Tata Cyrus

Events

Mistry removed as Chairman

October 24, 2016

Industrial conglomerate Tata Sons sacked Cyrus P Mistry from the position of Chairman and named predecessor Ratan Tata as the interim Chairman of the company

SP Group studies circumstances

October 25, 2016

Shapoorji Pallonji Group stated that it is studying the circumstances of the removal; no statement had been issued either by the SP Group or by Cyrus Mistry.
Tata group filed caveats in Supreme Court, Bombay High Court and NCLT against Mistry from getting an ex-parte order against his sacking.

Impact on Market

October 26, 2016

Stocks of listed Tata companies fell by upto 3.16 percent

Mistry wrote an email and a letter to Tata Directors protesting his removal, stating that he was never given a chance to defend himself and no real reasons were stated for his removal
Letter was leaked to the press, apparently breaching confidentiality

Refusal to engage publicly

October 27, 2016

Shares plunged sharply further

Tata Sons issued statement refusing to engage in a public spat with Mistry, claiming his letter to be unfortunate and denying all claims and allegations as untrue

Mistry steps up attacks on Tata Group

October 28, 2016

Mistry stepped up attacks on Tata Group stating that the claims against him regarding non-consultation with the Board for the Welspun Deal was false and vague

An attack by Mistry against removal

November 10, 2016

Statement issued by Mistry sources against his removal as TCS Chairman

Statement claimed that: "Till date no reasons (for removal) have been forthcoming—just vague statements about “culture” and “trust deficit."

Response by Tata Sons

November 10, 2016

Reply statement issued on behalf of Tata Sons

Statement alleged misuse of PR Apparatus and the Tata brand name by Mistry

Also expressed the dissatisfaction with performance of the companies, stating that major source of revenue was only two companies: TCS and Jaguar Land Rover

Counter response by Mistry

November 11, 2016

Counter response released immediately by Mistry stating that the Tata press release has "selective data, unsubstantiated claims and half truths without a word of explanation"
Unruly spat becomes ugly due to the strong language and harsh wording used

Another Statement from Mistry

November 25, 2016

In another press release issued by Mistry, claiming that the behaviour of Tata Group has led to the unfortunate conclusion that corporate government norms in India have hit an all-time low

Tata Sons' forceful reply denying allegations

December 05, 2016

Tata Sons issued a statement in response reaching the conclusion that the price of Mistry's "wanton statements" has been borne by the shareholders of the Company
Also alleged that "Mr. Mistry converted the Group into his “personal fiefdom”..."

Mistry states response is hollow

December 06, 2016

Official statement issued from the office of Cyrus P. Mistry

It concluded saying that Tata Sons' reply was hollow and lacks merit in its contents since it is neither sound, not sheds any light

Allegation of Oppression and Mismanagement

December 07, 2016

Another statement issued by the Office of Cyrus P. Mistry alleging that Ratan Tata’s letter (released on the same day) to shareholders of Tata Companies is a combination of statements ranging from misrepresentation and convenient mischaracterisation.

Further states that no explicable reasoning has been offered till date, and that Mr. Tata isn't being completely honest

Appeal to the Shareholders by Tata

December 11, 2016

An appeal from the Tata Group to all stakeholders of Tata Companies to propose the removal of Mr. Cyrus P. Mistry as the Chairman and Director of all Tata Companies
Appeal alleged that Mistry concentrated all power in his hands, made a public spectacle tarnishing the eminent company's reputation, and did not perform his duty as the Chairperson properly

Concentration of Power allegation is false

December 11, 2016

Response to the Tata Sons statement released by Cyrus Mistry stating that the allegation of concentration of power is sudden and unfounded, and Mr. Mistry's actions is purported to save the Tata Group from Mr. Tata's "whimsical ineptitude"

Mistry quits the Board

December 19, 2016

Cyrus Mistry quit from the boards of six listed companies, including Tata Motors and Indian Hotels.

He still chose to continue to remain a director in the Tata Sons board of directors

Petition filed in NCLT

December 20, 2016

Mistry filed a petition in the NCLT against Tata Sons, under Section 241 of Companies Act, 2013 alleging oppression and mismanagement

Wadia removed as independent director

December 21, 2016

Nusli Wadia, one of the most vociferous and influential independent directors, was removed from the Board of

Tata Sons after he supported Cyrus Mistry in the boardroom battle

Several news articles contemplate the threat to the position of independent directors in India after this removal

Preliminary hearing at NCLT

December 22, 2016

Preliminary hearing of the petition took place before the NCLT which was stated as one of the most important legal battles in India, as it had the country's reputation at stake as well
NCLT directed Mistry to prove his allegations by filing a reply within the next week

Next dates of hearing were fixed for January 31, 2017 and February 1, 2017. Mistry's plea for interim relief was not granted

Wadia files a criminal defamation suit

December 23, 2016

Nusli Wadia filed a criminal defamation suit against Ratan Tata, the Company and its directors, protesting allegations that he purportedly acted in concert with Cyrus Mistry while a special resolution was passed for his removal as the independent director

Legal notice to Msitry demanding return of documents

December 29, 2016

Tata Sons sent a legal notice to Cyrus Mistry, demanding the return of all confidential information and documents regarding the company in his possession
The letter further demanded that Mistry should sign a letter pledging not to disclose any confidential information regarding the company

Notice for EGM seeking removal of Mistry

January 05, 2017

Contempt petition filed by Mistry

January 11, 2017

Mistry camp filed a contempt petition in NCLT, stating that the call for the EGM violated the order of the NCLT, dated December 22.

New CEO of Tata Sons named

January 12, 2017

Tata Consultancy Services (TCS) CEO and Managing Director, N Chandrasekaran, was named Chairman of Tata Sons