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<ul><li>The National Company Law Appellate Tribunal (NCLAT) ruled that Cryus Mistry’s removal as <keyword id="3932388" type="PERSON" weightage="20" keywordseo="Chairman-of-Tata-Sons">chairman of Tata Sons</keyword> was illegal.</li><li><keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> has four weeks to appeal the decision at Supreme Court.</li><li>The NCLAT order appears to even go beyond the specific reliefs sought by Mistry, the Tata Sons statement said</li></ul>The National Company Law Appellate Tribunal (NCLAT) ruled that <keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword>’s <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-can-return-as-tata-sons-chairman-three-years-after-he-was-thrown-out-by-ratan-tata/articleshow/72868406.cms">removal as chairman from Tata Sons was illegal</a> and has directed the company to <a href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistry-net-worth-and-full-profile/articleshow/72870160.cms">hand him back his position</a>. However, the court has a left window of four weeks for Tata Sons to appeal at the Supreme Court. As it seems right now, the salt-to-software conglomerate, which also owns companies like the luxury car maker Jaguar Land Rover and the British tea brand Tetley is in no mood to give up. "It is not clear as to how the NCLAT Order seeks to over-rule the decisions taken by shareholders of Tata Sons and listed Tata operating companies at validly constituted shareholder meetings. The NCLAT order appears to even go beyond the specific reliefs sought by the Appellant," the company’s spokesperson told Business Insider. But Mistry sees this as a clear win. "Today's victory is not a personal victory for me, but is a victory for the principles of good governance and minority shareholder rights," he said a statement shared with the press. The Tata vs Mistry battle is far from over Within two months of his dismissal, Mistry’s family-run investment firms approached the NCLT. Mistry’s primary argument was that his removal as chairman of Tata Sons violated the Companies Act by forcing him to leave without ‘due process’ being followed and also accused the Board of ‘oppression and mismanagement’. While the lower court, the NCLT, had turned down Mistry’s appeal, today’s victory at the appellate tribunal gives Mistry a second chance to prove his charges against the Board and Ratan Tata. "The outcome of the appeal is a vindication of my stand taken when the board of Tata Sons, without warning or reason removed me, first as executive chairman, and subsequently as director of Tata Sons," he said. One of India’s biggest corporate disputes may be tested at the country’s highest court soon. 
	

	
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 See also: <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-can-return-as-tata-sons-chairman-three-years-after-he-was-thrown-out-by-ratan-tata/articleshow/72868406.cms">Cyrus Mistry can return as Tata Sons Chairman three years after he was thrown out by Ratan Tata</a> <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-still-has-to-prove-the-charges-against-ratan-tata-and-tata-sons-board/articleshow/72868673.cms">First Cut: The legal implications of Mistry's victory in the case against Tata Sons</a> <a href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistry-net-worth-and-full-profile/articleshow/72870160.cms">The volatile fortunes of low-profile Cyrus Mistry who was made the Chairman of Tata Sons only to be ousted soon after — now he’s fighting his way back</a>

Tata Sons says the court gave Cyrus Mistry more than he wanted

<ul><li><keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword> has been reappointed as the <keyword id="3932388" type="PERSON" weightage="20" keywordseo="Chairman-of-Tata-Sons">chairman of Tata Sons</keyword> by the National Company Law Appellate Tribunal (NCLAT).</li><li>Mistry will return to the helm of the Tata conglomerate after a three-year-long battle in courts.</li><li>He was ousted in October 2016 being chairman for nearly four years.</li></ul>Cyrus Mistry will be back at the helm of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> in another four weeks-- if no other legal hurdles stop him. After over three years spent battling in courts, Mistry’s <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-can-return-as-tata-sons-chairman-three-years-after-he-was-thrown-out-by-ratan-tata/articleshow/72868406.cms">removal as chairman </a>was deemed illegal by the National Company Law Appellate Tribunal (NCLAT). As Mistry returns to power, the current executive chairman of the company — N Chandra — might have to look for a new job. Mistry served as Tata Sons chairman just shy of four years before the board removed him from the helm in October 2016. His net worth is currently at $10 billion. Here’s a quick look at Mistry’s journey from being the son of a construction tycoon to leading Tata Sons a second time:

The volatile fortunes of low-profile Cyrus Mistry who was made the Chairman of Tata Sons only to be ousted soon after — now he’s fighting his way back

<keyword id="8187544" type="COMPANY" weightage="20" keywordseo="tata-digital">Tata Digital</keyword>, a subsidiary of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>, on Monday announced to invest up to $75 million in fitness startup <keyword id="3465872" type="COMPANY" weightage="20" keywordseo="curefit">CureFit</keyword>. <keyword id="705865" type="PERSON" weightage="20" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword>, CureFit Founder and CEO, will join Tata Digital as President, Tata Digital. In addition, he will continue in his leadership role at CureFit, the company said in a statement. "The CureFit partnership with its industry leading platform in fitness and wellness aligns very well with our overall healthcare proposition where fitness is increasingly becoming an <keyword id="1261040" type="PERSON" weightage="20" keywordseo="integral-part">integral part</keyword> of a consumers' life," said <keyword id="161053" type="PERSON" weightage="20" keywordseo="N-Chandrasekaran">N. Chandrasekaran</keyword>, Chairman Tata Sons. Tata Digital set up its operations in August 2019, to build consumer centric digital businesses for deep consumer engagement and their needs across multiple verticals. On the other hand, CureFit is a leading player in a fitness and wellness market that is growing at 20 per cent per annum and is expected to reach $12 billion by 2025. Before the today's announcement, CureFit had raised nearly $418 million. "Being part of Tata Digital will enable us to nationally scale up our offerings for our customers. Tata Digital has highly inspiring vision to create next generation consumer platform and I am very excited to be part of Tata Digital team that is shaping this vision," said Bansal. Curefit offers a holistic range across fitness and yoga, mental wellbeing, healthy meals, and consultations, diagnostics as well as personal training. "Tata digital partnership will significantly accelerate Cure.fit's growth as a fitness and wellness leader and it will open up access to large set of new consumer base," said <keyword id="145348" type="PERSON" weightage="20" keywordseo="Sudhir-Sethi">Sudhir Sethi</keyword>, Chairman Chirate Ventures from CureFit board. SEE ALSO: <a href="https://www.businessinsider.in/india/news/heres-why-fuel-prices-in-india-may-not-come-down-in-a-big-way/slidelist/83299743.cms">Here’s why fuel prices in India may not come down in a big way ⁠— at least not this year</a>

Tata Digital to invest $75 million in fitness startup CureFit

<ul><li><keyword id="5863894" type="General" weightage="20" keywordseo="campbell-wilson" source="Orion">Campbell Wilson</keyword> is appointed as the new CEO of Tata’s Air India.</li><li>According to media reports, he will step down from his current position on June 15.</li><li><keyword id="166282" type="General" weightage="100" keywordseo="wilson" source="Orion">Wilson</keyword> has worked in the aviation industry for 26 years.</li></ul>Tata Sons today appointed Campbell Wilson as the new CEO and managing director of Air India. Wilson was earlier the head of the low-cost airline Scoot, a subsidiary of Singapore Airlines (SIA). According to media reports, he will step down from his current position on June 15. Wilson’s appointment comes after former Turkish Airline head IIker Ayci, turned down the job. Tata Sons will have to get a government clearance before appointing a foreign national as the CEO of an airline, as per regulations. “I am delighted to welcome Campbell to Air India. He is an industry veteran having worked in key global markets cutting across multiple functions. Further, Air India would benefit from his added experience of having built an airline brand in Asia. I look forward to working with him in building a world-class airline,” commented N Chandrasekaran, Chairman of Air India. Wilson has worked in the aviation industry for 26 years. He started off as a management trainee with SIA in New Zealand in 1996 and worked for the same company in Hong Kong, Canada, Japan before returning to Singapore in 2011. He served as the senior vice president of sales and marketing of SIA, where he oversaw pricing, distribution, ecommerce, merchandising, branding, marketing, global sales, and the airline’s overseas offices, before returning for a second stint as the CEO of Scoot in April 2020, according to the press release by Tata Sons. At Scoot, Lesliue Thng will replace Wilson, who is currently serving as senior vice president of sales and marketing of Singapore Airlines. Tata Sons has been looking for an executive to lead since it completed its purchase of the Indian national carrier in January. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/venus-pipes-and-tubes-ipo-heres-all-you-need-to-know-about-before-applying/slidelist/91517368.cms">Venus Pipes and Tubes — here’s all you need to know about before applying for its IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty-50-fall-for-fifth-straight-session-april-cpi-data-in-focus/articleshow/91517087.cms">Sensex, Nifty 50 fall for fifth straight session, April CPI data in focus</a>

Meet Campbell Wilson, the new CEO of Tata’s Air India

Greater Noida, Feb 5 () Tata Sons Chairman N Chandrasekaran said on Wednesday it is "too early" to take a call on Air India, in which the government has decided to sell its entire 100 per cent stake. "It is too early..." Chandrasekaran told when asked if Tata Group would be putting bid for the Air India stake purchase at the Auto Expo here. The comments came in the wake of reports in a section of media saying that Tatas appear to be moving closer to a decision to bid for Air India in partnership with Singapore Airlines. The Tata group has already started working on the structure for such buyout, including a merger of AirAsia India, in which they hold 51 per cent in Air India Express, a 100 per cent subsidiary of the government-owned national carrier. The Central government last month issued a preliminary information memorandum (PIM), initiating the process to divest its entire stake in the national air carrier. IAS RKL MSS HRS

It's too early to take a call on Air India: Tata Sons chief

<keyword id="6355725" type="CITY" weightage="100" keywordseo="Tata-Group">Tata Group</keyword>’s investment holding company <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> has bagged a whopping Rs 10,278 crore from the <keyword id="6357585" type="CITY" weightage="100" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> (<keyword id="6357150" type="CITY" weightage="100" keywordseo="TCS">TCS</keyword>) share buyback, as suggested by regulatory filings. It was in February that TCS, India’s leading software services exporter, had approved the Rs 16,000-crore buyback because of increasing pressure from investors for returns, given that the IT sector had started to show signs of slow growth. The buyback was managed by <keyword id="44473" type="CITY" weightage="100" keywordseo="Citigroup">Citigroup</keyword> Global Markets and JM Financial and was carried out through a fortnight-long tender offer that was open from May 18th to May 31st. In the given period, TCS bought back 561,40,350 equity shares, which represents about 3% of its total equity. On its part, Tata Sons tendered 360,63,787 shares at Rs 2,850 per share and was the biggest participant in the buyback. Other large shareholders that took part in the buyback were the Government of Singapore (2.1%), <keyword id="4627291" type="COMPANY" weightage="100" keywordseo="copthall-mauritius-investment">Copthall Mauritius Investment</keyword> (1.17%), and Europacific Growth Fund (1.01%). Tata Sons is the biggest shareholder in TCS, holding more than 73% stake, and requires funds to invest in other subsidiaries like <keyword id="42747" type="CITY" weightage="100" keywordseo="Tata-Motors">Tata Motors</keyword> and <keyword id="6357147" type="CITY" weightage="100" keywordseo="Tata-Steel">Tata Steel</keyword>. It also has to pay Japanese telecom company NTT Docomo a sum of $1.17 billion to resolve the recent dispute. (Image source The Quint)

Tata Sons bags Rs 10,278 crore from TCS buyback

<keyword id="8187544" type="COMPANY" weightage="20" keywordseo="tata-digital">Tata Digital</keyword> Limited, a subsidiary of Tata Sons Private Ltd will acquire majority stake in digital health company <keyword id="2962726" type="PERSON" weightage="20" keywordseo="1mg">1MG</keyword> Technologies Private Ltd (1MG). Incorporated in 2015, 1MG is a leading player in the <keyword id="1324270" type="COMPANY" weightage="20" keywordseo="eHealth">eHealth</keyword> space and enables easy and affordable access to a wide range of products like medicines, health &amp; wellness products, diagnostics services and tele-consultation to customers. The company operates three state-of-the-art diagnostics labs, has a supply chain covering over 20,000 pin codes across the country and through its subsidiaries is also engaged in the business of B2B distribution of medicines and other healthcare products. The investment in 1MG is in line with <keyword id="6355725" type="COMPANY" weightage="20" keywordseo="tata-group">Tata Group</keyword>'s vision of creating a digital ecosystem which addresses the consumer needs across categories in a unified manner. E-pharmacy, e-diagnostics and tele-consultation are critical segments in this ecosystem and have been among the fastest growing segments in this space, as this sector enabled access to healthcare through the pandemic, said a joint statement by Tata Digital and 1MG. Pratik Pal, CEO of Tata Digital, said: "The investment in 1MG strengthens Tata's ability to provide superior customer experience and high quality healthcare products &amp; services in e-pharmacy and e-diagnostics space through a technology led platform." Prashant Tandon, <keyword id="1718234" type="COMPANY" weightage="20" keywordseo="Co-Founder-CEO">Co-Founder &amp; CEO</keyword>, 1MG, said: "We are delighted to join hands with one of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s most iconic &amp; respected conglomerates. This marks a significant milestone in 1MG's journey to make high quality healthcare products &amp; services accessible to customers across India." SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/here-are-the-coolest-ios-15-features-coming-to-iphones/slidelist/83362145.cms" style="">Here are the coolest iOS 15 features coming to iPhones</a> <a href="https://www.businessinsider.in/cryptocurrency/news/paraguay-could-become-the-second-country-to-adopt-bitcoin/articleshow/83363776.cms" style="">After El Salvador, Paraguay considers Bitcoin adoption</a> <a href="https://www.businessinsider.in/careers/news/google-microsoft-apple-and-many-others-are-hiring-for-various-it-roles-in-india/articleshow/83365305.cms">Google, Microsoft, Apple and many others are hiring for various IT roles in India —data scientists and cloud architects in high demand</a>

Tata Digital to buy majority stake in online pharma startup 1MG

<keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword> said that he is going to take a relook at strategy, to drive growth. Ratan Tata recently took over as the new interim chairman of the <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> after <keyword id="6356895" type="PERSON" weightage="20" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword>’s ouster last week. 
 
Tata sons recently posted a 67% drop in profit in the year to March and a 39% fall in revenue on a standalone basis. A year ago though, Tata Sons' profit rose to Rs 23,119 crore from Rs 19,180 crore. 
 <keyword id="6391150" type="PERSON" weightage="20" keywordseo="Mistry">Mistry</keyword>, who was saked as the chairman by the board of Tata Sons, along with his family owns about 18.3% of Tata Sons. About 65.2% is held by Tata Trusts. 
 
Tata Sons' standalone revenue or topline includes dividend from group companies and brand equity subscriptions. There's no difference between standalone revenue and consolidated. It's only the profit that is different. On a consolidated basis, Tata Sons' profit depends on the performance of 223 subsidiaries and 41 joint ventures and the yield on equity investments. 
 For example, the contribution of <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> in FY16 was Rs 2,581 crores as compared to the loss of Rs4,738 crore in FY15. “Ratan Tata, the interim chairman has told company bosses they shouldn't be distracted by recent developments and concentrate on improving performances,” a group spokesperson told ET. 
 
Ratan Tata also asked the leadership of the companies to focus on profitability and not about the recent change in leadership. 
 
"The interim chairman, Ratan Tata, has already exhorted leadership of the companies to focus on their respective businesses, without being concerned about change in leadership,” the spokesperson said.

Tata Sons' FY16 profit down 67 per cent, will take a relook at strategy says Ratan Tata

Cyrus Mistry, who was abruptly removed as the <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> Chairman, warned the group might be staring at $18 billion in writedowns because of five unprofitable businesses he inherited. 
 Mistry, who was removed as the chairman for non-performance, wrote an e-mail to the board members, revealed he was opposed to Tata’s airlines venture but the group continued as it was <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>’s passion. 
 
"As there is no line of sight to profitability for the Nano, any turnaround strategy for the company requires to shut it down," Mistry wrote. "Emotional reasons alone have kept us away from this crucial decision.” 
 
In his letter, which is obtained by <a href="http://www.bloomberg.com/news/articles/2016-10-26/tata-s-ousted-chief-warns-group-faces-18-billion-in-writedowns-iuqqqev1">Bloomberg</a>, Mistry said <keyword id="6355725" type="CITY" weightage="20" keywordseo="Tata-Group">Tata group</keyword>'s Nano car business 'consistently' lost money and had to be shut down. Mistry also called Tata Steel Europe, Tata Power Mundra, Tata Tele as 'legacy hotspots'. 
 
Mistry also stated he inherited a debt-laden enterprise saddled with losses and singled out Indian Hotels Co., Tata Motors Ltd.’s passenger-vehicle operations, Tata Steel Ltd.’s European business, as well as part of the group’s power unit and its telecommunications subsidiary as "legacy hotspots”. 
 
Despite plowing 1.96 trillion rupees -- more than the net worth of the group -- into those units, they still face challenges and realistically assessing their fair value could result in writing down about 1.18 trillion rupees over time, he wrote. 
 
On NTT Docomo fiasco over the payment of $1.17 billion, Mistry blamed his predecessor for striking such a questionable agreement. He wrote that an exit from the telecom business would cost as much as $5 billion, in addition to the payout to Docomo. Mistry said he had focused on increasing revenue at the telecom unit in the hopes of it being part of industry consolidation.

Cyrus Mistry says he inherited debt-laden enterprise, warns Tatas face $18 billion in writedowns

Tata Sons slams Cyrus Mistry’s claims, accuses him of twisting facts. Read the full letter here

<a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Group">Tata Group</a> Chairman <a href="http://www.businessinsider.in/searchresult.cms?query=Cyrus+Mistry">Cyrus Mistry</a> wants to groom more industry leaders within the group who can drive profitability for the respective <keyword id="6355725" type="CITY" weightage="60" keywordseo="Tata-Group">Tata group</keyword> companies. This strategy is expected to offer long-term results. As of now, 80% of the group’s profits are from 20% of its companies like Tata Consultancy Services (TCS), Tata Steel and Tata Motors. Mistry wants to change that. 
 
The gains of <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Sons">Tata Sons</a> trebled to Rs 9,062 crore in FY15. However, the total profit grew a mere 5% to Rs 19,180 Crores. This reflects the dividend income of <keyword id="46894" type="PERSON" weightage="80" keywordseo="Tata-Sons">Tata Sons</keyword> and that of the subsidiaries. 
 
Overseas revenue constituted 68% of the profits. The sluggish growth is mainly due to the slack performance of some of its subsidiaries. Even as TCS posted 3.6% growth in net profit for FY15, Tata Motors posted no growth and Tata Steel actually incurred a loss of Rs 3,925 Crores. 
 
The truth is that while the <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Group">Tata Group</a> owns over 100 companies, the group receives most of its profit from two companies. Of the top 10 most profitable companies, TCS and Tata Motors account for over 90% share. 
 
"We do not comment on the financials of <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Sons">Tata Sons</a>," a group spokesperson said. 
 
Image credit: Indiatimes

The reality of Tata Group – Few companies making money,
others less so

<keyword id="154704" type="COMPANY" weightage="100" keywordseo="AIA-Group">AIA group</keyword> has decided to increase its stake in <keyword id="1387165" type="COMPANY" weightage="100" keywordseo="Tata-AIA-Life">Tata AIA Life</keyword> Insurance Company, its Indian life insurance venture with <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword>. Earlier, the group held a stake of 26%, which would now be upped to 49%. This deal hints at the growing importance of the Indian insurance market, which as of now stands at $50 billion. 
 
The agreement has been signed by both companies; however, the financial details of the deal were not revealed. The agreement carries a condition that the transaction would be completed subjected to regulatory approvals. 
 AIA group is not the first international group to have invested or increased stake in Indian insurance ventures. In the recent past, we have seen many overseas insurance companies doing so, after the Indian government allowed foreign investments in Indian ventures to 49% in 2015. Just last week, <keyword id="3162838" type="UNKNOWN" weightage="100" keywordseo="Sunlife-Financial-Inc">Sunlife Financial Inc</keyword>, the Canadian insurance major increased its stake to 49% in the venture that it has with the Birla group. 
 
AIA Group Limited along with its subsidiaries comprises the largest independent publicly listed pan Asian life insurance group. It has wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, and Brunei. Other than this, it has a 97% subsidiary in Sri Lanka, a 26% joint venture in India and representative offices in Myanmar and Cambodia. 
 
<a href="http://www.ekarnal.com/wp-content/uploads/2015/02/TATA-AIA-Life-Insurance-Karnal.jpg">Image source</a>

You Searched For "tata sons subsidiaries" and got 12 results

Tata Sons says the court gave Cyrus Mistry more than he wanted

Prabhjote Gill

The volatile fortunes of low-profile Cyrus Mistry who was made the Chairman of Tata Sons only to be ousted soon after — now he’s fighting his way back

Prabhjote Gill

Tata Digital to invest $75 million in fitness startup CureFit

IANS

Meet Campbell Wilson, the new CEO of Tata’s Air India

Vaamanaa Sethi

It's too early to take a call on Air India: Tata Sons chief

PTI

Tata Sons bags Rs 10,278 crore from TCS buyback

BI India Bureau

Tata Digital to buy majority stake in online pharma startup 1MG

IANS

Tata Sons' FY16 profit down 67 per cent, will take a relook at strategy says Ratan Tata

BI India Bureau

Cyrus Mistry says he inherited debt-laden enterprise, warns Tatas face $18 billion in writedowns

BI India Bureau

Tata Sons slams Cyrus Mistry’s claims, accuses him of twisting facts. Read the full letter here

BI India Bureau

The reality of Tata Group – Few companies making money, others less so

BI India Bureau

AIA group now owns 49% stake in Tata AIA Life Insurance

BI India Bureau

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