In a path-breaking move, Ratan Tata launched Nano at the Auto Expo in 2008. Dubbed as the cheapest car, Nano took Tata Motors to the world stage making it a case study in many business schools
At the age of 75, Ratan Tata stepped down in December 2012 after completing 50 years in the group. He came back briefly for two-and-a-half months in 2016 after Tata Sons sacked Cyrus Mistry and before N Chandrasekaran was appointed as Chairman.
His post-retirement investment includes buying stakes in over a dozen startups. He also continues to be involved with the Tata Trust, the charitable organisation of the Tata group founders which focuses on tackling child malnutrition, healthcare, literacy and social justice
TATA s and SP Group trades charges against each other, SC reserves verdict
Tata Group, on other hand vehemently opposed the allegations and said that there was no wrong doing and the board was well within its right to remove Mistry as the chairman.
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NEW DELHI: Shapoorji Pallonji (SP) Group on Thursday told the Supreme Court that removal of Cyrus Mistry as the chairman of Tata Sons in a board meeting held in October 2016 was akin to a blood sport and ambush and was in complete violation of principles of corporate governance and pervasive violation of Articles of Association in the process.
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Ex-facie breach of Article in removal of Cyrus Mistry as chairman of Tata Sons: SP Group tells SC
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Ex-facie breach of Article in removal of Cyrus Mistry as chairman of Tata Sons: SP Group tells SCBy
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Synopsis
The apex court had on January 10 granted relief to Tata group by staying the NCLAT order of December 18 last year by which Mistry was restored as the executive chairman of the conglomerate.
Tata Sons 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.
Shapoorji Pallonji (SP) Group on Wednesday questioned in the Supreme Court the manner in which Cyrus Mistry (pictured) was removed as chairman of Tata Sons in October 2016, and claimed that there was an “ex-facie” breach of Articles of Association in the process. The counsel appearing for SP Group firms told a Bench headed by Chief Justice S A Bobde about the importance of selecting the chairman of Tata Sons, and said it is “so crucial” as it affects so many stakeholders in several countries. Senior advocate Shyam Divan, appearing for SP group firms, referred to the Articles of Association of Tata Sons and said it provides that a selection committee shall be constituted to recommend the appointment of a person as chairman of the board of directors, and the board may appoint the person so recommended as the chairman subject to Article 121 which requires the affirmative vote of all directors appointed pursuant to Article 104B.