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New Delhi, Feb 6 () Telecom operator Tata Teleservices on Thursday said the Department of Telecom (DoT) has approved the merger of its consumer mobile business with Bharti Airtel. Tata Teleservices listed arm said in a regulatory filing said the DoT through its letter dated February 6, 2020 has conveyed approval of the competent authority in DoT for taking on record demerger of consumer mobile business undertaking of the company into Bharti Airtel Limited (BAL). "The DoT approval is without prejudice to the rights and contentions of the DoT till the telecom petition No. 22 of 2019 filed by BAL which is pending before Hon'ble TDSAT (and appeal, if any, against the Judgement(s) of the Hon'ble TDSAT) is disposed of," Tata Teleservices (Maharashtra) said. Bharti Airtel on July 1 announced that the consumer mobile business of Tata Teleservices Ltd (TTSL) has now become its part.The department, however, did not take the merger on record and asked Airtel to submit a bank guarantee of around Rs 7,000 crore and an immediate payment of Rs 1,287.97 crore before it takes merger of Airtel and Tata's consumer mobile business (CMB) on record.The TDSAT on May 2, 2019 granted partial stay on around Rs 8,287 crore demand raised by the telecom department from Bharti Airtel for approving its merger with the consumer business of TTSL.The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) had ordered the Department of Telecommunications to take on record the merger and approval of the schemes of arrangement by Delhi and Mumbai bench of the National Company Law Tribunal (NCLT). The DoT challenged the telecom tribunal before the Supreme Court and the matter is still sub-judice.Bharti Airtel submitted only Rs 644 crore as directed by the TDSAT to complete the merger.As part of the merger, Airtel has absorbed Tata Teleservices' CMB operations in 19 telecom circles - 17 under TTSL and 2 under Tata Teleservices (Maharashtra) Ltd. It also agreed to take over a small portion of the unpaid spectrum liability of Tata Teleservices.The merger bolsters Airtel's radiowaves pool with additional 178.5 MHz spectrum in 1800, 2100 and 850 MHz bands, widely used for 4G. PRS MBI MKJ

DoT approves Bharti Airtel, Tata Teleservices merger

<keyword id="6355725" type="CITY" weightage="100" keywordseo="Tata-Group">Tata Group</keyword> has lined up funds to buy back NTT <keyword id="6711152" type="COMPANY" weightage="100" keywordseo="Docomo">Docomo</keyword>'s 26.5% stake in their telecom joint venture, according to insiders familiar with the development. 
 In April this year, the Japanese firm decided to exit the JV with loss-making <keyword id="6359475" type="CITY" weightage="100" keywordseo="Tata-Teleservices">Tata Teleservices</keyword>, which means the Indian company is now left with two options – it can either buy back the stake in the JV or can look for another buyer as per the 2009 JV agreement. According to that accord, if it can't find a buyer by the end of June 2014, the Tata Group will have to pay a market-linked price or at least Rs 7,250 crore, which is 50% of the investment that the Japanese firm had made into the joint venture. 
 Sources informed that the Tata Group had approached <keyword id="15492" type="CITY" weightage="60" keywordseo="Vodafone">Vodafone</keyword> India for a lock-stock-and-barrel sale of the unit. However, neither Tata Teleservices nor Vodafone confirmed the development. 
 
The valuation, too, may become a sticking point in the negotiations as Tata Teleservices has run into a massive debt, making its net worth negative. "With this debt level and inadequate profit generation to service it, the company's equity value to a third party is very little," a banker told the Economic Times. 
 
According to analysts’ estimates, Tata Teleservices' enterprise value could range between Rs 29,700 crore and Rs 32,200 crore. Having taken out the debt, its value is likely to be between Rs 1,700 crore and Rs 4,200 crore. 
 
Insiders also say that the Tata Group is unlikely to sell the business at that price and it may keep the stake after buying it from Docomo unless it gets an adequate price. 
 The latest development involving the JV between Tata Teleservices and NTT Docomo reflects the sorry state of affairs faced by the less popular operators which are struggling to stay afloat in a market dominated by three leaders – Bharti <keyword id="15491" type="COMPANY" weightage="60" keywordseo="Airtel">Airtel</keyword>, Vodafone India and <keyword id="6354924" type="PERSON" weightage="60" keywordseo="Idea-Cellular">Idea Cellular</keyword>.

Tata Group May Buy Back NTT Docomo’s Stake
In JV

As the price competition in India’s telecom space heats up, a number of smaller players are falling by the wayside. <keyword id="6359475" type="COMPANY" weightage="20" keywordseo="tata-teleservices">Tata Teleservices</keyword>, which comprises the <keyword id="6711152" type="UNKNOWN" weightage="20" keywordseo="docomo">DoCoMo</keyword> network and T24 mobile service, posted a net <keyword id="6357392" type="UNKNOWN" weightage="20" keywordseo="loss">loss</keyword> of ₹275 billion ($4 billion) for the financial year 2017-18 - the largest ever loss in a financial year for an Indian company. In addition, another company in the telecom space, Reliance Communications (not to be confused with Reliance <keyword id="2003276" type="PERSON" weightage="20" keywordseo="Jio">Jio</keyword> Infocomm Ltd), posted the second largest annual loss for an Indian company in 2017-18. The company, which is headed by Anil Ambani, reported a loss of ₹239 billion for the year, after ending its wireless operations and offloading its telecom infrastructure to Jio. The free sale to Airtel Tata Teleservices’ net revenue almost halved in 2017-18 to ₹70 billion as it sold off its wireless business. While the company’s operating loss was a relatively paltry ₹6.6 billion, its huge overall loss is mostly due to the fact that it sold its wireless services business to market leader Airtel in October 2017 for <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/tata-teleservices-to-sell-its-wireless-mobile-business-to-bharti-airtel/articleshow/61051618.cms">absolutely nothing</a>, taking a write-off on the entire unit in the process. The debt-ridden wireless business had been making losses for years on end, which is why Tata was looking to exit the unit completely. The unit was originally a joint venture with NTT Docomo, a Japanese mobile operator, which sold off its 26% stake at a considerable loss in 2014. With the pending sale to Airtel, Tata will be able to offload some of its current spectrum payment obligations. The rest of the business? The future of the remaining parts of Tata Teleservices is not completely certain. In March 2018, the former managing director of Teleservices,Mukund Govind Rajan, mounted a $1 billion bid along with TPG, a private equity firm, for the the parts of the business that were unsold - the enterprise communications and fibre segments. However, Tata Teleservices’ parent, Tata Sons, rejected the bid, saying it would merge the business with Tata Communications, its internet provider subsidiary, instead. This is contingent on the approval of the government, which has a 26% stake in Tata Communications. It will probably not be too keen on forking out a proportional amount (around $260 million) to buy the remaining parts of Teleservices. It is still said to be assessing the merger.

India Inc’s biggest loss now belongs to a telco

<keyword id="8555" type="CITY" weightage="20" keywordseo="Tata">Tata</keyword>’s appointing of CEOs has been quite different from other companies in India. So the business experts of the country are curious to know who would fill the gap after Mistry’s exit from <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>. 
 Going by the record, Tata has often appointed outsiders and even foreigners to head its concerns. RK <keyword id="104932" type="PERSON" weightage="20" keywordseo="Krishna-Kumar">Krishna Kumar</keyword> moved from <keyword id="46021" type="PERSON" weightage="20" keywordseo="Tata-tea">Tata Tea</keyword> to Indian <keyword id="6368036" type="PERSON" weightage="20" keywordseo="Hotels">Hotels</keyword> in 1997. Homi <keyword id="3817876" type="UNKNOWN" weightage="20" keywordseo="khusrokhan">Khusrokhan</keyword>, who came from <keyword id="62362" type="COMPANY" weightage="20" keywordseo="Glaxo">Glaxo</keyword>, first headed Tata Tea and then moved to <keyword id="6354310" type="CITY" weightage="20" keywordseo="Tata-Chemicals">Tata Chemicals</keyword>. Firdose Vandrevala, a <keyword id="6357147" type="CITY" weightage="20" keywordseo="Tata-Steel">Tata Steel</keyword> deputy MD was moved to head <keyword id="45008" type="CITY" weightage="20" keywordseo="Tata-Power">Tata Power</keyword> and was also chairman of the board for <keyword id="6359475" type="CITY" weightage="20" keywordseo="Tata-Teleservices">Tata Teleservices</keyword>. Among the current leadership at Tatas, N Srinath who heads Tata Teleservices, headed <keyword id="6370462" type="CITY" weightage="20" keywordseo="Tata-Communications">Tata Communications</keyword> in the past. Anil <keyword id="828638" type="CITY" weightage="20" keywordseo="Sardana">Sardana</keyword>, current <keyword id="3817874" type="UNKNOWN" weightage="20" keywordseo="md-of-tata-power">MD of Tata Power</keyword>, headed Tata Teleservices before Srinath. 
 There have been instances when the CEOs were removed midterm, much like Mistry. Bickson was replaced mid-tenure and <keyword id="2503475" type="PERSON" weightage="20" keywordseo="Rosling">Rosling</keyword> left unexpectedly, and so was the case of Green and Vandrevala. 
 However, <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword> always preferred CEOs to have prior experience of heading companies or businesses and opted to move up CEOs from smaller companies to larger ones. 
 
While appointing Ratan Tata’s successor both the search committee and Tata himself chose Mistry amongst 6 other internal candidates. It was then told that Tata himself would mentor Mistry for a year. While the hunt for perfect candidate is still on, it’s kind of a déjà vu for Tata Sons. With hardly any time left to train new CEOs, Tata may be considering another paratrooper.

Ratan Tata’s choice of next CEO deconstructed

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

New Delhi, Feb 12 () Tata Trusts on Wednesday said its trustees have decided to appoint Srinath Narasimhan as the chief executive of the Trusts with effect from April 1, 2020. Currently, Narasimhan is the managing director of Tata Teleservices Ltd and Tata Teleservices (Maharashtra) Ltd, Tata Trusts said in a statement. Having joined the Tata Administrative Services (TAS) in 1986, Narasimhan has held various assignments in the Tata group, including as the managing director of Tata Communications Ltd, it added. The trustees also appointed Pramit Jhaveri, former chief executive officer of Citi India and former vice chairman of banking, capital markets and advisory for Asia Pacific, as a Trustee of the Sir Dorabji Tata Trust. His appointment is effective from February 12, 2020, it added. Tata Trusts hold 66 per cent of the equity share capital of Tata Sons, the principal investment holding company and promoter of Tata companies. Started in 1892, Tata Trusts support education, health, livelihood generation, and art and culture through its various philanthropic initiatives. RKL RUJ

Srinath Narasimhan appointed as Tata Trusts' chief executive

(Eds: Adding more details) New Delhi, Feb 25 () Amid the ongoing AGR crisis, Tata Sons Chairman N Chandrasekaran on Tuesday met Communications Minister Ravi Shankar Prasad, even as an official said the telecom ministry is prepared to issue a notice to Tata Teleservices for paying only part of its dues as full and final settlement. Emerging from the meeting which lasted for over 30 minutes, Chandrasekaran declined to comment on the details of his discussion. He later also met Telecom Secretary Anshu Prakash.The crucial meeting comes at a time when the government is looking to issue a detailed notice to Tatas for paying only Rs 2,197 crore as full and final settlement, whereas the government's calculation put Tata Teleservices' dues at about Rs 14,000 crore. A senior government official asserted that the telecom department is not convinced with the company's dues assessment. A notice will be sent to the company in a day or two questioning its AGR calculation, the official said.With the sector reeling under the impact of statutory dues burden, Vodafone Idea Chairman Kumar Mangalam Birla also met Finance Minister Nirmala Sitharaman last Tuesday.In all, 15 telecom entities owe the government Rs 1.47 lakh crore in unpaid statutory dues -- Rs 92,642 crore in unpaid licence fee and another Rs 55,054 crore in outstanding spectrum usage charges. Of the estimated dues that include interest and penalty for late payments, Airtel and Vodafone Idea account for about 60 per cent. These dues arose after the Supreme Court, in October last year, upheld the government's position on including revenue from non-core businesses in calculating the annual Adjusted Gross Revenue (AGR) of telecom companies, a share of which is paid as licence and spectrum fee to the exchequer. The Supreme Court, earlier this month, rejected a plea by mobile carriers such as Bharti Airtel and Vodafone Idea for extension in the payment schedule and asked companies to deposit their past dues for spectrum and licences.Since the February 14 tongue-lashing Supreme Court gave telecom companies for missing its previous deadline of January 23 to pay past dues as well as the Department of Telecommunication for failing to enforce it, firms and Telecom Ministry are busy doing separate maths on the actual dues.Vodafone Idea, which is confronted with Rs 53,000 crore in statutory dues as per DoT's calculation, has so far paid only seven per cent of those dues in two tranches. Airtel has paid Rs 10,000 crore out of its DoT estimated liability of over Rs 35,000 crore. Tata Teleservices has paid Rs 2,197 crore, the entire outstanding it believes to have arisen after the October ruling of the apex court for calculating dues.Meanwhile, the government is also asking telecom companies including Vodafone Idea, Bharti Airtel and Tata Teleservices to submit supporting documents on AGR self-assessment, that formed the basis of their statutory dues calculation. The exercise will help the DoT examine the AGR calculations being made by the telecom players.Once substantiating documents are filed by the companies, the telecom department will initiate random test checks on the AGR calculation in a time-bound manner. The 'test check' will be done for any one year (of telcos' dues) to examine the deviation between telecom companies' assessment and the government calculation of AGR liabilities.Amid a deepening crisis in the telecom sector, the government is looking to strike a balance between complying with the Supreme Court order on statutory dues, ensuring the health of the sector and safeguarding consumer interest. Bharti Airtel Chairman Sunil Mittal, and VIL's Birla met top government functionaries throughout last week to seek prompt measures that would offer a breather to the troubled sector. Mittal has urged the government for reduction in levies and taxes, as he termed the AGR "an unprecedented crisis for industry". MBI MKJ

Tata Sons chief meets Prasad as DoT prepares to issue notice to TTSL over AGR payment

New Delhi, Feb 23 () Terming 'test checks' proposed by the government on telcos' AGR arithmetic as standard audit procedure, Industry body COAI has said the DoT needs to ensure consistency among its different circles on calculation of dues to minimise any differences.Cellular Operators' Association of India (COAI) also cautioned that any decision to encash bank guarantees will be "disastrous" for the telecom industry, which only has three private players."Any move to encash bank guarantees will precipitate an already precarious situation," COAI Director General, Rajan Mathews told .Mathews termed the 'test checks' being proposed by the telecom department to examine deviation in calculation of dues by companies as a "standard audit procedure".He pointed out that while amounts need to be finalised as soon as possible, operators too should be given a fair opportunity to explain the deviations in calculation."There should be consistency amongst all LSAs (Licensed Service Areas) of the DoT (Department of Telecommunications) on how the amounts are calculated, so the differences are minimised," Mathews added.The government has made it clear that it will verify the companies' claims on AGR math and examine any deviations from its own calculation, through random 'test checks' before March 17.The government will conduct 'test check' for any one year (of telcos' dues) to examine variances between telecom companies' assessment and the government's own calculation of AGR liabilities.The test check will happen for all telecom firms, but could start with those, which have already claimed they have made full and final settlement towards their statutory liabilities, like Tata Teleservices.In all, as many as 15 entities owe the government Rs 1.47 lakh crore -- Rs 92,642 crore in unpaid licence fee and another Rs 55,054 crore in outstanding spectrum usage charges.These dues arose after the Supreme Court, in October last year, upheld the government's position on including revenue from non-core businesses in calculating the annual adjusted gross revenue (AGR) of telecom companies, a share of which is paid as licence and spectrum fee to the exchequer.The Supreme Court earlier this month rejected a plea by mobile carriers such as Bharti Airtel and Vodafone Idea Ltd for extension in the payment schedule and asked them to deposit an estimated Rs 1.47 lakh crore in past dues for spectrum and licences.The apex court had warned that it will initiate contempt proceedings against top executives of these firms for non-payment.Some telecom firms are already struggling with mounting losses and debt, and the additional liability has raised concerns of them defaulting on existing loans.Of the estimated dues that include interest and penalty for late payments, Airtel and Vodafone Idea owe about 60 per cent.Vodafone Idea is confronted with total AGR dues of over Rs 53,000 crore. Of this, it has so far paid only Rs 3,500 crore in two tranches earlier this week.Airtel has so far paid Rs 10,000 crore out of its estimated liability of over Rs 35,000 crore.Tata Teleservices has paid Rs 2,197 crore, the entire outstanding it believes to have arisen after the October ruling of the apex court for calculating dues.Tata Teleservices and Tata Teleservices Maharashtra have submitted to the government the details of calculation in support of its payment, but sources in the DoT said that wide gap between the company's calculations and the department's assessment of about Rs 14,000 crore, will certainly be examined. MBI BALBAL

DoT's test checks on variations in telcos AGR dues standard audit procedure: COAI

To attract more women to its workforce, Tata Teleservices has increased its <a href="http://www.businessinsider.in/After-government-private-corporates-too-look-forward-to-increase-maternity-leaves/articleshow/50395145.cms">maternity leave</a> policy to six months of paid leave along with an additional six months of “half day half pay” option, said its Chief HRO Richa Tripathi. 
 A part of the <keyword id="6355725" type="CITY" weightage="100" keywordseo="Tata-Group">Tata group</keyword>, this telecom company has plans to double its women workforce by 2020, and maintain a nearly equal ratio between men and women in the following years. 
 
Also read: <a href="http://www.businessinsider.in/Tata-Sons-new-maternity-leave-policy/articleshow/52088673.cms">Seven months of paid leaves, flexible working hours and retrospective performance appraisal: Tata Sons’ new maternity leave policy is every working woman’s dream</a> 
 
"We are committed to promoting gender diversity and increasing the number of women employees," said Tripathi. However, as of now, women make up only 9.5% of the telecom company's staff, out of which about 4-5% take maternity leave annually. 
 
Also read: <a href="http://www.businessinsider.in/companies-offering-benefits-to-new-mothers-in-workforce/articleshow/51009718.cms">Why to quit job after having a baby when you have diaper-changing rooms in the office?</a> 
 
The new policy also aims to increase the medical cover for women so that they can opt for IVF procedures to start a family, and as per Tripathi, they are also working on formulating a <a href="http://www.businessinsider.in/Facebook-to-offer-4-months-paternity-leave-for-new-dads/articleshow/49959724.cms">paternity leave</a> policy. 
 
Also read: <a href="http://www.businessinsider.in/PG-India-announces-six-month-adoption-leave-for-employees/articleshow/51509015.cms">P&amp;G India announced six-month leave for employees who adopt kids and this has won many hearts</a> 
 
<a href="https://dzftds8z9s83c.cloudfront.net/wordpress_images/images/production/3177/original/brit-morin-maternity-leave-090814.jpg?1410210904">Image source</a>

Tata Teleservices to offer six-month maternity leave to attract more women to its workforce

Nearly Rs 1,000-crore worth stock of <keyword id="6357585" type="CITY" weightage="20" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> (<keyword id="6357150" type="CITY" weightage="100" keywordseo="TCS">TCS</keyword>) are owned by the fired chairman of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> <keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword>, according to a report by software major's annual. Mistry also owns some percentage in the other companies of the group like <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword>, Indian Hotels, Tata Global, <keyword id="6354310" type="CITY" weightage="20" keywordseo="Tata-Chemicals">Tata Chemicals</keyword> and <keyword id="45008" type="CITY" weightage="20" keywordseo="Tata-Power">Tata Power</keyword>, the report added. Regardless of him being fired as the chairman of Tata Sons, he still is the Chairman of these companies along with some others too. 
 
The stocks that are owned by Mistry is in addition to the 18.5% stake that his family group- Shapoorji Pallonji (SP) Group- owns in Tata Sons. The worth of SP Group’s holding on 1st November was Rs 81,140 crore. 
 SP group also holds Rs 63,158 crore worth of stakes in TCS too and that is a little over three fourth of the total company. The family group of Mr. Mistry also hold a substantial stock like Rs 7,983 crore worth stakes in Tata Motors, RS 1,500 crore worth stakes in Tata Communication, Rs 2,279 worth stakes in <keyword id="237814" type="COMPANY" weightage="20" keywordseo="Tata-Steels">Tata Steels</keyword>, 1,281 crore, Rs 1,281 crore worth stakes in Titan and Rs 1,234 crore worth stakes in Tata Power. 
 
Other than the direct holding in 15 listed companies, Tata Sons has an indirect control over many other companies in which it holds stakes through other companies. 
 <keyword id="6355725" type="CITY" weightage="20" keywordseo="Tata-Group">Tata Group</keyword> also holds majority stakes in many unlisted companies through Tata Sons, ehich weren’t valued. Thses include <keyword id="6359475" type="CITY" weightage="20" keywordseo="Tata-Teleservices">Tata Teleservices</keyword>, IPO-bound <keyword id="94550" type="CITY" weightage="20" keywordseo="Tata-Sky">Tata Sky</keyword>, Tata AIA <keyword id="6406875" type="COMPANY" weightage="20" keywordseo="life-insurance">Life Insurance</keyword>, Tata AIG General Insurance, Tata Mutual Fund and <keyword id="248221" type="COMPANY" weightage="20" keywordseo="Infiniti-Retail">Infiniti Retail</keyword>. 
(image: Indiatimes)

Cyrus Mistry owns Rs 1,000 crore worth TCS shares

New Delhi, Jan 21 () Shares of telcos' on Tuesday were trading mixed after the SC agreed to list next week telecom firms' fresh pleas, seeking a fresh schedule of payment of statutory dues to the DoT.
Shares of Vodafone Idea jumped almost 18 per cent to Rs 5.73 on the BSE and gained 19.5 per cent to Rs 5.80 on the NSE.
On the other hand, Bharti Airtel stock was trading marginally lower by 0.15 per cent to Rs 508.50 on the BSE.
On the NSE, the scrip lost 0.07 per cent to trade at Rs 508.35.
Tata Teleservices (Maharashrta) stock was trading 0.76 per cent lower at Rs 2.60 on the BSE and and 1.92 per cent up at Rs 2.65 on the NSE.
Meanwhile, shares of Reliance Industries, the parent firm of Reliance Jio Infocomm Ltd, was trading with gains of 0.34 per cent at Rs 1,537.25 on the BSE.
The Supreme Court on Tuesday agreed to list next week the fresh pleas of telecom firms, including Bharti Airtel, Vodafone Idea and Tata Teleservices, seeking a fresh schedule of payment of statutory dues to the tune of Rs 1.47 lakh crore to the Department of Telecommunications.
The telcos said they wanted an open court hearing on their fresh pleas with regard to working out fresh schedule of payment of their dues. RUJ BAL
BAL

You Searched For "Tata Teleservices" and got 11 results

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