Tata Sons sacks Mistry as chairman; Ratan Tata returns

October 24, 2016

Mumbai, Oct 24: In a dramatic development that took the corporates and others by surprise, Cyrus Mistry was today sacked as Chairman of Tata Sons and was replaced by Ratan Tata, from whom he had taken over the reins of the over USD 100 billion salt-to-software conglomerate four years ago.

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The surprise announcement came after the Board of Tata Sons met here and decided to replace 48-year-old Mistry and appoint Ratan Tata, 78, as interim head.
The board named a five-member search committee, which includes Tata, to choose a successor to Mistry within four months.

Mistry was chosen as Tata's successor in November, 2011, and was appointed Deputy Chairman of Tata Sons, whose board he had entered in 2006. He was made chairman on the basis of his representation from Shapoorji Palonji, the largest shareholder in Tata Sons.

There were no reasons given for the change of leadership of the man who was brought in with much fanfare but it is believed that Tata Sons was unhappy with Mistry's approach of shedding non-profit businesses, including the conglomerate's steel business in Europe, and concentrating only on cash cows.

"Tata Sons today announced its board has replaced Mr Cyrus P Mistry as Chairman of Tata Sons. The decision was taken at a board meeting held here today," a Tata Sons statement said.

Tata Sons is the main holding company of the group. CEOs at the operating company level of the group have not been touched in the rejig, company sources said.

The board constituted a selection committee comprising Tata, TVS Group head Venu Srinivasan, Amit Chandra of Bain Capital, former diplomat Ronen Sen and Lord Kumar Bhattacharya. All of them, except Bhattacharya, are on the board of Tata Sons.

"The committee has been mandated to complete the selection process in four months," it added.

Mistry, who was chosen by a five-member panel in 2011 to succeed Ratan Tata, took over the reins of the conglomerate when the veteran industrialist retired on December 29, 2012, when he turned 75.

After taking charge, he had to face some challenging situations such as the decision to sell Tata Steel UK in the wake of mounting losses. The Tata group is also engaged in a legal battle with Japan's Docomo over the split of their telecom joint venture Tata Docomo.

In an interview with an in-house magazine, Mistry had recently stated that the group "should not be afraid of taking tough decisions for the right reasons, with compassion" amid "challenging situations" confronted by some of the group's businesses that would require hard and bolder decisions on pruning portfolio.

This was in contrast to steps taken by Ratan Tata, who led the group into some notable acquisitions, starting from Tetley by Tata Tea for USD 450 million in 2000, to steelmaker Corus by Tata Steel in 2007 and the landmark Jaguar Land Rover in 2008 for USD 2.3 billion by Tata Motors.

During Ratan Tata's tenure, the group's revenues grew manifold, totalling USD 100.09 billion (around Rs 475,721 crore) in 2011-12 from a turnover of a mere Rs 10,000 crore in 1991.

Born on July 4, 1968, Mistry completed his graduation in civil engineering from London's Imperial College of Science, Technology and Medicine and followed it up with a masters in Management from the London Business School.

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News Network
January 9,2020

Raipur, Jan 9: An outbreak of bird flu has been reported from a state-run poultry farm in Chhattisgarh's Korea district, prompting the authorities to cull over 15,000 birds and step up vigil on poultry birds within 10 km radius of the affected area, officials said on Thursday.

So far, 15,426 chickens and quails have been culled and 30,000 eggs destroyed after the highly contagious H5N1 virus was detected among birds at the poultry farm and hatchery in Baikunthpur town, located around 300 km from here, they said.

There has been no case of infection in humans so far due to the outbreak of avian influenza, they said.

"After some chickens and quails were found dead on December 7 last year in the farm, their samples were collected and sent to local laboratories for testing," Dr R S Baghel, deputy director, veterinary department, Korea, told news agency.

When the disease was not properly detected, samples were further sent to Jabalpur in Madhya Pradesh where veterinarians suggested symptoms of chronic respiratory disease, following which their line of treatment was followed.

"Despite the treatment, the abnormal deaths of birds continued," Baghel said.

Later, the samples were sent to Bhopal-based National Institute of High-Security Animal Diseases where tests were found positive for the H5N1 virus on December 23, he said.

"Immediately after getting reports of bird flu, we took permission from the Korea district administration, as per the standard procedure, and culled all 15,426 birds (chickens and quails) and destroyed 30,000 eggs in the farm and its adjoining areas," the official said.

Of the total culled birds, nearly 641 chickens were being reared by locals within one km radius of the farm. The locals were given compensation for the culling of their birds, he said.

"We have completed the culling process and sealed the farm. After sanitising the area in 10 km of its radius, we submitted a report to the state's directorate of veterinary services on Wednesday," Baghel said.

"No human has been affected due to the outbreak and the situation is under control. We are waiting for further directives from the higher authorities," he said.

The official said for the next three months, they will be conducting surveillance in 10 km radius of the affected area during which blood samples of birds will be regularly sent to Bhopal for testing.

"We will continue our observation for next three months," he added.

Meanwhile, state veterinary services director C R Prasanna said, "No human has so far been affected due to avian influenza and workers at the poultry farm at Baikunthpur have been given medicines as a precautionary measure."

Nearly 40 villages fall within the purview of 10 km radius of the affected area from where random sampling of poultry birds will be done for next three months to check whether they are infected with avian influenza, he said.

"Necessary steps are being taken to prevent bird flu from spreading to other areas," he added.

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News Network
June 22,2020

New Delhi, Jun 22: Defence Minister Rajnath Singh on Monday left for a three-day visit to Russia. Singh is likely to discuss the India-Russia defence and strategic partnership during the visit and also attend a military parade in Moscow to mark the 75th anniversary of the Soviet victory over Nazi Germany in the Second World War.

The visit comes days after the violent face-off with China in which 20 Indian Armymen were killed in Galwan valley in Ladakh.

"Leaving for Moscow on a three day visit. The visit to Russia will give me an opportunity to hold talks on ways to further deepen the India-Russia defence and strategic partnership. I shall also be attending the 75th Victory Day Parade in Moscow," the Defence Minister tweeted.

Defence Secretary Ajay Kumar is also accompanying the minister.

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News Network
April 20,2020

Mumbai, Apr 20: At least 53 media persons from Mumbai have tested positive for coronavirus, a city civic official said on Monday.

During a special camp organised at the Azad Maidan here on April 16 and 17 for COVID-19 testing of scribes, the Brihanmumbai Municipal Corporation (BMC) collected swab samples of 171 mediapersons, including electronic and print media journalists, photographers and cameramen.

“Out of the 171 mediapersons, 53 tested positive for coronavirus,” BMC spokesperson Vijay Khabale said, adding that most of those who tested positive are asymptomatic at present.

All the mediapersons found infected with coronavirus will be kept in isolation and a process was underway to find out suitable places to the purpose, he said.

Efforts were also on to trace their high and low risk contacts.

Till Sunday, Mumbai recorded 2,724 coronavirus cases and 132 deaths due to the disease.

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