OPEN APP
Home >Companies >News >Tata vs Mistry: A timeline
Ratan Tata (right) and Cyrus Mistry. Photo: PTI
Ratan Tata (right) and Cyrus Mistry. Photo: PTI

Tata vs Mistry: A timeline

The sequence of events that have unfolded in the 12 months since Cyrus Mistry's ouster as Tata Sons chairman

2016

24 October: Tata Sons removes Cyrus Mistry as executive chairman of the group holding company, appoints Ratan Tata as interim chairman, and disbands the group executive council.

25 October: Mistry, in a letter to the Tata Sons board, warns of an $18 billion write-down and alleges ‘shadow control’ by Tata trustees.

5 November: Tata group’s listed companies start announcing extraordinary general meetings (EGMs) to remove Mistry as chairman.

Ishaat Hussain.
View Full Image
Ishaat Hussain.

10 November: Tata Sons replaces Mistry as chairman of Tata Consultancy Services with Ishaat Hussain as interim chairman.

14 November: Independent directors at Tata Motors refuse to take sides, saying the automaker’s board was collectively responsible for all decisions relating to strategy and operations.

Nusli Wadia. Photo: Indranil Bhoumik/ Mint
View Full Image
Nusli Wadia. Photo: Indranil Bhoumik/ Mint

16 December: Nusli Wadia, Wadia group chairman who was removed as an independent director from the boards of Tata Motors and Tata Steel, files a defamation suit against Tata Sons and Ratan Tata, calling the allegations leveled against him libelous and defamatory.

19 December: Mistry resigns as director from all Tata group companies.

20 December: Mistry family firms file a case against Tata Sons at the National Company Law Tribunal (NCLT), alleging oppression of minority shareholders and mismanagement.

27 December: Wadia writes to the Securities and Exchange Board of India (Sebi) alleging violation of insider trading norms at Tata Sons.

2017

11 January: Mistry firms file contempt plea in NCLT, stating that Mistry’s removal from the board violates a 22 December 2016 order by the tribunal which said that no party would initiate any action or proceedings over the subject matter pending disposal of the company petition.

12 January: Tata Sons names N. Chandrasekaran, CEO of Tata Consultancy Services Ltd, as its chairman.

18 January: NCLT dismisses Mistry firms’ contempt plea.

23 January: Sebi’s board rules that operating group companies sharing information with chairman emeritus (Ratan Tata) does not amount to insider trading.

24 January: Mistry firms seek a waiver from NCLT on 10% shareholding threshold for filing the case alleging oppression and mismanagement.

6 February: Mistry removed as director of Tata Sons.

N. Chandrasekaran. Photo: Aniruddha Chowdhury/Mint
View Full Image
N. Chandrasekaran. Photo: Aniruddha Chowdhury/Mint

21 February: Chandrasekaran takes charge as chairman of Tata Sons.

28 February: Tata Sons settles legal dispute with NTT DoCoMo Inc.

6 March: NCLT rules Mistry firms’ plea is not maintainable under the Companies Act.

14 March: Ankur Verma, managing director of Merrill Lynch, joins Chandrasekaran’s core team for deals, the first of a series of investment banker hires.

17 April: NCLT dismisses Mistry firms’ request for waiver of shareholding threshold requirement and main petition alleging oppression and mismanagement against Tata Sons.

21 April: Mistry firms move the National Company Law Appellate Tribunal (NCLAT) against NCLT order on maintainability.

Saurabh Agrawal.
View Full Image
Saurabh Agrawal.

22 May: Saurabh Agrawal, head of corporate strategy at the Aditya Birla Group, joins Tata Sons as group chief financial officer.

5 July: A Mumbai court admits Rs500 crore defamation suit by R. Venkataramanan, a trustee at Tata Trusts, against Mistry.

4 August: Sebi rules that there are no governance lapses at Tata group firms.

Banmali Agrawala. Photo: Ramesh Pathania/Mint
View Full Image
Banmali Agrawala. Photo: Ramesh Pathania/Mint

23 August: Banmali Agrawala joins Tata Sons as president of aerospace, infrastructure and defence sectors.

29 August: Tata Sons sends out an EGM notice to pass resolutions enabling it to become a private company and give voting rights to preferential shareholders.

20 September: Tata Steel announces merger of Tata Steel Europe with Thyssenkrupp AG.

21 September: Board of Tata Sons approves the proposal to turn the firm into a private company.

Mistry firms win waiver from shareholding threshold limit from NCLAT.

6 October: NCLT refuses to transfer Mistry’s plea from the Mumbai bench to the Delhi bench of the tribunal.

13 October: Tata Teleservices announces merger of consumer mobile business with Bharti Airtel.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout