jusarrived Posted October 26, 2016 Posted October 26, 2016 11 minutes ago, G_B_ said: Jlr and TCS are the two big acquisitions which are holding that group together. Steel I thought mistry did right thing selling British unit. The Indian n dutch unit was profitable. Were being dragged by British unit for no reason. Sent from my Wileyfox Swift using Tapatalk They where 2-3 years late on exiting corus . The steel slowdown and timing of the acquisition did not help them , but generally they do no know when to quit . Now with Mistry out , IT struggling to meet guidelines ..I wont be surprised if TCS acquires a multi billion dollar company in the next 2 years . G_B_ 1
G_B_ Posted October 26, 2016 Posted October 26, 2016 2 hours ago, jusarrived said: They where 2-3 years late on exiting corus . The steel slowdown and timing of the acquisition did not help them , but generally they do no know when to quit . Now with Mistry out , IT struggling to meet guidelines ..I wont be surprised if TCS acquires a multi billion dollar company in the next 2 years . Actually with the fall in the pound, Corus I do believe is back in profit.....funny how these things work out. Mistry decides to sell and Brexit causes the pound to crash acting as a natural barrier for cheap chinese imports. Quite frankly I will be buying Tata steel stock tomorrow. All their steel units are profitable now. In-fact the fall in the pound has also meant JLR is going to be even more profitable. http://www.cityam.com/248013/tata-steels-port-talbot-plant-swings-back-modest-profit- jusarrived 1
diga Posted October 26, 2016 Posted October 26, 2016 http://im.rediff.com/money/2016/oct/26mistry-emailnew.pdf Mistry's resgination letter for those interested... velu 1
velu Posted October 27, 2016 Posted October 27, 2016 On 10/24/2016 at 10:48 PM, Malcolm Merlyn said: Mistry was never the right guy. looks like tatas are lucky with TM acquisition .. otherwise they might be in big trouble TCS cant save their ass forevere
jusarrived Posted October 27, 2016 Posted October 27, 2016 11 hours ago, diga said: http://im.rediff.com/money/2016/oct/26mistry-emailnew.pdf Mistry's resgination letter for those interested... This should never have been out in public . Overall this whole thing has been handled very poorly by them .
tweaker Posted October 27, 2016 Author Posted October 27, 2016 Cyrus Mistry's email to the board of Tata Sons has stunned not just corporate India but social media with its outlining of governance failures, poor decisions and looming writedowns at one of the country's most revered conglomerates. Mr Mistry's parting shot (he was fired on Monday as Chairman) is five pages long. The country's two largest exchanges, citing the leaks, have demanded clarity from Tata's 27 listed units. At least one unit, Tata Steel dismissed talk of writedowns. But shares in all of the group's major listed companies fell on Thursday. Public confrontations of this nature are rare in India Inc and the shock value of Mr Mistry's mail lies partly in the international renown of Ratan Tata, who has temporarily taken back the helm of the parent group. "It has taken everyone by surprise. Nobody would have thought such things could happen at Tata," said J. N. Gupta, a former executive at India's markets regulator and now managing director at Stakeholders Empowerment Services. Lawyers, analysts and headhunters cautioned the letter could be the start of a bitter legal battle - but was already a warning to any willing candidates on challenges ahead in running a sprawling and complex group. "Any candidate that is now in the race or is considered, will pull up and refer to the letter from Cyrus Mistry," said Suresh Raina, managing partner, Hunt Partners, an executive search firm. Mr Mistry, chairman of Tata Sons since 2012, argued that Mr Tata acted as an alternative power centre after officially handing over the reins. He has also alleged misgovernance, stating that Tata Motors extended credit too easily to fuel sales and that when fraudulent dealings surfaced at AirAsia India, they were not acted on fast enough. Mr Tata's lawyer, Abhishek Manu Singhvi, told NDTV, "It's unfortunate that this kind of linen is sought to be washed in public."  Yet governance experts said Tata would need to tackle the allegations, for which Mr Mistry provides no proof. His email was leaked after he was accused by several sources and lawyers close to Mr Tata of allowing the group's fortunes to slide and of injudiciously selling major assets that had been acquired by the group's patriarch.
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