One of the most alarming lay-off in the recent past at the top most hierarchy level, the then Chairman of Tata Sons Cyrus Mistry was removed from his post handing over the baton to Mr Ratan Tata all over again thus considering him as the interim Chief of the gigantic enterprise for few months. Now, the development comes as that former Chief Operating Officer (COO) of Hindustan Unilever Harish Manwani is most likely to be announced as the new Chairman of Tata Sons.
Althuogh there are other names running in the list also which include Indira Nooyi, Arun Sarin and Natarajan Chandrasekaran. Appointed as the global COO of Unilever, Mr Manwani retired on December 2014 thus giving service for complete 38 years. The hotseat of the 100 billion USD conglomerate may sought the equation of Ratan Tata-Cyrus Mistry row after the firm hold meeting from mid of December.
As of now, Mistry still hold the position of Chairman in some of the companies like Tata Motors, Tata Steel, Tata Power and Tata Chemicals. Moreover, the ongoing defamation along with false declaration accusations has led to a steep downfall in the net-profit of the current quarter. Such as Tata Consultancy Services, which is consderably the highest profit generators in the Tata Group witnessed an almost 56 points low at the Bombay Stock Exchange during the time of dispute in the month of October. Soon, it depreciated to a record of all time low at 2, 123 points during mid of November.
The high-profile exits and defamation law suits have hampered a lot to the conglomerate thus taking matter into consideration, Ratan Tata along with other companies Director will hold a meeting regarding the removal of Cyrus Mistry from other existing and remaining positions too. Several Tata Group have called for EGMs where TCS will hold meeting on December 13, Indian Hotels on December 20, Tata Motors on December 22 and Tata Chemicals on December 23, as per the format issued in its press release carried off by IBTimes.
The board comprises of a group of Directors who will decide on laying off Cyrus Mistry completely from Tata Group of Companies. It includes Ratan Tata, Venu Srinivasan, Ronen Sen, Amit Chandra, and Lord Kumar Bhattacharya.
In fact, currently held Board Meeting of Tata Global Beverages, Mistry’s access was denied for video clipping of the ongoing meeting eventually stating it as a technical glitch or system failure. The ousted Chairman of Tata Sons was provided the written minutes of the board meeting but the video could only be availed after a week due to some technical faults. The reports were developed by The Economic Times.