Mumbai, 01 Nov 2016 : Amid allegations that the manner in which the Tatas’ break-up with DoCoMo was handled by Cyrus Mistry was among the reasons that led to his ouster as Tata Sons chairman, his office on Tuesday said that all decisions were in concurrence with Ratan Tata and the board.
“To begin with, the agreement with DoCoMo had been executed before Mistry became executive chairman of the Tata Group,” said an eight-point statement from the office of Cyrus Mistry.
“Insinuations that DoCoMo issue was handled under the watch of Mistry in a manner inconsistent with Tata culture and values are baseless. Suggestion that Ratan Tata and trustees would not have approved of the manner in which the litigation was conducted is contrary to what transpired.”
This was in reference to the $1.17 billion compensation sought by DoCoMo for breach of contract.
The statement went on to add that the Tatas requested DoCoMo to join them in seeking the approval of the Reserve Bank of India, but the Japanese entity did not agree. While Tatas applied for RBI approval, DoCoMo initiated arbitration since such a nod was not forthcoming.
“The award was passed in favour of DoCoMo and against the Tatas. The Tatas under Mistry did not challenge the award in the UK. On the contrary, RBI was approached once again by the Tatas for permission to pay the amount awarded. RBI again refused permission,” the statement said.
Tatas also deposited Rs.8,000 crore in Delhi High Court where DoCoMo sought enforcement of the award.
“Throughout the above process, Ratan Tata and N.A. Soonawala, Trustee, were kept informed and they participated in separate meetings held with Mistry,” said the statement, seeking to clearly state that the top management was kept in the loop.
“They also participated in the meeting with the legal counsel (a trustee of Dorabji Tata Trust who represented Tatas in the litigation). At all times Ratan Tata and Soonawala concurred and approved the course of action adopted by Tatas and as advised by legal counsel,” it said.
“All decisions were taken with the unanimous approval of the Tata Sons Board. In fact, all decisions were collective decisions and the actions were consistent with every such collective decision,” it added.
“In light of the above facts, to suggest that Mr. Mistry acted on his own, or contrary to ‘Tata values’ or without the knowledge and/or concurrence of Ratan Tata and Soonawala is as false as it is mischievous.”
Japan’s NTT DoCoMo had acquired 26.5 per cent equity in Tata Teleservices for approximately $2.5 billion in March 2009. In July 2014, DoCoMo told Tata Sons it was opting out. As per the terms of the deal, it wanted the higher of either half the amount invested or fair market price.
But in February 2015, the Reserve Bank turned down Tata’s request to compensate DoCoMo, after which the Japanese company moved the London Court of International Arbitration. The court directed the Tatas to pay DoCoMo $1.17 billion in compensation.
The payment was not made, Tatas deposited $1.17 billion in a Delhi court, awaiting directions.
Tata Sons removed Mistry, 48, as chairman of Tata Sons last month saying he lost the confidence of the board due to several factors and that the trustees were increasingly concerned with the growing trust deficit. Ratan Tata, who had made room for Mistry four years ago was reinstated as the chair in an interim capacity.
Man held for making hoax bomb call for Taj Mahal
Agra, 4 March : The Agra police have arrested the man who made a hoax call on Thursday morning claiming that there was a bomb in the Taj Mahal.
The man identified as Vimal Kumar Singh, is a resident of Nakhi in Uttar Pradesh’s Firozabad. Inspector General (IG) Satish Ganesh said that Singh was being interrogated.
“It seems he is of unsound mind and is being treated for the disorder. We are also trying to locate his location at the time when he made the call,” the IG said. He said that further investigations were underway.
SKM announces 5-hr blockade at KMP expressway on 100th day of protest
New Delhi, 3 March: The Kundli-Manesar-Palwal (KMP) expressway will be blocked for five hours on March 6 as the farmers’ protest against the three Central farm laws complete 100 days, the Samyukta Kisan Morcha (SKM) announced on Tuesday after a meeting held on the 96th day of the protest to prepare future strategy.
People in Delhi rejected BJP for corruption: AAP
New Delhi, March 4 : After winning four out of five municipal seats in Delhi’s civic bodies’ bypolls on Wednesday, the Aam Aadmi Party (AAP) attacked MCD ruling Bhartiya Janata Party (BJP) which failed to secure even a single seat. The AAP slammed the BJP saying that the people of Delhi were fed up with rampant corruption in civic agencies in the city under its 15 years rule.
- Taapsee Pannu-Tahir starrer “Looop Lapeta” announces 22nd Oct. release!
- Man held for making hoax bomb call for Taj Mahal
- SKM announces 5-hr blockade at KMP expressway on 100th day of protest
- People in Delhi rejected BJP for corruption: AAP
- Amit Shah to meet injured Delhi Police cops
- Put farm laws on hold or we will do it, Chief Justice Bobde tells government
- Farmer agitation enters 47th day, all eyes on SC hearing pleas on protests
- Talks with farmers end without breakthrough, dialogue may resume on Jan 8
PDP chief Mehbooba Mufti released from detention after 14 months
Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on...
Cinemas, theatres, multiplexes to open with up to 50% seating capacity from Oct 15
Swimming pools for training of sportspersons to open with SOP from Oct 15
SAD breaks alliance with BJP Leaves NDA in protest against farmers ordinance
Chandigarh, 26 Sep : The Shiromani Akali Dal (SAD) has severed its alliance with the BJP. The Akali Dal had...
Bigg boss 13: Siddharth Shukla won, Asim first runnerup
Delhi court convicts 19 persons in Bihar’s Muzaffarpur shelter home case
New Delhi, 20 Jan : The Saket court in Delhi on Monday convicted 19 accused, including high-profile Brajesh Thakur, in...
Sourav Ganguly in Kolkata hospital after chest pain
Kolkata, 2 Jan: Sourav Ganguly, the president of Board of Control for Cricket in India (BCCI), was admitted to hospital...
Mumbai Indians beat Delhi to clinch fifth IPL title
Dubai, 10 Nov : While stamping their authority, Mumbai Indians (MI) cruised to a five-wicket win over Delhi Capitals (DC)...
RCBvsDC IPL 2020 Live Score :
RCBvsDC IPL 2020 Live Score :
Kings XI Punjab won by 97 runs
Dubai, Sep 24 : King XI Punjab beat Royal Challengers Bangalore (RCB) by 97 runs in the sixth match of...
IPL 13: Delhi won in super over, Mayak’s half-century wasted
Dubai, 21 September: The second match of the season played in the 13th season of the Indian Premier League (IPL)...
Taapsee Pannu-Tahir starrer “Looop Lapeta” announces 22nd Oct. release!
Mumbai, 09 March (live24india) : The Taapsee Pannu/Tahir Raj Bhasin-led “Looop Lapeta”, which has already evoked a buzz for its...
AB HOGA TANDAV! Trailer release of Saif Ali Khans Political Web Series Tandav
Created and directed by Ali Abbas Zafar and produced by Himanshu Kishan Mehra and Ali Abbas Zafar, the 9-part series...
Nora Fatehi in white dress celebrates the 20 Million mark on Instagram
Mumbai, 24 Nov. : One of the most entertaining and popular celebrities on social media, Nora Fatehi recently crosses the...
Indian superstar Yash is planning a huge celebration for son’s first birthday
It’s no news that Yash is often referred to as the ideal family man, the actor, even with his busy...
11 years of London Dreams: Salman won the heart of Vipul Amritlal Shah on the set
Producer-director Vipul Amrutlal Shah’s ‘London Dreams’ starring two superstars Salman Khan and Ajay Devgn along with Asin, Aditya Roy Kapur...
Breaking4 years ago
National Herald: Relief for Gandhis, Court Dismisses Subramanian Swamy’ Plea
Breaking2 years ago
Happy Diwali Images 2018, Happy Diwali Wallpapers 2018 |Happy Diwali Images | Live24India
Don't Miss5 years ago
15 Epic Beach Photos
Don't Miss4 years ago
11 Sex Mistakes Men Make (And How to Avoid Them)
Bollywood4 years ago
Priyanka Chopra chilling in Miami in a bikini is TOO HOT
Don't Miss4 years ago
12 Things You Should Never Put In Your Vagina
Breaking2 years ago
Toilet in MP anganwadi serves as midday meal kitchen
Himachal Pradesh4 years ago
#Photogallery : Shimla, Manali, Dharamsala receive fresh snowfall