DOCSLIB.ORG

Tata-Mistry Shareholders Vs Board - Battle for Supremacy

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Tata-Mistry Shareholders Vs Board - Battle for Supremacy Tata-Mistry Shareholders vs Board - Battle for supremacy Corporate Governance Research Private and confidential Proxy Advisory Services For limited circulation only Corporate Governance Scores Stakeholders’ Education Stakeholders Empowerment Services 2012 – 2013 | All Rights Reserved Tata-Mistry-Shareholders vs Board-Battle for supremacy 2016 EXECUTIVE SUMMARY Decision to remove Mr. Cyrus Mistry from position of chairman of Tata Sons has created some sort of a crisis and has threatened the perceived ethically numero uno position enjoyed by house of Tata in India Inc. Hitherto Tatas have been viewed as ethical and no nonsense business house. Their position is at risk. SES does not find any legal issue with the decision of removal per se, however optically the decision does not sound convincing. (Read More- Annexure-A) Action of removal (with immediate effect) is disproportionate to the reasons cited, raising doubts and millions of questions. The issue of non-performance, if true, admittedly has been persisting for long therefore, immediate removal does not make sense. (Read More- Annexure-C) Letter war between two sides is not helping the cause of stakeholders. While on one hand E Mail of Mr. Mistry raises some crucial issue, which needs to be effectively addressed or clarified. On the other hand, it questions board decisions to which he and / or IDs were themselves a party. He raises some issues about future write-off which SES finds bordering scare mongering. (Read More) Mr. Mistry has raised several questions in his letter, raising many issues on governance, decision making, past decisions, interference etc. It would serve interest of all stakeholders if all these are addressed effectively. Tata’s must address all issues to turn the pointed finger back. (Read More). Transaction with Mr. Sivasankaran must be explained and truth must be brought to the notice of investors. (Read More) A certificate from the person being accused serves no purpose. In this case accused are Tata Sons, its directors, trusts and its directors. Therefore, it will be in the interest of stakeholders and in the interest of Tata Brand that a third party must be asked to examine and give its report on the issues raised by Mr. Mistry in his letter. If Tata’s are effective in countering the allegations, it will not only restore lost credibility but also comfort investors and regulators. (Read More) Reports have appeared about threat given by Tata’s to withdraw its brand name and guarantees. SES is of the view that such statement is bit premature. Further did IDs consider this aspect and evaluated loss of value before backing Mr. Mistry? What makes them back Mr. Mistry ignoring all these concerns which ordinary shareholder has? Why they were silent till now? (Read More) The Board battle has put role of Independent directors at forefront. It is in real sense a testing time for them. Without questioning their decision and their right, SES raises fundamental questions on the issue. On what basis IDs of IHCL and Tata Chemicals have decided to back Mr. Mistry? Do they know the truth? If yes, please tell the same to all investors? If not, can they adjudicate based on letters of two sides and decide? Does their job involves adjudication? Are they competent for adjudication? In one way, they are guilty of same hurried decision, which is being complained of by Mr. Mistry. Adjudication is a process and one cannot decide without serious application of mind taking into account all factors. Have IDs done that? Is opposing dominant shareholder a sign of independence? Is it the right thing? (Read More) IDs on IHCL Board have unanimously reposed faith in Mr. Mistry. No questions on this, subject to their ability to adjudicate. However, a serious question arises here. Amongst many issues raised by Mr. Mistry, issues at IHCL are very prominent and serious. Boards have collective responsibility so these IDs along with Mr. Mistry are equally responsible for mis-governance as well. However, SES is of the view that a least three IDs have placed them in inexplicable position. Mr. Cyrus Mistry attributes all the problems as legacy problems and hotspots. These three IDs were part of legacy and hotspots. Mr. Dadiseth and Mr. Parekh have been independent director since year 2000 and Mr Nadir Godrej has been director since year 2008. What is more Mr Cyrus Mistry’s brother, Mr Shapoor has been director since 2001. Surely stakeholders are confused and asking questions why these directors had kept mum for all these years and allowed the problems to persist. Why they are supporting Mr. Mistry when all of them are collectively responsible for affairs of IHCL from year 2000 onwards, in cases points raised by Mr. Mistry on IHCL are correct? 2 Page © 2012 - 2013 STAKEHOLDERS EMPOWERMENT SERVICES | All Rights Reserved Tata-Mistry-Shareholders vs Board-Battle for supremacy 2016 SES raises fundamental question, what for good governance is propagated? What is the objective? SES is of the view that underlying objective is to take care of stakeholders’ interest and compliance with laws and ensure that no illegality is attached in any of the actions/ business. Does the decision of IDs to support Mr. Mistry fulfils the objective of good governance? Is their action protecting shareholder value? Can a divided board enhance shareholder value or it destroys the same? Do they have duty to stakeholders or to an individual? Was there any illegality in seeking to remove Mr. Mistry? Was Mistry selected by them? SES finds that somewhere, in the anxiety to project and prove the independent mind, IDs have forgotten about stakeholder’s interest. Once again we have a situation where form has won over substance. (Read More) Are employees the key stakeholders? Are they free to support any one they want or go by what IDs have decided? It seems IDs feel that if unions support Tata then it is upon instigation. If that be the case employees can question their (IDs) stand in the same manner. (Read More) SES also raises issue in this Report on governance structure and role of dominant shareholder. SES is of the view that in Indian context where majority companies are promoter oriented, rather than continuing with opaque involvement of promoters in day to day management, an institutionalised mechanism needs to be evolved within the framework of Insider Trading, PFUTP and LODR regulations, without in any manner compromising minority rights. (Read More) SES is of the view that in this case, there are no issues which can be amicably settled as the issues raised are not only affecting two individuals but millions of stakeholders. Therefore, SES does not recommend amicable settlement sitting across the table as recommended by many. Their logic is - Do not wash dirty linen in public and cause value loss. SES is of the view that whatever may be the dirty linen, let it come out so that there is no risk of value erosion in future. Value systems cannot be strengthened when the foundation is based on doubts. (Read More) SES finds faults with process adopted by Tata Sons in various instance. For example, removal of Mr. Mistry as Chairman from TCS. This decision even if within legal right is not optically correct. (Read More) Going forward, all the seven companies where Mr. Mistry is a director on the board, might see an EGM being called for removal of Mr. Cyrus Mistry. This will give an opportunity for shareholders to vote on resolution for removal of Mr. Mistry. At this point, SES is not making any recommendation on the issue as the same will be decided based on contents of notice and explanatory statement, opinion of directors and explanation, if any, by Mr. Mistry. However, SES has done detailed analysis of past voting pattern, current equity structure. Our analysis indicates that to win the battle, either side will require support of institutional investors. Key to future event lies with the Institutions. The largest shareholders are insurance companies lead by Life Insurance Corporation. Future will tell whom LIC has insured. (Read More) SES would have never questioned IDs, had they spoken earlier. Their pre-emptive action would have established their independent mind without any doubt. They could have put a check to alleged violation of governance issues and earned laurels. These IDs have been part of the Board(s) of Tata companies for long, all allegations of Mr. Cyrus Mistry relate to past, and in most of the cases these directors were part of decisions, Board processes. Therefore, how come suddenly virtues of independence and governance which were missing till now have been kindled? For any mis-governance of past they are equal partner. THE DECISION In the Board meeting of TATA Sons Limited held on 24th October, 2016, Mr. Cyrus Mistry, the Chairman of TATA Sons was replaced with immediate effect and Mr. Ratan Tata was appointed as the interim Chairman of TATA Sons. Further, the Board constituted a Selection Committee comprising Mr. Ratan N. Tata, Mr. Venu Srinivasan, Mr. Amit Chandra, Mr. Ronen Sen and Lord Kumar Bhattacharyya, as per the provisions in the Articles of Association of Tata Sons, to choose a new Chairman within four months. Link It was also stated that the three members of Group Executive Council of Tata Sons viz. Madhu Kannan, NS Rajan, Nirmalya Kumar resigned. Link. The suddenness and enormity of decision stirred India Inc. The action has no parallel in Indian corporate history and evoked strong reactions with surprise. Return to Top 3 Page © 2012 - 2013 STAKEHOLDERS EMPOWERMENT SERVICES | All Rights Reserved Tata-Mistry-Shareholders vs Board-Battle for supremacy 2016 TATA SONS- ALTERATION OF ARTICLES OF ASSOCIATION As indicated in Mr.
Load more

Recommended publications
  • Signature Redacted
    Opportunities and Challenges of M&A in India By Nikhil Gupta Bachelor of Technology, Indian Institute of Technology, 2005 MBA, Indian School of Business, 2013 SUBMITTED TO THE MIT SLOAN SCHOOL OF MANAGEMENT IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE IN MANAGEMENT STUDIES AT THE M.I.T. LIBRARIES MASSACHUSETTS INSTITUTE OF TECHNOLOGY JUNE 2014 0 2014 Nikhil Gupta. All Rights Reserved. RECEIVED The author hereby grants to MIT permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. Signature redacted Signature of Author: _ i_______U______d______d MIT Sloan School of Management May 9, 2014 Signature redacted Certified By: S P Kothari Gordon Y Billard Professor of Management MIT Sloan School of Management Accepted By: Signature redacted Michael A. Cusumano SMR Distinguished Professor of Management Program Director, M.S. in Management Studies Program MIT Sloan School of Management 1 [Page intentionallyleft blank] 2 Opportunities and challenges of M&A in India By Nikhil Gupta Submitted to the MIT Sloan School of Management on May 9, 2014 in partial fulfillment of the requirements for the degree of Master of Science in Management Studies ABSTRACT The Indian economy has witnessed a major transformation since the government of India introduced the liberalization policies in 1991 .Since then M&A activity in India has picked up pace as foreign companies began to enter and expand their footprint in India. In developed economies especially the US and western Europe, M&A has been prevalent for a long time and is used as a major tool in corporate restructuring.
    [Show full text]
  • 2016 White Page Consulting Pvt
    MOST ADMIRED BRANDS & LEADERS Volume II www.admiredbrand.com Chief Patron Prof. Malcolm McDonald Editor-in-Chief Dhruv Bhatia Chief Operating Officer Sarmad Zargar Regional Head - Asia Asif Var Director - Research M.Y. Makky Director - Corporate Communications Kriti Nagia Head - Digital Media Shahid Bhat General Manager - Strategic Alliances & Partnerships White Page International Anubha Garg Editorial Advisors White Page International is a global consulting firm with a diverse What drives their business is the zeal to make clients successful by portfolio that includes brand consulting, print advertising, creative making the most informed decisions possible. The research conducted Sadiq Zafar - India & South East Asia advertorial promotions, PR and research. The goal is to create a by White Page, is supported by R&D on the latest industry trends and Yasir Yousuf - GCC substantial and lasting improvement in the performance of its clients leading analytical techniques. The expertise lies in performing complex and strengthening their brand value. We serve to accomplish the studies analyzing data and interpreting results leading to most goals of the brand for their products and services in the form business informed decisions through tools like Brand & Consumer Research- Client Servicing journalism and PR. With more and more brands turning to marketing Industry Research- Trade Researches Case Studies & White Papers. Indian Sub-Continent: Prasoon Jha, Danish Malik content, we leverage paid channels like advertorials and social media Southeast Asia: Taye Bayewood, Charlie Zeng, Sonia Khat- coverage for optimum coverage. • Brand and Consumer Research: wani White Page aims to be the world’s leading consulting firm, this is what Provide strategic insight into market entry strategy development, GCC Nations: Muneeb Hussain, Abdullah Al Zaim drives its focus and efforts to be the ideal partner for its clients.
    [Show full text]
  • Sundaram-Clayton Limited Yton Limited
    Sundaram-Clayton Limited Board of Directors Auditors Factory SUNDARAM & SRINIVASAN Chennai VENU SRINIVASAN Chartered Accountants Padi, Chennai - 600 050 Managing Director New No.4 (Old No.23), Tel. : 044 - 2625 8212 SURESH KRISHNA Sir C P Ramaswamy Road Fax : 044 - 2625 7177 Alwarpet, Chennai - 600 018. K. MAHESH Mahindra World City Listing of shares with Plot No. AA8, Central Avenue, GOPAL SRINIVASAN Madras Stock Exchange Limited Auto Ancilliary SEZ, T.K. BALAJI National Stock Exchange of India Limited Kancheepuram - 603 002 Tel : 044 - 4749 0049 VICE ADMIRAL P.J. JACOB (Retd.) Bombay Stock Exchange Limited Registered Office Hosur SURESH KUMAR SHARMA Hosur - Thally Road “Jayalakshmi Estates” S. SANTHANAKRISHNAN Belagondapalli 29 (Old No.8) Haddows Road Hosur - 635 114 V. SUBRAMANIAN Chennai - 600 006 Tel. : 04347 - 233 445 Tel. : 044 - 2827 2233 Fax : 04347 - 233 014 Fax : 044 - 2825 7121 Executive Director H. LAKSHMANAN Share Transfer Department Website : www.sundaramclayton.com New No. 22 (Old No. 31), President & Chief Executive Officer Railway Colony 3rd Street, - Automotive Products Division Mehta Nagar, Chennai - 600 029 Tel. : 044 - 2374 1889 C.N. PRASAD 044 - 2374 2939 Fax : 044 - 2374 1889 President - Die-casting division E-mail : [email protected] P.H. NARAYANAN [email protected] [email protected] Executive Vice President - [email protected] Finance & Secretary V.N. VENKATANATHAN CONTENTS Page No. Audit Committee VICE ADMIRAL P.J. JACOB (Retd.) Financial Highlights 2 Chairman Directors’ Report to the shareholders 3 T.K. BALAJI V. SUBRAMANIAN Report on Corporate Governance 13 Auditors’ Report to the shareholders 23 Investors’ Grievance Committee Balance Sheet 26 SURESH KRISHNA Chairman Profit and Loss Account 27 VENU SRINIVASAN Schedules 28 K.
    [Show full text]
  • JRD Tata Award Brochure 2020.Cdr
    Previous Award Winner 1999 Mr Prakash Tandon 2000 Mr K T Chandy AIMA Life Time Achievement Chairman (Emeritus), Bhagheeratha Engineering Ltd. Award for Management 2001 Mr F C Kohli Former Dy Chairman, TCS 2002 Mr Keshub Mahindra AIMA instituted this Award in 1999 to honour some of the Chairman, Mahindra & Mahindra most eminent Professional Managers in the country for 2003 Mr B M Munjal their outstanding achievement in Professional Chairman, Hero Group Management. 2004 Mr A N Haksar Chairman – Emeritus, ITC Ltd Criteria for Evaluation 2005 Dr V Krishnamurthy Innovation and strategic partnerships Chairman, National Manufacturing Competitiveness Council § Sustained strategic leadership and innovation that has altered strategic practice i.e. create an 2006 Dr M S Swaminathan environment for organisational performance Chairman, M S Swaminathan Research Foundation improvement, accomplishment of mission and 2007 No Awardee strategic objectives, innovation, performance 2008 Dr V Kurien leadership, and organisational agility. Chairman § Significant impact on strategy practices in industries Gujrat Cooperative Milk Marketing Federation Ltd beyond the home industry. 2009 Mr R C Bhargava Leadership Chairman, Maruti Suzuki India Ltd § Should be a distinguished and acknowledged leader 2010 Mr Ratan N Tata and an achiever in his / her own organisation / Chairman, Tata Group organisation(s). 2011 Mr Ashok Ganguly § Awards won / Recognition beyond his/her Former Chairman, HUL organisation for his / her achievements. 2012 Mr P R S Oberoi Chairman, EIH Ltd. § Should have left footprints in the management profession, management thought and culture. 2013 Ms Anu Aga Former Chairperson, Thermax Ltd § Demonstrated efforts to create a workforce that delivers consistently which fosters customer 2014 Dr Pratap Reddy enlargement.
    [Show full text]
  • Cyrus Mistry (11Th
    NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Company Appeal (AT) No. 254 of 2018 IN THE MATTER OF: Cyrus Investments Pvt. Ltd. ….Appellant Vs. Tata Sons Ltd. & Ors. ….Respondents Present: For Appellant: Mr. C. A. Sundaram, Mr. Arun Kathpalia and Mr. K.G. Raghavan, Sr. Advocates with Mr. Somashekhar Sundresan, Mr. Manik Dogra, Mr. Rohan Jaitley, Ms. Rohini Musa, Mr. Abhishek Venkatraman, Mrs. Sonal Jaitley Bakshi, Mr. Jaiyesh Bakhshi, Mr. Apurva Diwanji, Mr. Ravi Tyagi, Mr. Shubhanshu Gupta, Ms. Sanya Kapoor, Ms. Rini Badoni, Mr. Akshay Doctor, Mr. Devashish, Mr. Parag Sawant and Mr. Gunjan Shah, Advocates. For Respondents: Dr. A.M. Singhvi and Mr. Rajiv Nayyar, Sr. Advocates with Mr. Prateek Seksaria, Ms. Ruby Singh Ahuja, Ms. Tahira Karanjawala, Mr. Anupm Prakash, Mr. Avishkar Singhvi, Mr. Arjun Sharma, Mr. Sahil Monga, Mr. Utkarsh Maria, Mr. L. Nidhiram Sharma and Mr. Baij Nath Patel, Advocates for R-1. Mr. Harish N. Salve, Sr. Advocate with Mr. Dhruv Dewan, Mr. Nitesh Jain, Mr. Rohan Batra, Ms. Reena Choudhary, Ms. Yashna Mehta and Mr. Nitesh Jain, Advocates for R-2. Mr. Amit Sibal, Senior Advocate with Ms. Ruby Singh Ahuja, Ms. Tahira Karanjawala, Mr. Arjun Sharma, Mr. Sahil Monga, Mr. Utkarsh Maria, Advocates for R-3, 5 & 7. Mr. Mohan Parasaran, Sr. Advocate with Mr. ZalAndyarujina, Mr. J.N. Mistry, Ms. Namrata Parikh, Mr. Ashwin Kumar D.S, Mr. Sidharth Sharma, Mr. Saswat Pattnaik, Mr. Aditya 2 Panda, Mr. Kartik Anand and Ms. Aditi Dani, Advocates for R-6, 16 to 22. Mr. Janak Dwarkadas, Sr. Advocate with Mr. Akshay Makhija, Mr.
    [Show full text]
  • IIT Taught Him to Think out of Box He Is an Exceptional Human Being
    THE TIMES OF INDIA, NEW DELHI 22 TIMES BUSINESS | DESI DEAN THURSDAY, MAY 6, 2010 FAMOUS HBS ALUMNI INDIAN CONTINGENT B-School Megabrand George W Bush Meg Whitman James Wolfensohn Ajit Jain C K Prahalad P Chidambaram ounded in 1908, Harvard Business School (MBA-1973) (MBA-1979) (MBA -1959) (MBA -1978) (DBA-1975) (MBA-1968) Finnovated the case study method of research and President of United President and CEO of President of World Currently heads several Globally known Union cabinet minister teaching - now widely used by B-schools — in 1920. States (2000-2008) eBay (March 1998 to Bank (July 1995 to reinsurance businesses management for home affairs & former It's routinely ranked among the top 10 business March 2008), Republican June 2005) for Berkshire Hathaway guru, author of finance minister. Lok schools globally, but ratings don't really candidate for Governor and is likely to be bestseller “The Sabha MP for 7 terms of California in Jamie Dimon Jeffrey Immelt as Warren Fortune at the do justice to its Rahul Bajaj Ratan Tata November 2010 polls (MBA-1982) (MBA-1982) Buffet’s Bottom of the impressive brand (MBA-1964) (ADVANCED CEO and chair- Chairman and CEO of possible Pyramid: Rick Wagoner Robert S McNamara MANAGEMENT equity, which man of JPMorgan General Electric. The man successor Eradicating Chairman of (MBA-1977) (MBA-39) PROGRAMME - ensures its Chase & Co who replaced the legendary Poverty Bajaj Auto graduates get a Chairman & CEO First Jack Welch Through 1971) ‘Harvard premium’ of General president Profit Chairman, on salaries — and Motors of Ford from Lewis Paul Bremer Sir Martin Sorrell Henry M Paulson Jr (’04)” Tata Group Michael from outside the (MBA-1966) (MBA-1968) (MBA-1970) to which indirect Bloomberg 1998 family of United States’ treasury tribute was paid (MBA-1966) to 2009 Henry Ford US Administrator of CEO of WPP secretary from Anand Mahindra by the bestseller, Current Mayor (1960).
    [Show full text]
  • Board of Directors Auditors SNB Associates Mr
    Tata Annual Report 2013-14_Cover.indd 1 6/18/2014 5:29:48 PM B.Tech (Chemical) FCS, CWA COMPANY INFORMATION Board of Directors Auditors SNB Associates Mr. R.K. Krishna Kumar (Chairman till 18.07.2013) Bankers Mr. Harish Bhat (Chairman w.e.f. 26.07.2013) Corporation Bank Indian Overseas Bank Mr. U.M. Rao (till 02.07.2013) Standard Chartered Bank Prof. A. Monappa Hongkong and Shanghai Banking Corporation Limited ICICI Bank Limited Mr. S. Sanathanakrishnan HDFC Bank Limited Mr. Venu Srinivasan RABOBANK International CITI Bank Mr. D.R. Kaarthikeyan (w.e.f 02.07.2013) Mr. Hameed Huq (Managing Director) Mr. M. Deepak Kumar (Executive Director – Finance) Mr. T. Radhakrishnan (Executive Director – ICD Operations) (w.e.f. 26.07.2013) Board Committees Registered Office Audit Committee Pollibetta – 571 215 Mr. S. Santhanakrishnan – Chairman Kodagu, Karnataka State Mr. D.R.Kaarthikeyan Prof. A.Monappa Corporate Office Stakeholders Relationship Committee No. 57, Railway Parallel Road Mr. S. Santhanakrishnan -– Chairman Kumara Park (W), Bangalore – 560 020 Mr. Harish Bhat Tel: (080) 2356 0695 Fax: (080) 233 41843 Mr. Hameed Huq E-mail : [email protected] Website : www.tatacoffee.com Nomination and Remuneration Committee. Mr. S.Santhanakrishnan – Chairman. Registrars Mr. Harish Bhat. TSR Darashaw Private Limited. Prof.A.Monappa. 6-10, Haji Mosa Patrawala Ind.Estate, Mr. Venu Srinivasan. 20, Dr. E. Moses Road, Mahalaxmi, Mumbai – 400 011 Tel: 022-6656 8484 Fax: 022-6656 8494 Corporate Social Responsibility Committee: E-mail : [email protected] Mr. S. Santhanakrishnan. Website : www.tsrdarshaw.com Mr. D. R. Kaarthikeyan Mr. Hameed Huq.
    [Show full text]
  • 1 Directors Report 2019-20.Pmd
    Cummins India Limited Annual Report 2019-20 POWERING WHAT’S NEXT. Futuristic Technologies. Innovative Products. Smarter Workforce. Annual Report 2019-20 Table of Contents Our Story 02 and Top 3 Priorities Chairman’s Letter 03 to the Shareholders Managing Director’s Letter 04 to the Shareholders Board of 12 Directors Directors’ Report 14 and Annexure Standalone and Consolidated 99 Financial Statements Business Responsibility 250 Report 01 Our Story Our Our Our Mission Vision Values Making people’s Innovating for Integrity, Diversity lives better by our customers & Inclusion, powering a more to power their Excellence, Caring prosperous world. success. and Teamwork. Top 3 Priorities Health and safety of our employees is paramount at all times. We continue to serve our customers, who are providing critical elements to the economy. Our Company continues into the future, it's really important that we continue. 02 Annual Report 2019-20 Mark Levett Chairman, Cummins India Limited Dear Shareholders, his annual letter is intended to provide a review of 2019, which was a year of mixed sentiments for our core, which will position us to outperform our peers TCummins India Limited. I want to start by thanking when markets come back. We have been through you for all you did. The year marked Cummins Inc.’s several downturns in the past and Cummins has a great centennial anniversary and we successfully celebrated track record of navigating the downturns and emerging this remarkable achievement in India with our even stronger. employees, families, customers, suppliers, and While doing so, our commitment to our communities community partners. does not waiver.
    [Show full text]
  • Ravi Rao Young and Restless Perk It Up
    November 16-30, 2011 Volume 2, Issue 22 `100 46 PROFILE Ravi Rao Of happy accidents, media planning and Indology. 58 AFAQS!-FIREFLY MILLWARD BROWN Young and Restless A new study on the youth and reality television. 63 TOI Online players are stepping Perk it Up out to aggressively advertise on TOI asks Chennai’s readers traditional media to get more to choose the lively option. business. WGC Festive Glitter 16 ALLEN SOLLY Look Smart 20 SPICEJET The Social Route 40 38 MUDRA-OMNICOM Decoding the Deal 60 EDITORIAL This fortnight... Volume 2, Issue 22 EDITOR ronical, isn’t it, that when a new medium does well, older media benefit as well? Take the current Sreekant Khandekar Icase: as a fresh wave of investments is taking place in online e-commerce firms, a large chunk PUBLISHER of that money is going into advertising those businesses in print, on TV and on radio. This issue’s Prasanna Singh cover story is the first hard look at the Indian scene to figure how much money is being EXECUTIVE EDITOR spent offline in the new online boom. Prajjal Saha SENIOR LAYOUT ARTIST Is this really a new e-commerce-led boom or merely the harbinger of a new bust Vinay Dominic November 16-30, 2011 Volume 2, Issue 22 `100 which is typically preceded by rash spending, which includes ego-satisfying but LOGISTICS 46 pointless mass media advertising? Isn’t it well established that online advertising Rajesh Kanwal works best for online properties? ADVERTISING ENQUIRIES PROFILE Ravi Rao Neha Arora, (0120) 4077866, 4077837 Of happy accidents, media planning and Indology.
    [Show full text]
  • R K Krishna Kumar D Varada Reddy S B P V Ramamohana Rao Dr. G
    ORIENTAL HOTELS LIMITED BOARD OF DIRECTORS (as on May 8, 2012) R K Krishna Kumar Chairman D Varada Reddy Managing Director S B P V Ramamohana Rao Director Dr. G Sundaram Director Raymond N Bickson Director D R Kaarthikeyan Director Diwan Arun Nanda Director Venu Srinivasan Director D Vijayagopal Reddy Director S Y Syed Meeran Director Pramod Ranjan Director Ramesh D Hariani Director 1 ORIENTAL HOTELS LIMITED SHAREHOLDERS’ INFORMATION Annual General Meeting July 17, 2012 at 2.45 p.m. Venue Satguru Sri Gnanananda Hall, Narada Gana Sabha, 314, T T K Road, Chennai 600 018 Company Secretary T S Sundarambal Legal Advisor T Raghavan No. 25, T T K Road, Chennai 600 018 Auditors Messrs. Brahmayya & Co., Chartered Accountants No. 48, Masilamani Road, Balaji Nagar Royapettah, Chennai 600 014 Messrs. SNB Associates Chartered Accountants No. 12, III Floor, Gemini Parsn Complex, 121, Anna Salai, Chennai 600 006 Bankers Standard Chartered Bank Indian Bank HDFC Bank Book Closure Date July 11, 2012 to July 17, 2012 (both days inclusive) Registered Office Taj Coromandel, 37, Mahatma Gandhi Road, Chennai 600 034 Secretary’s Office Paramount Plaza II Floor 47, Mahatma Gandhi Road, Chennai 600 034 Telephone: 044-28222827 Fax: 044-28254447/28278138 E-mail [email protected] Website www.orientalhotels.co.in Listing • Equity Shares Madras Stock Exchange Ltd. Exchange Building, New No. 30, Second Line Beach Chennai – 600 001 Telephone:044-25228951/52/53/4393 Fax:044-25244897 Bombay Stock Exchange Ltd. II Floor, New Trading Ring, Rountana Building P J Towers, Dalal Street, Mumbai : 400 001 Telephone:022-22721233/34 Fax:022-22722082/3132 National Stock Exchange of India Ltd.
    [Show full text]
  • Tata STEEL LTD Coverning Lettter-Print
    INDEX: Annexure Statement REPRESENTATION UNDER SECTION 169 OF THE COMPANIES ACT, 2013. IN RESPECT OF SPECIAL NOTICE FOR REMOVAL OF MR. CYRUS P. MISTRY AS DIRECTOR Foreword ...................................................................................................... 1 My Appointment .......................................................................................... 2 Strategy........................................................................................................ 3 Structure....................................................................................................... 6 Erosion of Governance ................................................................................. 8 Governance Breakdown ............................................................................... 9 Flagrant Widespread Breakdown ............................................................... 11 Way Forward .............................................................................................. 12 Foreword 1. It is not often that you as shareholders would have received either a special notice for removal of a director (“Special Notice”) or a representation from the director concerned. We indeed live in unique times. In the ordinary course, one would not expect a representation about a proposal to remove a director when the controlling shareholder seeks to do so. But this extraordinary general meeting has been called in extraordinary circumstances. It is my duty to place before you a full perspective of facts and factors
    [Show full text]
  • Corneroffice
    16 December 2016 the CornerOffice Tata-Mistry boardroom battle A compilation of key developments The Tata Group, India’s largest conglomerate group, has recently witnessed several differences of opinion among its top management. On October 24, 2016, Tata Sons announced the ouster of Mr Cyrus Mistry as its Chairman (though he remains a director on the board). Non- performance, attempting to gain control, and taking critical decisions without keeping Tata Sons’ board informed were cited as the reasons. On requisition from Tata Sons, various Tata Group companies have called for an EGM to evict Mr Mistry as a director. Institutional investors’ votes are likely to play a decisive role in the outcome of this resolution in some of the companies. We summarize the series of events /relevant information that investors might find handy for their decision making. Tata trusts have significant say in India’s largest group SHP of Tata Sons Ltd. The Tata Group, which includes among others, 26 listed entities accounting for ~7% of the BSE’s total market capitalization, is India’s largest conglomerate group. Tata Sons is the Group’s unlisted holding company. About 66% of Tata Sons’ equity capital is held by philanthropic trusts endowed by members of the Tata family. Tata trusts have the power to appoint one-third of Tata Sons’ directors. Any item that requires approval of Tata Sons’ board needs to be ratified by a majority of its trust- nominated directors. Further, Tata trusts have the power to nominate majority of members on the committee constituted for appointment/removal of the Chairman.
    [Show full text]