
7. Ronen Sen
8. Farida Khambata
9. Venu Srinivasan
10.Ajay Piramal,
11.Amit Chandra
12.Cyrus Pallonji Mistry[4][5]
13.Ralf Speth (new),
Shareholding pattern
Total equity shares 404,142 (around ₹1,0000 each)
Shareholder No of shares Share-holding percentage
Shapoorji Pallonji 108 0.026723
Sterling Investment Corp
(Shapoorji Pallonji Group)
37120 9.18489
Cyrus Investments
(Shapoorji Pallonji Group)
37120 9.18489
Ratan Tata 3368 0.83337
Sir Dorabji Tata Trust 113067 27.97705
Sir Ratan Tata Trust 95211 23.5588
Tata Investment Corp 326 0.080665
Sarvajanik Seva Trust 396 0.097985

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Shareholder No of shares Share-holding percentage
RD Tata Trust 8838 2.186855
Tata Social Welfare Trust 15075 3.730125
Tata Education Trust 15075 3.730125
JRD Tata Trust 16200 4.008492
Tata Power 6673 1.651152
Tata Tea 1755 0.434253
Indian Hotels 4500 1.11347
Tata Industries 2295 0.56787
Tata Chemicals 10237 2.533021
Kalimati Investment Co 12375 3.062043
Tata International Ltd 1477 0.365466
Tata Motors 12375 3.062043
Piloo Tata 487 0.120502
Jimmy Naval Tata 3262 0.807142
Vera Farhad Choksey 157 0.038848
Jimmy Tata 157 0.038848
Simone Tata 2011 0.497597
Noel Tata 2055 0.508485
HH Maharawal Virendra Singh Chauhan
Raja of Chhota Udepur
1 0.000247
MK Tata Trust 2421 0.599047
Shapoorji Pallonji Mistry came to acquire shares of Tata Sons in 1930s when JRD Tata's
younger brother, Dorab, in a fit of anger, sold his shares of Tata Sons to construction magnate
Pallonji Mistry just after JRD Tata became Chairman in early 1930s. His shareholding is
divided equally between his two sons, Shapoor Mistry and Cyrus Mistry.

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SHAPOORJI PALLONJI GROUP
The Shapoorji Pallonji Group (SP Group) is an Indian business conglomerate in India with
interests in construction, real estate, textiles, engineering goods, home
appliances, shipping, publications, power, and biotechnology.[1] It was headed by Pallonji
Mistry until 2012, when he announced his retirement and his son Shapoor Mistry took
charge.[2][3]Shapoorji Pallonji is regarded as "one of India's most valuable private
enterprises". The promoters of the group are also the largest individual shareholders in Tata
Sons, the holding company of the Tata Group.[4] The US$2.5 billion Shapoorji Pallonji Group
have two listed companies, Forbes & Company Ltd. (BSE: 502865),[5] and Gokak Textiles.
Forbes was already listed when bought by Shapoorji Pallonji, though there was speculation in
2006 that group company Afcons Infrastructure would go public via an IPO.[6]
The company is known for building some of Mumbai's landmarks around the Fort area,
including the Hong Kong Bank, Grindlays Bank, Standard Chartered Bank and Reserve Bank
of India building, Bombay Stock Exchange building and Taj Intercontinental.[7] Apart from
these, the company has built a stone palace for the Sultan of Oman in 1971.[8][9] After
the 2008 Mumbai Attacks, the company was involved in the repairs and renovation of Taj
Mahal Palace & Tower which was severely damaged by the attack.[10] Other notable projects
include The Imperial in Mumbai, Jumeirah Lake Towers in Dubai and Ebene Cyber
City in Mauritius.[9] In 2012, Shapoor Mistry announced that the Group had plans to invest in
a deep-sea port, an IT park, hydro electricity and construction of roads and night shelters for
the poor in West Bengal.[11]
On 27 January 2016, Shapoorji Pallonji Group launched its first affordable housing brand-
Joyville Homes.[12]
History
The company was founded as a partnership firm Littlewood Pallonji, in 1865.[13][14][15] The
first project was the construction of a pavement on the Girgaum Chowpatty,[16] followed by
being part of the construction of a reservoir on Malabar Hill which supplied water
to Mumbai for over 100 years. The company also built the Brabourne stadium in Mumbai and
the Jawaharlal Nehru stadium in Delhi.[13] The Mumbai Central Railway station, was also
built by them at a cost of ₹ 1.6 crore. The company was commended by the then Governor of
Bombay for completing the work within 21 months.[16] In recent years, it has built
the Barakhamba Underground Station in Delhi and Providence Stadium in Guyana.[6][9] In
2010, it built India's tallest building, The Imperial, a residential tower in Mumbai.[2]
The Shapoorji Pallonji has also had a brief involvement with Bollywood. Released in
1960, K. Asif's magnum opus, and one of the most popular and critically acclaimed
Bollywood film of all time, Mughal-e-Azam, was funded by the group with a budget of ₹ 1.5
crore, which made it the most expensive Bollywood film till then and a record it held for
many years. More than four decades later, the group funded a digital remastering of the film
at a budget of ₹ 5 crore, which was released on November 12, 2004. Shapoor Mistry,
grandson of Shapoorji Pallonji Mistry, thought it a fitting tribute to complete his grandfather's
unfinished dream of colourising the film, and more so since the original was produced by his
grandfather.
Acquisitions
In 1936, Shapoorji Pallonji bought F.E. Dinshaw and Co. after the death of its promoter. F.E.
Dinshaw and Co was an established finance firm that had high-profile dealings such as
arranging a loan from the Maharaja of Gwalior for Tata Steel (then TISCO) in 1924 and

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merging local cement companies to form ACC Cement in 1936.[17] F.E Dinshaw and Co.
also had a 12.5% stake in Tata Sons, which came to Shapoorji Pallonji.[8]
In 2001-02, Shapoorji Pallonji took over Forbes Gokak (now Forbes and Company) from the
Tata group after winning a takeover battle with the Pawankumar Sanwarmal Group.[18] The
company was already listed on the BSE when it was taken over and remains the group's only
listed entity as of 2011.[6]
Shapoorji Pallonji plans deep water port in Gujarat.[19]
Subsidiaries
 Toll Plaza on the Trichy Tollway
 SD. Corp. A Shapoorji Pallonji & Dilip Thacker Group Venture
 Shapoorji Pallonji Engineering & Construction
 Shapoorji Pallonji Real Estate
 Forbes & Company Ltd
 Sterling and Wilson
 Next Gen Publishing
 Afcons Infrastructure Limited
 Eureka Forbes
 Joyville Homes

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RATAN NAVAL TATA
Ratan Tata
Sir Ratan Tata
Born 28 December 1937 (age 79)
Bombay, British India
Residence Colaba, Mumbai, India[1]
Alma mater Cathedral & John Connon School
Cornell University
Harvard Business School
Occupation Former chairman, Tata Group [2]
Relatives See Tata family
Ratan Naval Tata, GBE (born 28 December 1937) is an Indian businessman, investor,
philanthropist and former chairman of Tata Sons. He was the chairman of Tata Group, a
Mumbai-based global business conglomerate from 1991 till 2012 and again from 24 October
2016 for interim term, and continues to head its charitable trusts.[3][4] He is the recipient of
two of the highest civilian awards of India–Padma Vibhushan (2008) and Padma
Bhushan (2000).[5]
He is an alumnus of the prestigious Cathedral and John Connon School, Bishop Cotton
School (Shimla), Cornell University & Harvard Business School.

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Cyrus Mistry
Cyrus Mistry
Born 4 July 1966 (age 50)
Residence Malabar Hill
South Mumbai
Nationality Irish Indian[1]
Citizenship Ireland
Alma mater Cathedral & John Connon School
Imperial College London
London Business School
Occupation Former Chairman of Tata Group
Spouse(s) Rohiqa
Children 2
Parent(s) Pallonji Mistry
Patsy Perin Dubash
Cyrus Pallonji Mistry (born 4 July 1966) is an Irish businessman of Indian origin who was
the chairman of Tata Group, an Indian business conglomerate, between 2012 and
2016.[2][3]He was the sixth chairman of the group, and only the second (after Nowroji
Saklatwala) to not bear the surname Tata.[4] In mid-2012, he was chosen by a selection panel
to head the Tata group and took charge in December the same year. On 24 October, 2016, the
board of Tata Sons (the group's holding company) voted to remove Mistry from the post of
chairman. Natarajan Chandrasekaran was named the new chairman shortly after.
Mistry was born to a Parsi family in Mumbai, the younger son of Indian billionaire and
construction magnate Pallonji Mistry by his wife Patsy Perin Dubash.[6][7] Both his parents
belong to the Zoroastrian faith and have roots in India. However, Mistry's mother was born in
Ireland, and his father chose to take up Irish citizenship. Mistry has an elder brother, Shapoor
Mistry, who is also an Irish citizen, and is married to Behroze Sethna, the daughter of Parsi
lawyer Rusi Sethna. Mistry also has two sisters, Laila and Aloo. Laila is married to Rustom
Jehangir, a London-based portfolio fund manager.[8][9][10] Aloo is married to Noel Tata, the

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half-brother of Ratan Tata. Mistry is married to Rohiqa Chagla, daughter of lawyer Iqbal
Chagla and granddaughter of renowned jurist M.C. Chagla. The couple has two sons, Firoz
Mistry and Zahan Mistry.[1]
Mistry is an Irish citizen, and a permanent resident of India. According to a news report in an
Irish newspaper, The Independent, Mistry views himself as a global citizen.[6]
The Pallonji family have been active in business for over a century, and it was in the 1930s
that Mistry's grandfather, Shapoorji Mistry, first acquired a stake in Tata Sons. The stake,
which now stand at 18.5%, is presently held by Mistry's father, and comprises the largest
block of shares held by a single party;[4] some 66% stake in Tata Sons is controlled by
charitable trusts set up by the family. Mistry thus grew up in affluent circumstances. He
studied at the prestigious Cathedral & John Connon School in South Mumbai,[11] and then
moved to London to study at Imperial College for a B.Sc. degree in civil engineering. He
then went on to take an M.Sc. in management from the London Business School.[8][9]
Mistry has been managing director of Shapoorji Pallonji & Company, which is part of the
Shapoorji Pallonji Group. He joined the board of Tata Sons on 1 September 2006, a year after
his father retired from it.[1] He served as a Director of Tata Elxsi Limited, from 24
September 1990 to 26 October 2009 and was a Director of Tata Power Co. Ltd until 18
September 2006.[citation needed]
In 2012, Mistry was appointed as the chairman of Tata Sons. In addition, he was also
chairman of all major Tata companies including Tata Industries, Tata Steel, Tata Motors,
Tata Consultancy Services, Tata Power , Tata Teleservices, Indian Hotels, Tata Global
Beverages and Tata Chemicals.[citation needed]
In an 2013 article, The Economist categorized him as "the most important industrialist in
both" India & Britain.[12]
The Tata Sons Board voted to remove Mistry from the Chairmanship of Tata Sons on 24
October, 2016.[13][14]

P a g e | 18
TATA SONS SACKS CYRUS MISTRY
In a dramatic development, the Tata Sons board on Monday sacked Cyrus Mistry, less than
four years into his term at the helm of the software-to-steel conglomerate. The board gave no
reason for the abrupt removal of the 48-year-old Irish citizen and named his predecessor
Ratan Tata, 78, as interim chairman.
“The board in its collective wisdom and on the recommendations of the principal
shareholders took a decision to ask him to go,” a spokesperson, who did not wish to be
identified, said. “The board decided that it may be appropriate to consider a change for the
long term interest of Tata Sons and the Tata Group.”
Mr. Mistry, who had earlier headed the Shapoorji Pallonji Group’s construction business, had
been considered by some analysts to be struggling to lift the large and diverse conglomerate’s
financial performance. Emblematic of the difficulties were the decision to divest the flagship
Tata Steel’s struggling U.K. steel assets — the company had acquired Corus Plc in 2007 for
$13.1 billion — and the inability to resolve a bruising corporate-divorce with Japan’s NTT
DoCoMo.
While two of the group’s bluechips, Tata Consultancy Services and Tata Motors
outperformed the benchmark BSE Sensex during Mr. Mistry’s 46-month reign appreciating
as much as 92 per cent and 81 per cent respectively, four other key group companies
underperformed.
Tata Trusts, the principal shareholder of Tata Sons with a 66 per cent stake, had not been
impressed with Mr. Mistry’s performance, said a person with knowledge of the
developments, who did not wish to be named. The perception was that Mr. Mistry had tried
to undo several initiatives taken by Mr. Tata. “The feeling among the Tatas is that the group
is precious and that not everybody can fit into it,” a former Tata group senior executive, who
did not wish to be identified, said.
Tata Sons has set up a selection committee comprising Mr. Tata, industrialist Venu
Srinivasan, Ronen Sen, Amit Chandra and Lord Kumar Bhattacharyya and the panel has been
given four months to pick a new chairman. “There is no change at the level of CEOs of the
Tata Group companies,” the spokesperson said.
The Shapoorji Pallonji Group, which has 18.4 per cent in Tata Sons, is believed to be
considering a legal challenge to Mr. Mistry's removal as chairman.

P a g e | 19
FAILURE OF DREAM PROJECT
Ratan Tata had grand plans for the Nano – ones that included getting the car to run on
compressed air and batteries! According to a report in HT, Ratan Tata had a big turnaround
plan for Nano, which did not materialise because he (Tata) handed over the reins to Cyrus
Mistry back in 2012. Nano, touted as the cheapest car in the world, is Ratan Tata’s dream
project. However, the car’s sales had dropped by as much as 70% over the past six years.
Sources in Tata Motors told the paper that a lot of research had been done on the
development of a new Nano platform that would enable the car to run on compressed air, and
electric and hybrid varieties. According to the report, Tata Motors had been working with
Motor Development International from France, for a 7-year project. This collaboration was
mean for the ‘air car’. Ratan Tata also wanted to make a feature-rich Nano, especially for the
Latin America and Europe
But, Cyrus Mistry saw only losses in the overall Nano project, as is evident from the letter
that he wrote to the Tata Sons Board, soon after his sacking. Blaming Ratan Tata of keeping
the Nano project alive, only for emotional reasons, Cyrus Mistry said that there was no sight
of profitability when it came to that car. “…the Nano product development concept called for
a car below Rs. 1 lakh, but the costs were always above this. This product has consistently
lost money, peaking at Rs. 1,000 crores. As there is no line of sight to profitability for the
Nano, any turnaround strategy for the company requires to shut it down,” Mistry wrote. ”
Emotional reasons alone have kept us away from this crucial decision. Another challenge in
shutting down Nano is that it would stop the supply of the Nano gliders to an entity that
makes electric cars and in which Mr. Tata has a stake,” he alleged.
Mistry has said that as the group chairman, he tried to turn things around – be it from a Nano
to an ultra-mega-power plant. Mistry has hit out at Ratan Tata, his predecessor, for
interference. Mistry has lamented that Ratan Tata’s interference had increased to the extent
that he (Mistry) was reduced to being a ‘lame-duck’ chairman. In one of the biggest
upheavals in the corporate sector, the Tata Sons Board on Monday appointed Ratan Tata as
the interim chairman of the group, replacing Cyrus Mistry. The Board has constituted a
Selection Committee to choose a new Chairman.
NANO which is a brain child of Ratan Tata raised hope for a lot of Middle class families by
giving them the status of owning a car. Expectations were increasing amongst the customers
regarding the product features and its efficiency. Competitors were eagerly waiting for its
arrival to find “what’s inside NANO?”. The only factor the customer knew in advance was its
price tag of 1 lac as conveyed by Ratan Tata. But why was it not a big hit and why is it still
lagging to grab the market in spite of its good and convincing features? We probed into the
health of Tata Nano as a brand and as a product and carried out a SWOT analysis on NANO.

P a g e | 20
SWOT ANALYSIS OF DREAM PROJECT TATA NANO
Strengths in the SWOT analysis of Tata Nano
Price itself was a major strength factor for the mini magical vehicle which created a sensation
all over the world. Even US president Obama was all praises for the Nano during his Indian
visit, an appreciation which soon spread across the world. The five seater car Nano from Tata
finally arrived in the market. The strengths of the product included its small size, ease in
handling and good mileage efficiency. It directly took on the motorcycle market and tried to
attach a status symbol to itself such that customers prefer the Nano above buying a
motorcycle. Thus they get a four wheeler instead of a two wheeler. However, sales did not
happen as expected and Tata Nano lagged behind.
What made the brand weak? – Weaknesses in the SWOT analysis of Tata nano
The launch price came in two variants ranging between 1.2 lacs to 1.5lacs. It was 20 – 50%
higher then the proposed rates which was a major setback to customers. Within a few months
of initial sales, technical problems were found in the product and there were a few reports of
Nano catching fire, which further weakened the trust for the brand ‘Nano’ as a whole. Tata
also faced political problems and had to shift the plant location which led to production
delays. And now due to inflation, Nano’s prices have further increased due to increase in the
prices of raw material such as steel, rubber and others.
Threats in the SWOT analysis of Tata nano
After the launch of Nano there were many manufacturers who wanted to take advantage of
the hype of the Tata nano, and started working on manufacturing an alternative for Nano.
Upcoming cars like H800 from Hyundai priced around 1.6 lac, Maruti Cervo 600cc priced
around 1.7 lacs to 2lacs were imposing threats to further growth of Nano’s market share.
Vehicles like Alto, Chevy Spark and second hand vehicles were major substitutes for Nano.
People were looking for alternatives for the main reason that it cannot be much used for
driving in highways or long distances as the engine cc is low. The main threat was from an
indirect competitor – Motorcycles. Nano was in between motorcycles and car and it was
proving to be unreliable due to technical glitches. Thus some people were going for the cost
effective solution of buying motorcycles thereby affecting Nano sales.
Opportunities in the SWOT analysis of Tata nano
Though Nano is considered to be a boon for middle class people ,it is most often bought by
the people who already own one or two cars!! Nano is considered to be a vehicle of
convenience to drive in metro traffic. Nano 2012 is a new ray of hope in increasing number
of sales and making many satisfied customers. The increase in buying power of the younger
generation is a major factor for India’s automobile growth. Tata Nano diesel priced at 3.5lacs
has already created a hype among its customers as Tata is known for its diesel products with
high mileage efficiency like Indica and Indigo CS

P a g e | 21
Even Rata tata has admitted that they were wrong in the positioning of the Nano and that the
initial marketing effort was poor. Instead Nano should have been marketed as a utility car
rather than a “cheap car”.
Many manufacturers are still striving hard to compete with Nano, even they will have many
drawbacks and failures and it should be a better product than Nano.
REASONS BEHIND REMOVAL OF CYRUS MISTRY
 Failed to turn around Tata Steel UK, rushed for sale. The acquisition price was $12
billion in 2007
 Tried to rope in his team in group companies and on its boards, changing the existing
practice
 In combating mood with some of the executives at the group companies
 Aggressively pursued disposal of non-profitable businesses
 More keen to build new businesses--- e-commerce, defence and infrastructure---
rather than consolidating existing businesses
 Dividends reduced or cancelled at group companies, leading to sharholders' ire. (As
the major stake holder, Tata Trusts are the largest beneficiaries of dividends through
Tata Sons.)
 Tried to bring in group level mechanism to track performance of executives and
employees at companies
 The emphasis on 'Profitability' applied with equal vigor on all group companies,
despite the diverse nature of the businesses
 Marketed his three years of achievements in direct comparison to previous years of
tata.

P a g e | 22
FULL TEXT OF RATAN TATA’S LETTER TERMING CYRUS
MISTRY AS A 'DISRUPTIVE INFLUENCE’
As you are aware, the Tata Group has a proud and rich history of 149 years, a very successful
heritage of consistently creating wealth for all our stakeholders, including our shareholders
and the community. We have constantly endeavoured to pioneer new businesses over a
century and have set benchmarks in work practices, corporate governance and high ethical
standards.
We now seek your support of the resolution that Tata Sons has moved in the forthcoming
Extraordinary General Meetings (EGM) of our companies, for the removal of Mr. Cyrus
Mistry as Director. Mr. Cyrus Mistry was replaced as the Chairman of Tata Sons, after four
years in that role, on October 24, 2016, because the Board of Tata Sons lost confidence in
him and in his ability to lead the Tata Group in the future. As you would expect, this
deliberated action by the Tata Sons Board was taken after the relationship with Mr. Mistry
steadily deteriorated, and several attempts to remediate went unheeded. As a final step, he
was offered an opportunity to step down voluntarily from the chairman position, which he
rejected, and said that it should be taken up at the Board. This was done and he was formally
replaced.
Since Mr. Mistry was appointed as a Director of various Tata Group companies only as a
corollary to his being the Chairman of Tata Sons, the right step would have been for him to
resign as Director, Unfortunately, he has not yet done so, and his continued presence as a
Director is a serious disruptive influence on these Company Boards, which can make the
company dysfunctional, particularly given his open hostility towards the primary promoter,
Tata Sons.
Even as we seek your support for this resolution, we want to address some of the doubts that
have been raised in the minds of shareholders and assure you the following
* As the promoter, Tata Sons constantly evaluates new business opportunities and invests in
creating new enterprises. Some of these investments havé been hugely successful (e.g. TCS,
Jaguar Land Rover) while some others (like Tata Steel Europe) have taken time to be
profitable. Our approach has been to support and fund these businesses during their
development and growth phases. We exit the business only when we believe it is unviable. In
every situation, our capital allocation decisions are always based on maximising long-term
shareholder returns, viz. return on capital employed, return on equity and free cash flows, So,
there has always been, and will continue to be, a strong alignment of interests between us and
the minority shareholders.
* Tata Group companies are respected for promoting and practising the best corporate
governance standards. Tata Group companies have always been led by professional
management teams under the direction of their respective Boards of Directors, composed of
competent and well-respected independent and non-independent directors. The managements
of these companies have enjoyed the operational freedom to develop and execute the right
strategy as guided by their respective Boards.

P a g e | 23
* Tata Group companies are supported by Tata Sons transparently in multiple ways — such
as through licensed use of the Tata brand, which is India's most trusted name and one of the
most respected names globally; and through direct and indirect financial support. In addition,
wherever required by the companies' Boards of Directors and management, Tata Sons
provides Group companies with strategic advice and support for acquisitions, divestments,
large investments, business collaborations and leadership talent development.
* We are proud of the fine institutions and companies we have built in the Tata Group over
the past several decades. If the current situation has caused you uncertainty in recent weeks, it
is our firm resolve to focus the Group on growth through the induction of new leadership
which is currently underway. As a long-standing partner in the Tata Group companies, we
seek your support of the EGM resolutions to enable our companies to continue on the path of
growth and value creation, as they have done over their long-standing past history.

P a g e | 24
CYRUS MISTRY’S BOMBSHELL LETTER TO THE TATA BOOARD MAKES
VERY SERIOUS ALLEGATIONS
This is the full text of the letter Cyrus Mistry wrote to the members of the Tata Sons board,
and the trustees of the Tata Trusts, on 25 October after he was unceremoniously removed as
Chairman of Tata Sons. A "shocked" Mistry has levelled a series of allegations against Ratan
Tata in the letter and said he was pushed into a position of a "lame duck chairman". He
accused the board members of replacing him without giving him an opportunity to defend
himself. A Tata Sons spokesperson declined comment.
To
Directors Of Tata Sons Ltd.
I was shocked beyond words at the happenings at the board meeting of October 24, 2016.
Apart from the invalidity and illegality of the business that was conducted, I have to say that
the board of directors has not covered itself with glory. To "replace" your chairman without
so much as a word of explanation and without affording him an opportunity of defending
himself in a summary manner must be unique in the annals of corporate history .The
suddenness of the action, and the lack of explanation has led to all manner of speculation and
has done my reputation and the reputation of the Tata Group immeasurable harm.
At the outset, I have to say that I have great respect for the Tata Group and the thousands of
employees who are working hard despite the challenges. I am writing this letter to the board
to emphasise the total lack of corporate governance and to point out the failure on the part of
the directors to discharge the fiduciary duty owed to stakeholders of Tata Sons and of the
group of companies. All of this does not augur well for the future of the group.
All that is said here is well known to many among you, but I would like to put in one place
my journey as chairman of Tata Sons. It is important to emphasise the enormity of what has
transpired in the group and what corrective action is to be taken. Each of you is already in
receipt of and familiar with the Strategy 2025 document that I presented to you, and in which
I had articulated our growth strategy for the future.
In 2011, after some exploration by a search committee, I was approached by both Ratan Tata
and Lord Bhattacharyya individually to be a candidate for the position. I politely declined. I
had myself built a business which I would continue to run. However, as the search process
progressed and the committee was unable to find a suitable candidate, I was asked to
reconsider. After consulting my family and in the broader interests of the Tata Group, I took
courage to overcome my initial reluctance and agreed to consider the position.
Prior to my appointment, I was assured that I would be given a free hand. The previous
chairman was to step back and be available for advice and guidance as and when needed.

P a g e | 25
After my appointment, the Articles of Association were modified, changing the rules of
engagement between the Trusts, the board of Tata Sons, the chairman, and the operating
companies. Inappropriate interpretation indeed followed, and as elaborated below, it severely
constrained the ability of the group to engineer the necessary turnaround.
I am not sure if the individual board members and the trustees truly appreciated the extent of
the problems I had inherited. I cannot blame them, for I myself, as a non-executive director,
did not have a clear grasp of the gravity of the issues involved. Without meaning to air a
laundry list, let me outline some of the major challenges faced at the time of my entry .
As is public knowledge, the foreign acquisition strategy, with the exceptions of JLR and
Tetley, had left a large debt overhang. The European steel business faced potential
impairments in the excess of $10 billion, only some of which has been taken as of date. Many
foreign properties of IHCL and holdings in Orient Hotels have been sold at a loss. The
onerous terms of the lease for Pierre in New York are such that it would make it a challenge
to exit. Tata Chemicals still needs tough decisions about its UK and Kenya operations.
IHCL, beyond flawed international strategy, had acquired the Searock property at a highly
inflated price and housed in an off balance sheet structure. In the process of unravelling this
legacy, IHCL has had to write down nearly its entire networth over the past three years. This
impairs its ability to pay dividends.
Tata Capital had a book that required significant clean up on account of bad loans to the
infrastructure sector. The loan to Siva was under the strong advice of Executive Trustee
Venkatraman (sic) which had since turned into a non-performing asset. All of this resulted in
Tata Capital to recognise an abnormal rise of NPAs. Of all the companies in the portfolio, the
telecom business has been continuously haemorrhaging. If we were to exit this business via
fire sale or shut down, the cost would be $4-5 billion. This is in addition to any payout to
DoCoMo of at least a billion-plus dollars. The original structure of the DoCoMo transaction
raises several questions about its appropriateness from a commercial or prudential
perspective within the then prevailing Indian legal framework. In light of all this, our strategy
over the past three years has been to increase the EBITDA from Rs 400 crore to Rs 2,500
crore, in the hope of being a potential player in consolidation of the industry.
Tata Power aggressively bid for the Mundra project based on low-priced Indonesian coal. As
regulations changed, the losses in 2013-14 alone amounted to Rs 1,500 crore. Given that
Mundra constitutes Rs 18,000 crore of capital employed (40% of the overall company's
capital employed), this substantially depresses the return on capital for Tata Power as well as
carries the risk of considerable future impairment.
An even more challenging situation arose in Tata Motors, both on the commercial and
passenger vehicles. Before 2013, in order to shore up sales and market share, Tata Motors
Finance extended credit with lax risk assessment.As a result, the NPAs mounted to being in
excess of Rs 4,000 crore.

P a g e | 26
Historically, the company had employed aggressive accounting to capitalize substantial
proportion of the product development expenses, creating a future liability. Beyond this, the
Nano product development concept called for a car below Rs 1 lakh, but the costs were
always above this. This product has consistently lost money, peaking at Rs 1,000 crore. As
there is no line of sight to profitability for the Nano, any turnaround strategy for the company
requires to shut it down. Emotional reasons alone have kept us away from this crucial
decision. Another challenge in shutting down Nano is that it would stop the supply of the
Nano gliders to an entity that makes electric cars and in which Mr Tata has a stake.
On the performance of the portfolio, as you are aware from my presentations to you in the
recent past, if we look at the aggregate data between 2011 and 2015 and limit the analysis
largely to the legacy hotspots (IHCL, Tata Motors PV, Tata Steel Europe, Tata Power
Mundra, and Teleservices), it will show that the capital employed in those companies has
risen from Rs 132,000 crore to Rs 196,000 crore (due to operational losses, interest and
capex). This figure is close to the networth of the group which is at Rs 174,000 crore. A
realistic assessment of the fair value of these businesses could potentially result in a write
down over time of about Rs 118,000 crore.
In the face of the above challenges, I had to take many tough decisions with sensitive care to
the group's reputation as well as containing panic amidst internal and external stakeholders.
Despite bad press, impairments were taken to clean the books but substantial exposure
remains. Dividends were reduced, e.g. Tata Motors and IHCL, to conserve cash needed for
investments in the teeth of shareholder fury. Apart from hotels, the group made several exits
in the fertilizer business, UK steel operations, and of course in small companies such as the
logistics company , DIESL. I had to ease out hangerson who are prone to flaunt their
proximity to power. On the more positive side, Kalinganagar, the largest domestic capital
investment of the group was completed overcoming significant obstacles that had left the
project in doubt previously .
Early in my tenure, our foray into the aviation sector began when Mr Tata ushered me into
his office and handed me a report on AirAsia by Bain & Co. He had concluded negotiations
to partner with AirAsia and wanted the proposal tabled at the forthcoming Tata Sons board
meeting. My pushback was hard but futile.However, I was able to extract a promise of no
debt to be raised at the level of the JV as well as limiting Tata Sons investment to 30% of the
$30 million equity.
A few months later, I was surprised to be confronted with a similar situation requiring me to
execute a fait accompli JV with Singapore Airlines. Without the benefit of time and
experience to fully evaluate the proposal, I had to accept that Tata Sons would take a 51%
stake in a $100 million joint venture. The passion for the airlines sector has led Mr Tata to
continue his involvement with the strategy of the two airlines. It is on his advice that the Tata
Sons board has increased the capital infusion in the sector at multiple levels of the initial
commitment.

P a g e | 27
Board members and trustees are also aware that in the case of AirAsia, ethical concerns have
been raised with respect to certain transactions as well as the overall prevailing culture within
the organization. A recent forensic investigation revealed fraudulent transactions of Rs 22
crore involving non-existent parties in India and Singapore. Executive Trustee, Mr
Venkatraman (sic), who is on the board of Air Asia and also a shareholder in the company ,
considered these transactions as non-material and did not encourage further study. It was only
at the insistence of the independ ent directors, one of whom immediately submitted his
resignation, that the board decided to belatedly file a first information report.
Despite all of the above, during my term, the operating cash flows of the group have grown at
31% compounded per annum. The Tata Group valuation from 2013 to 2016 increased by
14.9% per annum in rupee terms as against the BSE Sensex annual increase of 10.4% over
the same period. That Tata Sons networth has increased from approximately Rs 26,000 crore
to Rs 42,000 crore, after considering the impairments. This has significantly strengthened our
balance sheet, enhancing our ability to absorb further shocks from restructuring in the
companies.
To come back to the amendments in the Articles of Association, as feared, the inappropriate
implementation created a flux in the decision-making process. I have often presented to the
trustees, before and after Tata Sons board meetings. This created alternative power centres
without any accountability or formal responsibility, invalidating the very governance role of
the Tata Sons board and the chairman, resulting in dysfunctional governance.
The trust nominated directors, who I would assume would use their own independent
judgment and discharge their fiduciary duties, were reduced to mere postmen. As an example,
once, the trust directors (Nitin Nohria and Vijay Singh) had to leave a Tata Sons board
meeting in progress for almost an hour, keeping the rest of the board waiting, in order to
obtain instructions from Mr Tata. Such a work pattern has also created the added risk of
contravening insider trading regulations and exposed the Trust, apart from exposing the
trustees to potential tax liabilities.These circumstances forced me to circulate a note on
corporate governance in order to clarify the distinct roles of Tata Trusts, Tata Sons board, and
the boards of the operating companies.
I cannot believe that I was removed on grounds of non-performance. As you are aware, the
Nomination and Remuneration Committee comprising Vijay Singh, Farida Khambata and
Ronen Sen, independent directors (two of whom have voted for my removal now), had only
recently lauded and commended my performance.
In keeping with Tata Group values, to engage employees and have a favourable impact on the
communities we operate in, we launched a volunteering programme, challenging group
employees to volunteer a million hours in 2015 and the result was volunteering of 1.2 million
hours, making it one of the top ten global volunteering programmes.
I hope you do realize the predicament that I found myself in. Being pushed into the position
of a "lame duck" chairman, my desire was to create an institutional framework for effective

P a g e | 28
future governance of the group. I believe I had to be true to myself and the best interests of
the organization. While I would be lying if I said I am not disappointed, I have a sense of
pride and dignity intact in the efforts I have taken to professionalise and institutionalise,
regardless of the outcome of effect, I now witness.
Since the developments at the board meeting were purported to have been initiated at the
instance of the Trusts, I am copying the Trustees.
Sincerely, Cyrus
(Cyrus P Mistry)
cc Trustees of Tata Trusts

P a g e | 29
AFTERMATH OF MISTRY’S REMOVAL
The decision was taken collectively by the board of Tata Sons in the long-term interest of the
company and on the recommendation for the principal shareholder of Tata Sons that is Tata
Trusts, according to reports. Mistry will remain a director of the individual companies, they
added.
A selection panel has been formed to find a successor in four months. The committee will
include Ratan Tata, Ronen Sen, Venu Srinivasan, Amit Chandra.
 Who decided it was over and out for Mistry in Tata Sons?
Sir Dorabji Tata Trust and Sir Ratan Tata Trust -- two trusts chaired by Ratan Tata -- have
powers to appoint or remove a chairman with their own three-member quorum of the
selection panel.
The 2 trusts hold 66% stake in Tata Sons, the holdin . The 2 trusts hold 66% stake in Tata
Sons, the holding firm of the $100-billion Tata group of companies. Mistry's family, the
Shapoorji and Pallonji Group, owns 18.5% stake in Tata Sons and is the largest shareholder
in the company.
 What does Mistry's family say about the ouster?
Shapoorji and Pallonji Group, the majority shareholder in the Tata Group, has termed Cyrus
Mistry's ouster from Tata Sons as illegal. Mistry is the son of Pallonji Mistry, who heads t ..
Mistry is the son of Pallonji Mistry, who heads the group. The group says it will contest the
move, adding that the decision to remove Mistry was not unanimous.
Out of the nine board members, 8 members voted. Six voted for Mistry's ouster and two
abstained.
 What happens to investors?
Tata group stocks are in for short-term volatility, when trading resumes on Tuesday. “It is a
shocker, because Cyrus had a different way of handling things.
He was consolidating the Tata businesses by selling non-crore businesses of the Tata group.
He was concentrating on selling low-margin businesses and concentrating on high-margin
businesses. Tatas are good as humans, but in business cycle, they are bit lavish,” said AK
Prabhakar, who heads IDBI Capital. “They closed their low-margin broking arm. How the
market may react, one cannot say. But we may see some knee-jerk reaction. There will be
few stocks which will react negatively,” Prabhakar said.

P a g e | 30
BIBLIOGRAPHY
Secondary data
 Wikipedia.com
 Google.com
 Newspaper tribune
 Journal
 Slideshare.com

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