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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Agencies
July 31,2020

New Delhi, Jul 31: With the highest single-day spike of 55,079 COVID-19 cases in the last 24 hours, India's coronavirus tally breached the 16 lakh mark on Friday, informed the Union Ministry of Health and Family Welfare.

With this latest spike, the total cases in the country stand at 16,38,871. Among these cases 5,45,318 are active. A total of 10,57,806 patients have been cured/discharged/migrated.

779 deaths due to COVID-19 have been reported in the country in the last 24 hours, taking the death toll to 35,747.

As per the Union Health Ministry, Maharashtra has a total of 1,48,454 active cases and recorded 14,729 deaths due to COVID-19.
Tamil Nadu has a total of 57,962 active cases and 3,838 deaths in the state.

Delhi has a total of 10,743 active cases and 3,936 deaths.

The Indian Council of Medical Research on Friday informed that a total number of COVID-19 samples tested up to 30th July is 1,88,32,970 including 6,42,588 samples tested yesterday.

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News Network
July 1,2020

Patna, July 1: A wedding ceremony in rural Patna a fortnight ago where the groom was running high fever, two days before he died and his body cremated without being tested for COVID 19, appears to have set off the biggest infection chain in Bihar so far, health department officials said on Tuesday.

More than 111 people have tested positive in Paliganj sub-division of Patna district, about 55 km from the state capital, in the last few days, out of over 350 who have been tested upon contact tracing, they said. Fifteen of his relatives who attended the wedding tested positive for the contagion and apparently infected others.

The officials, who requested anonymity, said the groom was a software engineer based in Gurugram and had returned home for his marriage in the last week of May. A few days after the ''tilak'' ceremony, he started showing symptoms of the disease.

On June 15, the date of wedding, he was running high fever and wanted the ceremony to be deferred, but relented upon the insistence of family members who made him swallow paracetamol tablets and go through the rituals.
On June 17, his condition deteriorated significantly and family members made a dash to AIIMS, Patna, but he died on the way.

The body was cremated in a huff, without the authorities being informed. But somebody telephoned the district magistrate and narrated the whole episode. All close relatives of the deceased, who attended the ceremony, were tested on June 19. Of them 15 tested positive, the officials said.

As a measure to contain the spread of the disease, a special camp was set up at the village where the marriage took place on June 24-26 during which samples of 364 people were collected. Of them, 86 tested positive, the officials added.

The sudden explosion of the dreaded coronavirus has triggered panic in the area. Although most who tested positive were asymptomatic, they have been admitted to isolation centres in Bihta and Phulwarisharif.

Block Development Officer Chiranjeev Pandey said Meetha Kuan, Khagari Mohalla and parts of Paliganj Bazaar have been sealed for thorough sanitisation.

Patna district happens to be the worst-affected in Bihar with 699 confirmed cases till date and five casualties, according to figures provided by the administration. The number of active cases is 372.

On Monday, when the state witnessed its biggest single day spike with 394 cases, Patna district accounted for more than 20 per cent of these. About eighty cases were reported from Paliganj alone.

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Agencies
April 24,2020

New Delhi, Apr 24: Congress leader Rahul Gandhi has termed the government decision to freeze Dearness Allowance of Central government employees for a year as "insensitive and inhuman."

The former Congress President in a tweet said: "Lakhs and crores are being spent on the Bullet Train and New Delhi's Central Vista which should have been suspended, but the government has deducted DA of Central government employees and pensioners... It is insensitive and inhuman."

"The tragic part is that by deducting this amount from January 1, 2020 up to 30th June, 2021 for a period of 1.5 years, the government of India proceeds to deduct almost Rs 38 thousand crore from the income of these middle class government employees and pensioners, who rely completely on the pay and pensions that they receive," said Randeep Surjewala, chief spokesperson of Congress.

There are about 50 lakh such serving government employees and about 62 lakh pensioners.

"Even more tragic and objectionable is the fact that the government of India has not even spared our armed forces. The government has deducted Rs 11 thousand crore of the 15 lakh serving armed forces personnel and nearly 26 lakh military pensioners. What is their fault? They are serving the nation in times of all types of crises," said Surjewala.

The Congress alleged that the government did not spare the savings scheme.

Instead of curbing the wasteful expenditure, the government has been constantly hitting at the income of government employees and the middle class, it added.

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