Latest news with #AoA
Time of India
11-06-2025
- Automotive
- Time of India
Tata Sons to get new directors, vacancies open up on board; to inject fresh capital of Rs 30,000 crore
Tata Sons plans to invest ₹30,000 crore ($3.5 billion) in its growing ventures. (AI image) Tata Sons is actively seeking new directors to fill upcoming vacancies on its board. Former Jaguar Land Rover CEO Ralf Speth is anticipated to retire in the next few months when he turns 70. Speth had joined following Cyrus Mistry's removal in October 2016. With Leo Puri's resignation as independent director in April, sources told ET that one of these positions might be allocated to an executive director from within the group. Sources indicate that TV Narendran, the CEO and MD of Tata Steel, is a leading candidate for the board position. Independent director Ajay Piramal, aged 69, is expected to conclude his tenure by mid-next year. This aligns with Tata Sons' established retirement guidelines. Piramal became a board member in August 2016. According to the Articles of Association (AoA), executive position holders retire at 65, whilst board-level positions have a retirement age of 70. Boardroom Shake-up The board's composition will shift from the structure established by former chairman Ratan Tata in 2016 following Mistry's removal, according to an observer familiar with the group. Whilst Tata Trusts' board nominees, including chairman Noel Tata, Vijay Singh (76), and Venu Srinivasan (72), face no age restrictions. The independent directors comprise Harish Manwani, Anita M George, and Piramal. "There are very few senior Tata executives today with the depth of Narendran's experience and leadership," stated a group executive. Several Tata group veterans, including Bhaskar Bhat, have retired upon reaching superannuation, whilst others such as Harish Bhat and Banmali Agrawala continue serving in advisory positions. Tata Sons plans to invest ₹30,000 crore ($3.5 billion) in its growing ventures, including Tata Digital, Tata Electronics and Air India, alongside defence and battery operations through equity investments. Executives have confirmed defence operations as a key strategic focus. This investment supplements the group's existing $120 billion commitment towards new enterprises. Tata Sons advisor Agrawala serves as non-executive chairman at Tata Electronics. Manwani, who previously served as COO of Unilever Plc before joining the Tata Sons board in 2018, is expected to remain until 2027. Additionally, Tata Sons has initiated proceedings to voluntarily surrender its RBI registration certificate, having cleared over ₹20,000 crore in debt, allowing it to maintain its status as an unlisted, closely held organisation. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
11-06-2025
- Business
- Time of India
New directors set to board Tata Sons with ₹30,000 crore and new priorities in focus
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Mumbai: Tata Sons will be looking to appoint new directors as vacancies open up on the board of the Tata Group holding company, said people with knowledge of the matter. Ralf Speth, former CEO of Jaguar Land Rover, is expected to step down in the coming months upon turning 70. Speth had joined the board in October 2016 following the ouster of former chairman Cyrus Mistry. Independent director Leo Puri had quit in April. Sources indicate that one of these two spots may be filled by an executive director from a group company. Tata Steel CEO and MD TV Narendran is seen as a strong contender for the board seat, sources Sons did not Piramal, 69, an independent director, is expected to step down by the middle of next is in line with Tata Sons' retirement policy. Piramal had joined the board in August per the Articles of Association (AoA), those in executive positions retire at 65, while for board-level roles it's selections will result in a change in the board's profile from the one set up by former chairman Ratan Tata in 2016 after the late Mistry's ouster, a group watcher is no age cap, however, for Tata Trusts' nominees on the board. They include Tata Trusts chairman Noel Tata, Vijay Singh (76), and Venu Srinivasan (72). The independent directors are Harish Manwani and Anita M George, apart from Piramal."There are very few senior Tata executives today with the depth of Narendran's experience and leadership," said a group recent years, some Tata group veterans such as Bhaskar Bhat have stepped down following superannuation, while others like Harish Bhat and Banmali Agrawala have been retained in advisory Sons will inject fresh capital of ₹30,000 crore ($3.5 billion) into its emerging businesses-including Tata Digital, Tata Electronics and Air India-as well as its defence and battery units through equity infusions. The defence business, in particular, has been reaffirmed as a strategic priority by executives. This capital commitment adds to the $120 billion the group has already pledged toward new businesses in recent Sons advisor Agrawala is also non-executive chairman at Tata Electronics. Manwani, former COO of Unilever Plc who joined the Tata Sons board in 2018, is expected to continue in his role until a related development, Tata Sons has applied to voluntarily surrender its certificate of registration with the RBI, having repaid more than ₹20,000 crore in debt. This strategic move enables it to remain an unlisted, closely held company.
Time of India
11-06-2025
- Business
- Time of India
New Directors Set to Board Tata Sons
Live Events Tata Sons will be looking to appoint new directors as vacancies open up on the board of the Tata Group holding company, said people with knowledge of the matter. Ralf Speth, former CEO of Jaguar Land Rover, is expected to step down in the coming months upon turning 70. Speth had joined the board in October 2016 following the ouster of former chairman Cyrus Mistry. Independent director Leo Puri had quit in April. Sources indicate that one of these two spots may be filled by an executive director from a group Steel CEO and MD TV Narendran is seen as a strong contender for the board seat, sources Sons did not Piramal, 69, an independent director, is expected to step down by the middle of next is in line with Tata Sons' retirement policy. Piramal had joined the board in August per the Articles of Association (AoA), those in executive positions retire at 65, while for board-level roles it's selections will result in a change in the board's profile from the one set up by former chairman Ratan Tata in 2016 after the late Mistry's ouster, a group watcher is no age cap, however, for Tata Trusts' nominees on the board. They include Tata Trusts chairman Noel Tata, Vijay Singh (76), and Venu Srinivasan (72). The independent directors are Harish Manwani and Anita M George, apart from Piramal.'There are very few senior Tata executives today with the depth of Narendran's experience and leadership,' said a group recent years, some Tata group veterans such as Bhaskar Bhat have stepped down following superannuation, while others like Harish Bhat and Banmali Agrawala have been retained in advisory Sons will inject fresh capital of ₹30,000 crore ($3.5 billion) into its emerging businesses—including Tata Digital, Tata Electronics and Air India—as well as its defence and battery units through equity infusions. The defence business, in particular, has been reaffirmed as a strategic priority by executives. This capital commitment adds to the $120 billion the group has already pledged toward new businesses in recent Sons advisor Agrawala is also non-executive chairman at Tata Electronics. Manwani, former COO of Unilever Plc who joined the Tata Sons board in 2018, is expected to continue in his role until a related development, Tata Sons has applied to voluntarily surrender its certificate of registration with the RBI, having repaid more than ₹20,000 crore in debt. This strategic move enables it to remain an unlisted, closely held company.
Time of India
10-06-2025
- Business
- Time of India
Byju's American assets Epic and Tynker sold for a song
Live Events Two American assets of troubled edtech company Byju's, coding platform Tynker and kids learning platform Epic , have been sold for a fraction of what the company paid for them.A US bankruptcy court approved both the sales during a hearing on May 20, as per a report by EdWeek Market science education company CodeHS has acquired Tynker for $2.2 million in cash, a significant drop from the $200 million that Byju's paid in a cash-and-stock deal to acquire it in which was acquired by Byju's in 2022 through a $500-million cash-and-stock transaction, has been sold to China's TAL Education Group for $95 sent to Byju's are yet to elicit a was Byju's second-biggest buyout after coaching centre operator Aakash Institute, which it acquired in 2021 for nearly $1 June 2024, ET had reported that some lenders within a consortium that loaned $1.2 billion to Byju's had said that they had filed a petition in a US court to initiate bankruptcy proceedings against the company's subsidiaries Epic, Tynker and April 10, the lenders filed a lawsuit in the US against Raveendran, his wife Divya Gokulnath and former company executive Anita Kishore. The lawsuit alleged that the three of them planned and executed a scheme to hide and misappropriate $533 million from the money they had lent to Byju's Alpha, a special purpose financing vehicle the edtech company had established in the US to receive the to this, a Delaware Bankruptcy Court ruling indicated that multiple fraudulent transfers and theft had taken place. According to the lenders, the court also found that suspended director Riju Ravindran had violated his fiduciary responsibilities as a director of the US entity, Byju's Alpha India, both the brothers have moved the NCLT and NCLAT seeking a stay on the committee of creditors (CoC) and the removal of the resolution professional. This move comes after the resolution professional for Think & Learn began steps to withdraw certain legal proceedings in a New York court. Separately, concerns have also been raised over the ongoing sale of the company's & Learn, represented by the RP, has also alleged that its shareholding in Aakash is getting diluted after the coaching centre operator amended its articles of association (AoA) to remove the reserved rights of minority investors by enforcing the resolutions passed at an extraordinary general meeting (EGM) last November.
&w=3840&q=100)
Business Standard
04-06-2025
- Business
- Business Standard
Vodafone Idea to seek shareholder nod for ₹20,000 cr fundraise, AoA tweak
Vodafone Idea Ltd has called an extraordinary general meeting on 27 June to seek shareholder approval for a ₹20,000 crore ($2.4 billion) capital raise and amendments to its Articles of Association (AoA) aimed at retaining promoter control. Shareholders will vote on two special resolutions. The first relates to changes in the company's AoA to reflect amendments in the shareholders' agreement that preserve governance and management rights for the promoters — Aditya Birla group and Vodafone Plc. The planned fundraise is part of Vodafone Idea's broader effort to strengthen its balance sheet and support investments in network expansion and 5G rollout. The move comes as the cash-strapped telecom operator continues to battle intense competition and legacy dues.
