Active Stocks
Thu Apr 18 2024 15:59:07
  1. Tata Steel share price
  2. 160.00 -0.03%
  1. Power Grid Corporation Of India share price
  2. 280.20 2.13%
  1. NTPC share price
  2. 351.40 -2.19%
  1. Infosys share price
  2. 1,420.55 0.41%
  1. Wipro share price
  2. 444.30 -0.96%
Business News/ Companies / News/  Tata vs Mistry: A timeline
BackBack

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

Ratan Tata (right) and Cyrus Mistry. Photo: PTIPremium
Ratan Tata (right) and Cyrus Mistry. Photo: PTI

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 24 Oct 2017, 04:49 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App