<ul><li>Cancerians, like <keyword id="111343" type="General" weightage="80" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, contributed 8.5% to the cumulative wealth, saw a 26.4% erosion.</li><li>Aries comes fourth, courtesy <keyword id="3820" type="General" weightage="80" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> who saw a 2% uptick in his wealth to top of the list.</li><li>Virgos, led by the likes of <keyword id="10020505" type="General" weightage="80" keywordseo="shapoor-pallonji-mistry" source="Orion">Shapoor Pallonji Mistry</keyword> and Anil Agarwal contributed 9.6% to the list.</li></ul> The stars have to align for entrepreneurs to become billionaires, they say. While not everyone believes in it, 360 ONE Wealth Hurun India Rich List 2023 report gives a detailed list of the star signs of India’s most successful billionaires. As of 2023, those with the <keyword id="123559" type="General" weightage="100" keywordseo="pisces" source="Orion">Pisces</keyword> sign had a great year, followed by Taurus and Libra. Things were not that smooth for the Cancerians who saw 26% of their wealth eroded. While there was a cumulative wealth increase of almost 35% for the Pisces, Taurus saw an uptick of 26.6%. Librans were just behind with 25.2% growth in wealth. Virgos, Aquarians, Capricorns, Leos and Gemini’s saw a double digit growth in wealth in the last one year. Aries, and Scorpios saw single digit rises. For Sagittarians, there was barely any change. The top contributors to the list A closer look at the star signs of India’s richest shows that, overall, Virgos and Scorpios led the way in total contribution, with the highest number of entries followed by Pisces. Virgo, the star sign was led by the likes of Shapoor Pallonji Mistry, Anil Agarwal, Gopikishan Damani and contributed 9.6% to the Hurun Rich list. Shapoor Pallonji Mistry has total wealth of ₹70,800 crore and is fifth on the list of Richest Non-Resident Indians. Anil Agarwal of Vedanta Group has ₹66,900 cr with his family after seeing a 14% uptick. While Cancerians cumulatively saw an erosion, the likes of Gautam Adani, who has come second overall despite a tough year, contributed 8.5% to the rich list. The Aries in this list were propelled to the fourth spot, courtesy Mukesh Ambani who saw a 2% uptick in his wealth to top the individual list. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Zodiac sign </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total contribution to the list (%) </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Richest Individuals </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Virgo </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9.60% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Shapoor Pallonji Mistry, Anil Agarwal, Gopikishan Damani </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Scorpio </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9.10% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Yusuff Ali MA, Sunil Mittal, Arvind Kumar Poddar </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Pisces </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9.00% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gopichand Hinduja, Radhakishan Damani, Uday Kotak </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aries </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.90% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani, Sudhir Mehta, Adi Godrej, S Gopalakrishnan </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gemini </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.90% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">LN Mittal, Kumar Mangalam Birla, Rahul Bhatia </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Leo </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.80% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sri Prakash Lohia, Acharya Balkrishna, Rakesh Gangwal </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cancer </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.50% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani, Shiv Nadar, Benu Gopal Bangur </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Capricorn </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.10% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Karsanbhai Patel, Vijay Chauhan, Radha Vembu </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aquarius </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.60% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nusli Wadia, Vikram Lal, Jamshyd Godrej </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Taurus </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.50% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla, Rajiv Singh, Harsh Mariwala </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sagittarius </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.20% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ravi Jaipuria, Sajjan Jindal, Mangal Prabhat Lodha </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">12 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Libra </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.70% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dilip Shanghvi, Chandru Raheja, P Pitchi Reddy </td></tr></tbody></table>Source: 360 ONE Wealth Hurun India Rich List 2023

Star power: Indian billionaires with Pisces zodiac sign had a good run last year

The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> Wednesday listed for final hearing on December 2 the cross appeals filed by Tata Sons and Cyrus Investments against appellate tribunal NCLAT's order which had restored <keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword> as the executive chairman of the over USD 100 billion salt-to-software Tata conglomerate. A bench headed by Chief Justice S A Bobde questioned senior advocate C A Sundaram, appearing for Cyrus Mistry and his firms, for filing applications repeatedly when the case was already listed for final hearing. "Why are you filing IAs (interlocutory applications)after IAs when the matter is already listed for final hearing," said the bench, also comprising Justices A S Bopanna and V Ramasubramanian, asked Sundaram. When Sundaram said they want to bring something new to the apex court's notice, the bench said, "Won't these issues be covered in the final hearing? All the issues which you are raising in these IAs can be taken up during the final hearing." Senior advocate A M Singhvi, appearing for Tata Sons Pvt Ltd, said that the apex court had on September 22 already fixed the matter for final disposal. "List the matters on December 2 for final disposal," the bench said in its order. The top court had on September 22 restrained Shapoorji Pallonji (SP) Group and Cyrus Mistry as also his investment firm from pledging or transferring their shares of Tata Sons Pvt Ltd (TSPL). SP Group, which owns 18.37 per cent in Tata Sons, has said TSPL moved the top court to block its plan to pledge shares for raising funds and that reeked of vindictiveness and oppression of minority shareholder rights. On September 5, Tata Sons had moved the top court seeking to restrain the Mistry group from raising capital against their shares. It sought to prevent SP Group from creating any direct or indirect pledge of shares. SP Group was planning to raise Rs 11,000 crore from various funds and had signed a deal with a marquee Canadian investor for Rs 3,750 crore in the first tranche against a portion of its 18.37 per cent stake in Tata Sons. The SP Group share holding in the country's largest business house is valued at over Rs 1 lakh crore. TSPL had earlier told the top court that it was not a 'two-group company' and there was no 'quasi-partnership' between it and Cyrus Investments Pvt Ltd. TSPL had said this in an affidavit filed in the apex court while responding to the cross-appeal filed by Cyrus Investments seeking removal of alleged anomalies in the NCLAT order for getting representation on the TSPL's board in proportion to the stakes held by his family. The apex court had on January 10 granted relief to <keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata group</keyword> by staying the National Company Law Appellate Tribunal (NCLAT) order of December 18 last year by which Mistry was restored as the executive chairman of the conglomerate. Mistry had succeeded Ratan Tata as chairman of Tata Sons in 2012 but was ousted four years later. The top court had also observed there were "lacunae" in the orders passed by the tribunal. Then, on May 29, it had issued notice to TSPL and others on a cross-appeal filed by Cyrus Investments Pvt Ltd. Mistry had also filed an affidavit to the apex court saying the Tata Group had an adjusted net loss of Rs 13,000 crore in 2019 -- the worst losses in three decades. In his reply to the Tatas' petition challenging his reinstatement by the NCLAT last December, Mistry had also demanded that group chairman emeritus Ratan Tata should reimburse all the expenses to Tata Sons since his departure in December 2012 in keeping with best global governance standards. Mistry is seeking representation in the company in proportion to the 18.37 per cent stake held by his family, the cross-appeal has said. In its affidavit filed in the top court, Tata Sons has alleged that the thrust of Cyrus Investments' focus "has now shifted to propagating the quasi-partnership theory to secure the relief of 'proportionate representation'." According to the petition, the Mistry group firm has sought remedies for many anomalies in the NCLAT order, including not looking at alleged oppression of minority shareholders as well as converting Tata Sons into a private limited company as a post-facto move. As per the petition, the tribunal order clearly and unequivocally found the prejudicial conduct by Tata Sons, but failed to provide certain important reliefs that would have put an end to the oppressive conduct of the majority shareholder. Reinstating Mistry as the chairman, NCLAT had also termed the action of the Registrar of Companies to allow conversion of Tata Sons into a private limited company illegal. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-is-the-fifth-financial-firm-after-ilfs-dhfl-yes-bank-and-pmc-bank-to-collapse-in-india/slidelist/79286096.cms">Lakshmi Vilas Bank is the fifth financial firm to collapse in India within the last 30 months</a> <a href="https://www.businessinsider.in/science/health/news/pfizers-new-covid-19-vaccine-is-95-effective-and-the-only-severe-side-effect-to-worry-about-is-fatigue-according-to-the-final-results/articleshow/79284286.cms">Pfizer's new COVID-19 vaccine is 95% effective and the only severe side-effect to worry about is fatigue, according to the final results</a> <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-customers-have-withdrawn-10000-crore-since-rbis-moratorium-was-announced-last-night/articleshow/79281857.cms">Lakshmi Vilas Bank customers have withdrawn ₹10,000 crore since RBI's moratorium was announced last night</a> <a href="https://www.businessinsider.in/careers/news/capgemini-hr-head-explains-why-the-french-it-major-is-going-crazy-hiring-in-india-and-around-the-world/articleshow/79277396.cms">EXCLUSIVE: Capgemini HR head explains why the French IT major is going crazy hiring in India and around the world</a>

The Tata Group versus Cyrus Mistry court room battle will see its final match on December 2

<img class="gwt-Image" src="/photo/37574678.cms" />

	In a bid to steer <keyword id="6355725" type="CITY" weightage="60" keywordseo="Tata-Group">Tata Group</keyword>’s various business and functions, the sprawling conglomerate’s chairman Cyrus Mistry has tapped one of the world's eminent technocrats to head technology for the $100 billion empire. Gopichand Katragadda, GE India Technology Centre's managing director (MD) and a champion of innovation, is joining <keyword id="46894" type="PERSON" weightage="40" keywordseo="Tata-Sons">Tata Sons</keyword> as a <keyword id="2392588" type="POSITION" weightage="40" keywordseo="group-chief-technology-officer">group chief technology officer</keyword> (CTO) from August 3 this year.
 Katragadda will report to Mistry and be responsible for technology at the group level. This is the first time that Tata Group has created the post of a <keyword id="2392584" type="POSITION" weightage="40" keywordseo="group-CTO">group CTO</keyword>. <keyword id="1459977" type="PERSON" weightage="80" keywordseo="Gopichand-Katragadda">Gopichand Katragadda</keyword>, a consultant, professor and author, also serves on the advisory board of the <keyword id="118719" type="PERSON" weightage="40" keywordseo="King-Abdullah">King Abdullah</keyword> University of Science and Technology. The <keyword id="213721" type="ORGANIZATION" weightage="40" keywordseo="Iowa-State-University">Iowa State University</keyword> electrical engineering PhD graduate has more than 30 publications and five patents to his credit. 

	According to a statement issued by Tata Sons, Katragadda will help the group management in research and development (R&amp;D), leveraging cross-company synergies, creating technology strategies for white spaces and acting as an evangelist for innovation across group companies.
 

	Katragadda has been leading GE's India technology centre for more than a decade, spearheading a team of over 5,000 engineers and scientists. The Bangalore-based unit is GE's largest R&amp;D outfit outside its home country of the US.
 Mistry, who took over as chairman of Tata Sons in 2012, has been putting together a new team comprising of mainly external hires. He brought on board former <keyword id="89024" type="ORGANIZATION" weightage="80" keywordseo="Ernst-and-Young">Ernst and Young</keyword> executive NS Rajan as group HR head, former <keyword id="68635" type="ORGANIZATION" weightage="40" keywordseo="London-Business-School">London Business School</keyword> professor <keyword id="255414" type="PERSON" weightage="40" keywordseo="Nirmalya-Kumar">Nirmalya Kumar</keyword> as <keyword id="2392585" type="POSITION" weightage="40" keywordseo="group-head-of-strategy">group head of strategy</keyword> and ex-BSE CEO <keyword id="249906" type="PERSON" weightage="40" keywordseo="Madhu-Kannan">Madhu Kannan</keyword> as group head of business development. (Image: The Economic Times)

Cyrus Mistry Hires Gopichand Katragadda As Group CTO Of Tata Sons

<img class="gwt-Image" src="/photo/52120059.cms" /><a href="http://www.businessinsider.in/searchresult.cms?query=tata+sons&amp;sortorder=effectivedate">Tata Sons</a> is going to tie up with UK and US colleges such as <a href="http://www.businessinsider.in/searchresult.cms?query=harvard&amp;sortorder=effectivedate">Harvard</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=stanford&amp;sortorder=effectivedate">Stanford</a> to build <a href="http://www.businessinsider.in/searchresult.cms?query=innovation&amp;sortorder=effectivedate">innovations</a>. 
 The students will work with the Tata group technology team-led by Gopichand Katragadda on <keyword id="6433408" type="UNKNOWN" weightage="20" keywordseo="innovations">innovations</keyword>, majorly on computation and <a href="http://www.businessinsider.in/searchresult.cms?query=data+processing&amp;sortorder=effectivedate">data processing</a>, materials, coating, casting and vehicle propulsion, <a href="http://www.businessinsider.in/searchresult.cms?query=communications&amp;sortorder=effectivedate">communications</a>, engines and hybrids, fuels and controls. 
 
The Tata group has doubled published patents from about 3,500 at end of 2013 to about 7,000 at 2015-end. 
 
The group wants to push technology in energy, food and wellness, digital consumer products and services and digital factory and fleets. 
 
At its Tata Innovista programme, held annually by the Innovation Forum, it said there were over 1,900 implemented innovations from Tata companies under the Promising Innovations category in the past year.

UK, US colleges to research with Tata group for latest innovations soon

<img class="gwt-Image" src="/photo/55088500.cms" /> The firing of <keyword id="6356895" type="PERSON" weightage="20" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> as the chairman of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> has left the employees of the group shocked as <keyword id="6355725" type="CITY" weightage="20" keywordseo="Tata-Group">Tata Group</keyword> never followed the ‘hire and fire’ mantra. Employees always believed on job security at Tata and now all they feel is ‘if this can happen to the chairman of the company, it can happen to anyone’. 
 "This is not the Tata way of doing things. If this can happen to a chairman, it's safe to assume it can happen again, at any level," a senior executive from <keyword id="6355573" type="COMPANY" weightage="20" keywordseo="Jamshedpur">Jamshedpur</keyword> told ET. 
 
Regarding the Mistry issue, a joke surfaced on many social media platforms like, “Kitne bhi bade ho jao, job security toh sirf government job mein hi hai!” 
 Employees of Jamshedpur are mainly shocked with the news and fears regarding job security has surfaced in offices across the city as Jamshedpur used to be the centre of power for Tata Group until in 1990s and after that the group expanded under <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> and <keyword id="275791" type="COMPANY" weightage="20" keywordseo="Bombay-House">Bombay House</keyword> emerged as the locus of power. As per the employees, there is a huge communication gap in Jamshedpur and whatever information about employees they receive is through media or hearsay. 
 
"We did not receive any formal intimation. A news link broke the news to most of us here and then forwards from colleagues started. It did make us wonder why some colleagues in Tata Sons had received the email signed by Ratan Tata and we didn't," another executive from Jamshedpur told ET. 
 
"First, we thought someone had hacked the website and put the release up. This is just unbelievable for the Tatas. There has been no official communication other than the press releases even to us," a Tata executive said. 
 
While, social media has been adding fuel to the fire in this whole issue, lack of communication from the management, rumours are flying thick and fast, sometimes bordering on the bizarre. 
 
"I heard someone say that the institutional bondholders had asked Ratan Tata to step in. No one knows, so everyone is guessing. But we all feel very bad that this happening. If this goes to court and there is a fight there, then this would be very embarrassing. This is the Tata Group, not Reliance," a second executive told ET.

Tata employees fear job security, say ‘If this can happen to the Chairman, it can happen to anyone’

<img class="gwt-Image" src="/photo/55036972.cms" /> 
 
 
 Big names are already doing the rounds to fill in for <keyword id="6356895" type="PERSON" weightage="20" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword>, the outgoing chairman of the <keyword id="6355725" type="CITY" weightage="20" keywordseo="Tata-Group">Tata Group</keyword>. <keyword id="6421975" type="PERSON" weightage="20" keywordseo="Indra-Nooyi">Indra Nooyi</keyword> of Pepsi, Arun Sarin, former Vodafone CEO, <keyword id="73207" type="PERSON" weightage="20" keywordseo="Noel-Tata">Noel Tata</keyword> of Tata International, N Chandrasekaran, TCS CEO, Ishaat Hussain and B. Muthuraman both from Tata Group could be the contenders to replace Cyrus Mistry as the group’s new chairman, say experts. <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> is the interim chairman for the group who would step aside once the new chairman is selected. 
 Amit Chandra, who heads Bain Capital in India, and also a member of the search committee formed by <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> to select the next chairman, could also be a long shot candidate for the post. "You need someone with integrity to head Tata Group, while it is still too early, to speculate, I think the process would begin within next two weeks,” a consultant working with the group told ET. "I think the group will first form a committee and it could take anywhere around three to four months to come up with a name. While some names are already floating, I don’t think Noel Tata and Arun Sarin could become chairman even this time around,” a person who was close to the selection committee that selected Mistry four years ago told ET. 
 
However, a senior executive believed to be close to Tata Group and specifically Ratan Tata told ET that there are two people who could potentially be considered to head the group. "I think Noel Tata and Indra Nooyi are two people I would put my money on. Noel because he is part of the family, and Nooyi because Mr Tata himself is very impressed by her,” he said. The executive hinted that this time around Tata Group may try and put someone from the Tata family at the helm of the matters. "Noel is considered too soft and that’s the problem some senior executives in Tata Group have with him. As for Sarin, I think Tata Group has lost the plot for telecom, I don’t see a person with that (telecom) expertise heading the group,” added the person close to the selection committee. 
 
Another person, a well¬ known head hunter, said the group come be looking at international faces, but not for at least a year or two. "As I see it, Ratan Tata will take matters in his hands for at least one year. Also, I personally think the group could be looking at leaders who have Indian roots but are working at global companies currently,” he said. There are some sceptics to the nomination process as well. "Last time, despite the exhaustive exercise, the largest shareholder just nominated the chairman. This time around, the committee is likely to dip into the same pool of people it had considered last time with a couple of new names such as Amit Chandra who was brought on board as a non¬executive director in August this year,” said another head hunter. 
 
Industry experts say that the group will now be looking at is someone who understands the old economy sectors well and will add value to the group’s existing businesses that are suffering. "A banker is unlikely to be appointed as the focus is now on expanding the Tata brand and business and not consolidation as under Cyrus Mistry,” the head hunter said. Meanwhile there are also speculations in the industry circles as to why Mistry was replaced as Tata Group Chairman. "Cyrus has not done much in three years and he has no eye for talent. The people he has hired are not inspirational leaders but just individuals,” said a senior official in one of the Tata Group companies. However, he said that the way the drama has panned out may just create some ripples in the company. "Buying four months’ time and getting Ratan Tata from hibernation is a counter¬intuitive game,” he added.

Big names floating to replace Cyrus Mistry include Indra Nooyi, N Chandrasekaran, Noel Tata

<img class="gwt-Image" src="/photo/55069354.cms" />Brand specialists, academicians and HR executives believe that Tata as an employer brand won’t get affected over ouster of <keyword id="6356895" type="PERSON" weightage="20" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> as Chairman of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>. The clouds of insecurities are going to be there but the company’s image as an employer will be what it was. Earlier too, it has never been affected by the departure of any of the many executives at various levels. 
 
Mistry’s uncertain departure is being seen as an aberration at a group that doesn’t just lives by hire and fire and where employee’s trust is built on 'Once a Tata employee, forever a Tata employee'. 
 
"The current ouster of the chairman, Cyrus Mistry, is in total contrast to the Tata employee ethos. To that extent, it is quite a shocker and for this very reason, that this is an aberration ... rather than the norm, the brand will not take a hit at all,” Harish Bijoor, brand expert and founder of Harish Bijoor Consults, told ET. 
 
“The removal of Mistry, would be seen as part of a corporate management action at the board level, rather than a philosophy that percolates across levels,” he further added. 
 Experts believe that trust is built in a long time and people believe a strong brand and its promises. Couple of developments won’t change that. This is not the first time when such incident has happened. Russi Mody, Ajit Kerkar and <keyword id="3781232" type="PERSON" weightage="20" keywordseo="darbari-seth">Darbari Seth</keyword> had been ousted or had to exit too. That didn’t dent the image of Tata brand. 
 "Big decisions at the leadership level are not uncommon. However, people do want to know reasons for them and evaluate whether the reasons have long-term consequences for the company. Depending upon the reasons, the brand could get impacted. For example, if the reasons relate to unethical practices, then the brand can be impacted,” <keyword id="96370" type="PERSON" weightage="20" keywordseo="Siddharth-Singh">Siddharth Singh</keyword>, associate professor of marketing at the <keyword id="6357275" type="ORGANIZATION" weightage="20" keywordseo="Indian-School-of-Business">Indian School of Business</keyword> told ET. 
 
While employer brand will not get impacted, the development will create anxiety across levels.

Tata’s image as an employer won’t get affected over Mistry’s removal

<img class="gwt-Image" src="/photo/54380857.cms" /> What is the best gift you gave someone on his/her birthday? Can’t remember! Well it’s definitely not as grand as what <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> has given their beloved leader. <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> on his birthday has been gifted a mobile app, which lets people wish him on his birthday. Anyone can download the app in their phone and wish <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> on his birthday. Moreover, as a return gift the users will receive a personalized ‘Thank You’ video from the Prime Minister himself. Our tech savvy Prime Minister should be much elated to get this. 
 
The messages from top 50 prominent personalities of the country have gone live on the app today. 
 Some of the messages were accessed by the <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword> before they go live on the mobile app. <keyword id="6357912" type="PERSON" weightage="20" keywordseo="amitabh-bachchan">Amitabh Bachchan</keyword>, Madhuri Dixit, <keyword id="31278" type="PERSON" weightage="20" keywordseo="Lata-Mangeshkar">Lata Mangeshkar</keyword> and <keyword id="6355923" type="PERSON" weightage="20" keywordseo="Aamir-Khan">Aamir Khan</keyword> have written in, so have <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> and <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>, Uday Kotak, <keyword id="46425" type="PERSON" weightage="100" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, <keyword id="190960" type="PERSON" weightage="20" keywordseo="Baba-Kalyani">Baba Kalyani</keyword>, Venu Srinivasan, Chanda Kochhar, <keyword id="45634" type="PERSON" weightage="20" keywordseo="Jagdish-Bhagwati">Jagdish Bhagwati</keyword> and Kiran Mazumdar-Shaw. Shashi Tharoor, Vinod Rai, Sanjay Baru and Sri Sri Ravishankar have also sent in their greetings. Sports people like PV Sindhu, P Gopichand, Saina Nehwal and <keyword id="487" type="PERSON" weightage="20" keywordseo="Sania-Mirza">Sania Mirza</keyword> have shared their reflections of experiences with PM. 
 
Here's a look at how a entrepreneurs wished the Prime Minister on his birthday 
 
Anand G. Mahindra Over a decade ago when Narendra Modi visited Mumbai and invited businessmen to invest in <keyword id="6354766" type="COMPANY" weightage="20" keywordseo="Gujarat">Gujarat</keyword>, I remember thinking to myself: 'This man is different'. And over the ensuing years, PM Modi has indeed proved that he is a different kind of man. He is a man in a hurry to transform India. 
 
Sunil <keyword id="272096" type="COMPANY" weightage="20" keywordseo="Bharti-Mittal">Bharti Mittal</keyword> 
The last couple of years have been quite revealing. Under a visionary leader, India's potential, which was never quite in doubt, has suddenly found new meaning, and more importantly, acceptance and respect among global audiences at the highest level. The eloquence with which the PM communicated India's vision for the world...the way his charismatic statesmanship gets applauded, it makes each and every Indian proud. 
 
Cyrus P Mistry One of my first meetings I had, along with <keyword id="3660053" type="UNKNOWN" weightage="20" keywordseo="mr-ratan-tata">Mr Ratan Tata</keyword>, after assuming a new role in <keyword id="8555" type="CITY" weightage="20" keywordseo="Tata">Tata</keyword> group in 2012, was with Mr Narendra Modi. I remember going into the meeting thinking that this would entail the standard exchange of pleasantries. That day, I came out of the meeting having learnt an important lesson in leadership. 
 
Anil Ambani I recall the first time I met <keyword id="1267365" type="UNKNOWN" weightage="20" keywordseo="Narendrabhai">Narendrabhai</keyword> in the 1990s when my father <keyword id="6418409" type="PERSON" weightage="20" keywordseo="Dhirubhai-Ambani">Dhirubhai Ambani</keyword> invited him home for dinner. At the end of the conversation, Papa remarked: "<keyword id="110806" type="CITY" weightage="20" keywordseo="Lambi">Lambi</keyword> race no ghodo chhe, leader chhe, PM banse - he's a thoroughbred for the long run, a true leader, he will be prime minister. In the words of my father, Narendrabhai "dreams with his eyes open" and with <keyword id="6359315" type="PERSON" weightage="20" keywordseo="arjuna">Arjuna</keyword> like clarity of vision and purpose. 
 
Kumar Mangalam Birla 
Today, there is an air of confidence, a 'can do' feeling. Narendra Modi's has put in place the foundation for strong and sustained economic growth that benefits everyone. Not surprisingly, there has been a distinct improvement in the ease of doing business in India. Above all, Mr Modi is a man of integrity, a man of character, and that is what resonates the most. 
 
 Here’s how <keyword id="143" type="CITY" weightage="20" keywordseo="Bollywood">Bollywood</keyword> wished the Prime Minister on his birthday on the app 
 
Lata Mangeshkar 
You were opposed a lot but you have kept on walking on the path of truth. The whole world in the grip of violence but I am sure your policies will win over this violence. 
 
Aamir Khan 
I always pray that your health always remains fine and you get all your desired happiness. This year has been more memorable for you compared to your earlier years. 
 
 
Amitabh <keyword id="6354348" type="COMPANY" weightage="20" keywordseo="bachchan">Bachchan</keyword> 
I first met you at your CM residence, Gujarat to seek tax exemption for Pa. An ordinary house, an ordinary room...you said let's watch the fi lm, took me along to a theatre and saw the film. Spoke a bit about Gujarat tourism... and Surprise, within a week Gujarat tourism offi cials were at my home in Mumbai to speak to me...and within a few days work started.

​ Here's how Mukesh Ambani, Uday Kotak, Anand Mahindra and other Indian leaders wished Narendra Modi in his birthday

MUMBAI: Japan’s <keyword id="18313" type="CITY" weightage="40" keywordseo="NTT-Docomo">NTT DoCoMo</keyword> has decided to exit <keyword id="6359475" type="CITY" weightage="40" keywordseo="Tata-Teleservices">Tata Teleservices</keyword> by selling its 26.5% stake in its telecom joint venture with the <keyword id="6355725" type="CITY" weightage="40" keywordseo="Tata-Group">Tata Group</keyword> through a pre-agreed put option, setting the stage for protracted negotiations over valuation as the Indian conglomerate is likely to renegotiate the sum it has to pay to buy back the shares. The agreement was signed between the two companies in 2008-09. 
 
Both Cos have Hired Legal Teams 
 
Under the terms of the agreement, the Tata Group needs to ensure that its partner in the lossmaking joint venture gets the higher of either half the investment it made — which amounts to Rs 7,250 crore — or the stake’s fair market price in case the company fails to perform at a certain level. NTT DoCoMo had issued a notice to the Tatas three days ago, exercising its option to get a refund of Rs 7,250 crore by returning its 26% in Tata Teleservices before the deadline on July 9, said a lawyer involved in the transaction. 
 
Confirming the development, Tata Sons spokesman Debasis Ray said in an email: “The formal communication has now been received from NTT DoCoMo to that effect.” However, the Tata Group, which has applied for RBI approval to pay NTT DoCoMo as per the put option, expects regulatory hurdles. A central bank rule says put options must be exercised based on prevailing return on equity at the time the option is exercised, which could play spoilsport for DoCoMo’s exit plan. 
 
Since Tata Tele has been making losses and its net worth is negative, this clause could mean DoCoMo might not get the price it is looking for. RBI, in its latest monetary policy in May, had indicated that it was examining a mechanism linking such options to a fair market value, but it is yet to implement that decision. 
 
DoCoMo had purchased its Tata Tele stake in instalments in 2009 and 2011 for $2.7 billion, at a time the telecom sector was the poster child of India’s fast-growing economy. 
 
Facing the prospect of lengthy negotiations to arrive at a middle ground on valuations, the Tatas have lined up legal eagle Harish Salve, law firm Amarchand Mangaldas, UK-based firm Freshfields, and Mumbai-based AZB Partners to act on its behalf. NTT DoCoMo is likely to be represented by Khaitan &amp; Co, law firm Skadden, Arps, Slate, Meagher &amp; Flom. 
 
NTT DoCoMo spokeswoman Hiroko Shimoyama said she cannot comment due to confidentiality obligations.The joint venture partners will soon enter into fresh talks to arrive at a final price, according to people familiar with the matter. “One hopes that it won’t come to a legal battle. Both groups are reasonable and prefer to avoid that,” said a person involved.“ 
 It is not possible to predict how events will unfold; however, Tata Sons is cognizant of its responsibilities, and will act keeping in mind the interests of all stakeholders and in accordance with law,” added Roy, reiterating an April 25 statement by Tata Sons.The RBI rule was also invoked by the <keyword id="6425677" type="CITY" weightage="40" keywordseo="Essar-Group">Essar Group</keyword> when Vodafone exercised its option to buy Essar’s 33% in Vodafone India in 2011. 
 
However, the two companies agreed to up the price a little for the Indian promoter by depositing additional funds in an escrow account in case tax is imposed on the transaction, else the deposited amount will be given to Essar. This time around, as money will go out of India, the deal might attract more scrutiny. 
 
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“In 2008, there was no regulation around put calls. People assumed that these contracts will be honoured and so incorporated them in JV agreements. But RBI has now become far stricter and concerned over outflow of dollars,” said a legal advisor involved. 
 
NTT DoCoMo is the second large Japanese investor to be faced with disappointment in its India investment after Daiichi Sankyo’s buy into generic drug-maker Ranbaxy. Daiichi exited its Ranbaxy investment in May this year, selling its stake to Sun Pharma at less than half the $4.6 billion it paid in 2008. 
 
LOSS-MAKING VENTURE 
 
The Japanese company is exiting the Indian telecom venture since it is known to prefer owning a majority in its ventures and because it feels it cannot control management actions adequately in India, said a person familiar with DoCo-Mo’s thinking. They are also disappointed by the company’s performance. For the year ending March 31, 2014, Tata Teleservices recorded a loss of nearly Rs 2,000 crore, according to data from the Registrar of Companies (RoC). Its user base has been shrinking over the past two years. 
 
In December last year, Tata Teleservices’ lenders had insisted on a Rs 4,000-crore equity investment from the parents to recapitalise the company. Tata Sons had agreed to put in that amount through two tranches. In an effort to reduce losses, Tata Teleservices shut base stations at around 8,000 locations and entered into agreements with rivals Aircel and Reliance Communications to provide coverage where its network has gaps. 
 
In the financial year that ended in March 2013, Tata Teleservices’ net worth was completely wiped out and equity value fell to a negative Rs 1,863 crore from around Rs 3,000 crore in the previous year, according to data with RoC. Tata Teleservices is also weighed down by its debt of Rs 28,000 crore. The sum is said to have deterred potential suitors including Vodafone, and the exit of NTT DoCoMo may put this company at risk of becoming a distress sale target, said an investment banker. 
 The Tata Sons spokesman said substantial value had been created. “On the valuation of TTSL, it is an unlisted company. Substantial value has been created in it, reflected not only in its large retail subscriber base of over 63 million and its successful enterprise offerings, but also in its market leading position in data carriage, reflected in the high <keyword id="34527" type="UNKNOWN" weightage="40" keywordseo="market-share">market share</keyword> of products like Photon,” said the spokesperson. 
 
Top executives at two potential acquirers of the company said they were interested but did not want to take on the debt. For a deal to take place, they said, lenders need to take a “haircut” by writing off part of their exposure to Tata Tele, or the Tata Group has to assume responsibility for some of the debt. The Tata Group had evinced interest in exiting the telecom business as far back as 2010, and has refrained from any major investments since Chairman Cyrus Mistry took over.

Tata Teleservices & DoCoMo To Split, Setting Stage For Negotiations Over Valuation

<ul><li><keyword id="9750118" type="General" weightage="100" keywordseo="skyroot" source="Orion">Skyroot</keyword> is developing India’s first privately developed space launch vehicle. </li><li>Skyroot’s marquee investors include Myntra and CultFit founder Mukesh Bansal, Greenko Group founders – Anil Chalamalasetty and Mahesh Kolli, and Google board member <keyword id="17786" type="General" weightage="50" keywordseo="ram" source="Orion">Ram</keyword> Shriram’s <keyword id="272926" type="General" weightage="50" keywordseo="sherpalo-ventures" source="Orion">Sherpalo Ventures</keyword>. </li><li>The Indian-tech startup has an MoU with the Indian Space Research Organisation for sharing facilities and expertise. </li></ul><keyword id="7537495" type="General" weightage="50" keywordseo="skyroot-aerospace" source="Orion">Skyroot Aerospace</keyword>, a four-year-old space tech startup, has raised $51 million in a Series-B financing round. The company claims this is the biggest funding round ever in the Indian space-tech sector. The funding round was led by GIC, a leading global investment firm headquartered in Singapore. Skyroot will use the funds to expand its space engineering team, which currently has close to 200 employees. The funding would also help the company get to full-fledged commercial satellite launch scale within a year from now, said Naga Bharath Daka, co-founder and COO of Skyroot. It has started booking payload slots for its upcoming launches, he added. Skyroot said it is developing India’s first privately developed space launch vehicle, named after the founder of India’s space program, Dr. <keyword id="29151" type="General" weightage="50" keywordseo="vikram-sarabhai" source="Orion">Vikram Sarabhai</keyword>. The Vikram Series rockets are built with an all-carbon-fibre structure, and can launch upto 800 kg of payloads to Low Earth Orbit (LEO), the company said. Skyroot is the first startup to sign an MoU with the Indian Space Research Organisation (ISRO) for sharing facilities and expertise. “Our objective is to establish ourselves as a provider of best-in-class rocket launch services and the go-to destination for affordable and reliable small satellite launches.” said Pawan Kumar Chandana, co-founder and CEO of Skyroot. Rothschild &amp; Co India were the financial advisors for this funding round. Skyroot’s investors include Myntra and CultFit founder Mukesh Bansal, Greenko Group founders – Anil Chalamalasetty &amp; Mahesh Kolli, <keyword id="2644063" type="General" weightage="50" keywordseo="solar-industries-india-limited" source="Orion">Solar Industries India Limited</keyword>, Google board member Ram Shriram’s Sherpalo Ventures, Neeraj Arora (Former-WhatsApp Global Business Chief) and <keyword id="12050422" type="General" weightage="50" keywordseo="wami-capital" source="Orion">Wami Capital</keyword>. Mayank Rawat, managing director of GIC India Direct Investment Group, will be joining Skyroot’s board. According to a <a href="https://www.fortunebusinessinsights.com/industry-reports/space-launch-services-market-101931">report</a>, the global space launch services market is projected to grow from $14.21 billion in 2022 to $31.90 billion by 2029, at a CAGR of 12.25%. SEEL ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/meesho-expects-4x-jump-in-small-business-participation-this-festive-season/articleshow/94001329.cms">Meesho expects 4X jump in small business participation this festive season</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistry-vs-tata-group-decoding-the-battle-of-prestige-between-indias-most-prominent-parsi-families/articleshow/94000771.cms">Cyrus Mistry vs Tata Group – decoding the battle of prestige between India’s most prominent Parsi families</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/the-great-indian-festival-of-hiring-e-commerce-companies-gear-up-for-indias-shoppers/articleshow/94000346.cms">The great Indian festival of hiring: E-commerce companies gear up for India’s shoppers</a>

Indian space tech startup Skyroot Aerospace raises $51 million in GIC-led funding round

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>

Three US-based economists win Nobel prize for Economics

<img class="gwt-Image" src="/photo/49226593.cms" /> French automobile manufacturer <a href="http://www.businessinsider.in/searchresult.cms?query=PSA+Peugeot+Citroen">PSA Peugeot Citroen</a> is planning to make its way to India. Reports suggest that Peugot is currently in talks with <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> to forge a partnership under which Tata Motors will produce and distribute Peugeot cars in India. 
 
Moreover, the two companies may also share their engine technologies. Tata’s Sanand plant in Gujarat will make cars for the French giant if things work out between the duo, reported The Economic Times. However, the news hasn’t been confirmed by the involved companies yet. 
 
Official sources told the business daily that PSA is looking for a tie-up with a reputed local carmaker that has its own product, popular brand recall and spare parts distribution reach. This clearly hints at Tata Motor’s Sanand plant, which has ample capacity to meet the French automaker’s requirements. 
 
The PSA Group, however, didn’t respond to an email seeking comment while a <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Motors">Tata Motors</a> spokeswoman said that her company doesn't comment on future product plans, capacity expansion or utilisation. 
 
The internal sources who do not want to be named said that Emmanuel Delay, head of India Pacific Operation at the PSA Group, is steering discussions with senior executives of Tata Motors, including president and head of product engineering Tim Leverton and chairman Cyrus Mistry. 
 
Delay recently visited Bombay House, the Tata headquarters in Mumbai, to discuss the contours of a deal. Initial discussions were held between the two at the recent Frankfurt show and Tavares is understood to have given a clear mandate to Delay to fast track the India plans, they said. 
 
PSA held talks with other car makers including Mahindra &amp; Mahindra, General Motors as well as Hindustan Motors, but Tata Motors is likely to be the main contender. 
 As part of wider discussions, even the possibility of PSA sharing the high-tech DW10 2-litre diesel engine with Tata Motors-owned <keyword id="42034" type="COMPANY" weightage="20" keywordseo="Jaguar">Jaguar</keyword> <keyword id="44719" type="PERSON" weightage="20" keywordseo="Land-Rover">Land Rover</keyword> is being considered. 
 
PSA had hired a consultant to chart its India comeback plan. Its proposals are likely to be submitted to Tavares before the end of 2015. 
 Image: thinkstock

This French carmaker is coming to India soon!

<img class="gwt-Image" src="/photo/47907828.cms" /> 
 Prime Minister Narendra Modi must be on cloud nine as his idea of empowering the country digitally has got thumbs up from India’s top industrialists including Mistry, Mukesh Ambani, Anil Ambani, Kumar Mangalam Birla and Sunil Bharti Mittal. The industrialists believe, it has the potential to bridge the digital divide and benefit billions of people through digital solutions in education, healthcare and irrigation sectors, according to a news report in The Economic Times. 
 
At the unveiling of the Digital India Week by Prime Minister Narendra Modi, India's top billionaires pledged around Rs 4.5 lakh crore to projects related to Digital India, which could generate employments for some 18 lakh people. "Digital India will help India to create a knowledgeable society and will provide government services within a short time," Cyrus Mistry, chairman of Tata Sons told the ET. 
 
He said Tata Consultancy Services, which is majority owned by the Tata Group, has been an active contributor to e-governance programmes and the company will hire 60,000 IT professionals this year. 
 
Reliance Industries Chairman Mukesh Ambani said his company would invest Rs 2.5 lakh crore across different Digital India heads, which have the potential to create employment for over five lakh people. The financial daily quoted Ambani saying, "Normally, industry moves faster than government but with Digital India it is different. I have no hesitation in saying that government has moved faster." 
He also announced setting up of the 'Jio Digital India Start Up Fund' to encourage young entrepreneurs who are setting up businesses focused around the Digital India initiative. 
 
The Rs 1.13-lakh-crore Digital India project is aimed at broadening digital access for all Indians and making sure that government functions and services are available online to citizens. 
 
"I dream of Digital India where 1.2 billion connected Indians drive the nation," Prime Minister said at the launch of the Digital India Week, which will take technology to the villages and block levels over the course of the next week. 
 
Appreciating the PM's vision for a digitally empowered economy, Sunil Bharti Mittal, chairman of Bharti Enterprises, said Modi "understands the power of technology and how it can transform the nation". Mittal said his company would build on India's existing extensive telecom network and spend over Rs 1 lakh crore in the next five years. Bharti group company Bharti Airtel is India's largest mobile phone operator. 
 
Reliance Group Chairman Anil Ambani, who helms Airtel's rival telco Reliance Communications, pledged to invest Rs 10,000 crore to fund transformational initiatives across the cloud, digital and telecom space. 
 
"The Great India Story has been powered by three long-term drivers: democracy, demographics and demand. A little over a year ago, we added a fourth 'D', which is perhaps even more important: decisiveness," he told the ET, adding that 'Digital India' would add the fifth dimension. 
 
(Image: Thinkstock)

Industrialists give Modi’s billion-dollar Digital India project a big thumbs up

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The Tata Group versus Cyrus Mistry court room battle will see its final match on December 2

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This French carmaker is coming to India soon!

BI India Bureau

Industrialists give Modi’s billion-dollar Digital India project a big thumbs up

BI India Bureau

You Searched For "Cyrus Mistry Hires Gopichand Katragadda As Group" and got 13 results

Star power: Indian billionaires with Pisces zodiac sign had a good run last year

Abhishek Jha

The Tata Group versus Cyrus Mistry court room battle will see its final match on December 2

PTI

Cyrus Mistry Hires Gopichand Katragadda As Group CTO Of Tata Sons

BI India Bureau

UK, US colleges to research with Tata group for latest innovations soon

BI India Bureau

Tata employees fear job security, say ‘If this can happen to the Chairman, it can happen to anyone’

BI India Bureau

Big names floating to replace Cyrus Mistry include Indra Nooyi, N Chandrasekaran, Noel Tata

BI India Bureau

Tata’s image as an employer won’t get affected over Mistry’s removal

BI India Bureau

​ Here's how Mukesh Ambani, Uday Kotak, Anand Mahindra and other Indian leaders wished Narendra Modi in his birthday

BI India Bureau

Tata Teleservices & DoCoMo To Split, Setting Stage For Negotiations Over Valuation

Economic Times

Indian space tech startup Skyroot Aerospace raises $51 million in GIC-led funding round

Eetika Kapoor

Three US-based economists win Nobel prize for Economics

PTI

This French carmaker is coming to India soon!

BI India Bureau

Industrialists give Modi’s billion-dollar Digital India project a big thumbs up

BI India Bureau

Here's how Mukesh Ambani, Uday Kotak, Anand Mahindra and other Indian leaders wished Narendra Modi in his birthday