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<keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> Chairman <keyword id="97017" type="COMPANY" weightage="20" keywordseo="N-Chandrasekaran">N Chandrasekaran</keyword> on Wednesday asked all group employees to stay focussed on their businesses and welfare of stakeholders in wake of the NCLAT order that raised issue of his appointment as Executive Chairman of the company. In a message to the employees of the group, Chandrasekaran said Wednesday's "NCLAT ruling, which apart from other things, raises issues on my appointment as Executive Chairman of Tata Sons". He further said, "Tata Sons firmly believes in the strength of our case and will pursue the appropriate legal recourse".
 Going forward, he further said, "I assure you that we have set ourselves on a course that will make the <keyword id="6355725" type="COMPANY" weightage="20" keywordseo="tata-group">Tata Group</keyword> stronger and more vibrant than it has ever been before. I urge all employees to stay focussed on their businesses and the welfare of our stakeholders". Chandrasekaran said ever since he was asked to take on the role and responsibilities of Executive Chairman in February 2017, "our efforts have been primarily focused on: restoring stability and moving decisively towards a healthier financial position; conducting our businesses with the highest ethical standards, which the group has been known for over 150 years".
 He further said "honoring our commitments to all stakeholders and resolving outstanding issues; driving growth and transforming our businesses for the future" were also equally important issues. 
 "We will continue to work towards deepening the legacy of this unique institution," Chandrasekaran said.
 The NCLAT on Wednesday ordered reinstatement of ousted Chairman <keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword>, while ruling appointment of Chandrasekaran as illegal. See also: <a href="https://www.businessinsider.in/business/news/tata-sons-says-the-court-gave-cyrus-mistry-more-than-he-wanted/articleshow/72872657.cms">Tata Sons says the court gave Cyrus Mistry more than he wanted</a> <a href="https://www.businessinsider.in/business/news/tata-group-stocks-fall-after-nclat-allows-cyrus-mistry-to-return-as-its-chairman/articleshow/72869261.cms">Tata Group stocks tumble after Mistry's legal win casts a shadow on the conglomerate's hallowed reputation</a> <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-warning-to-ratan-tata-on-jlr-tata-motors-airasia-and-telecom/articleshow/72873129.cms">Cyrus Mistry was proven right on at least four of his warnings to the Tata Sons Board even before the latest court ruling</a>

Chandasekaran writes to Tata employees; asks them to focus on biz, stakeholders' welfare

A US-based economist won the <keyword id="449074" type="General" weightage="20" keywordseo="Nobel-prize-for-Economics" source="Orion">Nobel prize for economics</keyword> Monday for pioneering research that showed an increase in minimum wage does not lead to less hiring and immigrants do not lower pay for native-born workers, challenging commonly held ideas. Two others shared the award for creating a way to study these types of societal issues. Canadian-born <keyword id="3003018" type="General" weightage="20" keywordseo="David-Card" source="Orion">David Card</keyword> of the University of California, Berkeley, was awarded one half of the prize for his research on how minimum wage, immigration and education affect the labour market, while the other half was shared by <keyword id="12289093" type="General" weightage="20" keywordseo="Joshua-Angrist" source="Orion">Joshua Angrist</keyword> from the Massachusetts Institute of Technology and Dutch-born <keyword id="12289359" type="General" weightage="20" keywordseo="Guido-Imbens" source="Orion">Guido Imbens</keyword> from Stanford University for their framework for studying issues that can't rely on traditional scientific methods. The <keyword id="1284472" type="General" weightage="20" keywordseo="Royal-Swedish-Academy" source="Orion">Royal Swedish Academy</keyword> of Sciences said the three have completely reshaped empirical work in the economic sciences. Card's studies of core questions for society and Angrist and Imbens' methodological contributions have shown that natural experiments are a rich source of knowledge, said Peter Fredriksson, chair of the Economic Sciences Committee. Their research has substantially improved our ability to answer key causal questions, which has been of great benefit for society. Card looked at what happened when New Jersey raised its minimum wage from 4.25 to 5.05, using restaurants in bordering eastern Pennsylvania as a comparison group. Contrary to previous studies, he and his late research partner Alan Krueger found that an increase in the minimum wage had no effect on the number of employees. Card later did further work on the issue. Overall, the research concluded that the negative effects of increasing the minimum wage are small and significantly smaller than believed 30 years ago, the Nobel committee said. Card also found that incomes of those who are native born to a country can benefit from new immigrants, while immigrants who arrived earlier are the ones at risk of being negatively affected. Angrist and Imbens won their half of the award for working out the methodological issues that allow economists to draw solid conclusions about cause and effect even where they cannot carry out studies according to strict scientific methods. Speaking by phone from his home in Massachusetts, Imbens told reporters that he had been asleep after a busy weekend when the call came. I was just absolutely stunned then to get a telephone call," he said. And then I was just absolutely thrilled to hear the news ... that I got to share this with Josh Angrist and and David Card," whom he called "both very good friends of mine. Imbens said Angrist was best man at his wedding. Krueger, who worked with Card on some of the research that won the Nobel, died in 2019 at age 58. He taught at Princeton for three decades and was chief US Labour Department economist under then-President Bill Clinton. He served in the US Treasury Department under then-President Barack Obama, then as Obama's chairman of the Council of Economic Advisers. Nobel prizes are not awarded posthumously. The award comes with a gold medal and 10 million Swedish kronor (over 1.14 million). Unlike the other Nobel prizes, the economics award wasn't established in the will of Alfred Nobel but by the Swedish central bank in his memory in 1968, with the first winner selected a year later. It is the last prize announced each year. Last week, the 2021 Nobel Peace Prize was awarded to journalists Maria Ressa of the Philippines and Dmitry Muratov of Russia for their fight for freedom of expression in countries where reporters have faced persistent attacks, harassment and even murder. Ressa was the only woman honoured this year in any category. The Nobel Prize for literature was awarded to UK-based Tanzanian writer Abdulrazak Gurnah, who was recognized for his uncompromising and compassionate penetration of the effects of colonialism and the fate of the refugee. The prize for physiology or medicine went to Americans David Julius and Ardem Patapoutian for their discoveries into how the human body perceives temperature and touch. Three scientists won the physics prize for work that found order in seeming disorder, helping to explain and predict complex forces of nature, including expanding our understanding of climate change. Benjamin List and David W.C. MacMillan won the chemistry prize for finding an easier and environmentally cleaner way to build molecules that can be used to make compounds, including medicines and pesticides. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/cyrus-mistrys-sterling-wilson-was-at-the-right-place-at-the-right-time-for-mukesh-ambanis-green-energy-ambitions/articleshow/86952399.cms">Cyrus Mistry's Sterling &amp; Wilson was at the right place at the right time for Mukesh Ambani's green energy ambitions</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/infosys-may-beat-tcs-earnings-even-with-lower-deal-wins-in-september-quarter/articleshow/86952606.cms">Infosys may beat TCS earnings even with lower deal wins in September quarter</a>

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Chandasekaran writes to Tata employees; asks them to focus on biz, stakeholders' welfare

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Three US-based economists win Nobel prize for Economics

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