Cyrus Mistry’s tenure shortest in Tata Sons’ history

Tata Sons’ decision on Monday to replace Cyrus Mistry as Chairman has surprised many. Former chief Ratan Tata will now take over for a period of four months until a selection committee finds a successor. At this moment, though speculations are rife, the reason behind this surprise move is unclear. The committee comprises Ratan N Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya.

Here’s a look at the number of years the group’s chairmen have held their positions:

 

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News in Numbers, June 24, 2016: CNG-powered two-wheelers in India, voters say yes to Brexit…

10

What is it? The number of popular iconic places that will be cleaned up/maintained to international standards. It includes Taj Mahal, Jagannath Temple, Tirupati and Chhatrapati Shivaji Terminus.

Why is it important? If successful, it would provide a fillip to tourism, to the Indian government’s Swachh Bharat Mission and could have a trickle-down effect on the other monuments and religious structures. At a two-day workshop next month, experts would be consulted to make site-specific plans, fix international standards and decide on the timeline and financial resources required. The World Bank would provide technical assistance for the same.

Tell me more: Besides these iconic places, the government is working on creating standard operating procedures to improve cleanliness in popular national parks, sanctuaries and tiger reserves including Coringa Wildlife Sanctuary, Gir Wildlife Sanctuary and Flamingo Sanctuary.

 

$1.17 billion

What is it? The amount Tata Sons has been ordered by the London Court of International Arbitration to pay to Japan’s largest mobile-phone carrier NTT Docomo for breach of an agreement over Tata Teleservices.

Why is it important? This is a victory for Docomo, though it’s unclear if Tata Sons would make the payment. In 2014, Docomo had exercised its right to ask Tata Sons to find a buyer for its stake at a fair price of 50% of the acquired cost (whichever was higher). However, Tata failed to find a buyer and India’s central bank did not allow it to buy the stake due to a rule that prevents foreign buyers from selling their stakes in Indian companies at a predetermined price.

Tell me more: Docomo paid $2.6 billion in 2009 and 2011 for a 26.5% stake in Tata Teleservices.

 

50

What is it? The number of Honda Activas that would be retro-fitted with CNG (compressed natural gas) kits as part of the government’s pilot programme.

Why is it important? This is the first time that India will have two-wheelers running on CNG to determine their efficiency and emission rates. Based on its success, this would be available for the public. The CNG-vehicles would have 75% and 20% less hydrocarbon and carbon monoxide emissions (according to the manufacturer of the kits) and the running cost on CNG is estimated to be 40% lower than that of petrol.

Tell me more: The CNG kits are made by the Indian arm of Iranian firm ITUK Manufacturing at its Pune factory and the pilot is being conducted by GAIL (India) and Indraprastha Gas Ltd. The retrofitted two-wheelers would be given to the delivery boys of Domino’s Pizza for free.

 

71

What is it? The number of BSE 100 companies that fully complied with disclosure norms in 2015, according to India Disclosure Index 2016 by FTI Consulting.

Why is it important? This is up from 41% in 2015, suggesting better compliance of reporting and disclosure rules by the top 100 large-size companies on the Bombay Stock Exchange, though still nearly a third are not up to the mark. Just 3% of the top 100 companies had mandatory disclosure scores of less than 2.5 (out of 4) compared to over half of the companies scoring lesser than 2.5 in 2015.

Tell me more: In terms of voluntary disclosure, the average score of the BSE 100 companies marginally improved from 3.5 (out of 6) in 2015 to 3.7. However, over three-fourths of the companies did not provide enough information on risk management metrics while 37% did not provide convenient whistleblowing mechanisms to report fraud or unethical practices in their firms.

 

51.8%

What is it? Percentage of voters who want the United Kingdom to leave the European Union (at around 10 am Indian time).

Why is it important? Though this is not legally binding, the government may not go against the will of the people expressed in the referendum. It is the first time that a full member has voted to leave the 28-nation political and economic union. Those favouring the exit argue that the UK would be free from the EU’s undue bureaucratic, legal and financial control and prevent the free movement of EU nationals into the UK. Those against leaving fear that UK’s economy would be hit, jobs would be lost and the rate of growth would go down to 3-6%.

Tell me more: The Brexit may affect the 800 Indian companies in the UK, which employ over a lakh people. The annual profit of Jaguar Land Rover, owned by the Tata Group, is reportedly estimated to decline by around $1.47 billion in the next 10 years.

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News in Numbers – September 4, 2015

News In Numbers: September 4, 2015

 

Rs 20,000 crore

The one-time impact on profitability of banks in 2016-17 if the Reserve Bank of India’s (RBI) draft guidelines on computation of base rate are implemented in their present form, according to ratings agency Crisil. This would be about 15% of their collective estimated profits in the next fiscal. The central bank on Tuesday invited comments on these guidelines. Currently, banks use different methods to compute their base rate and the one suggested by RBI “should be more sensitive to changes in policy rates”. However, Crisil says this would create an adverse impact as banks would be reluctant to cut deposit rates given its impact on their profitability. Banks are already battling rising bad loans, which is affecting their profitability.

 

$7.94 billion

Mumbai’s economic output at risk in the event of a terrorist attack between 2015 and 2025, according to Lloyd’s, the world’s oldest active insurance marketplace. In the terrorism context, Mumbai ranks number one among 301 cities, with 16.8% of its GDP (gross domestic product) at risk. The Lloyd’s City Rank Index says 10 Indian cities, including Ahmedabad, Bengaluru, Chennai, Delhi and Mumbai, are the top ones in terms of GDP at risk. In terms of overall threats (besides terrorism, volcano, nuclear accident, market crash, etc), the three cities with maximum economic output at risk are Taipei, Tokyo and Seoul, and none of the Indian cities figure in the top 20.

 

721

The number of state quota seats illegally filled between 2009 and 2013 in private medical and dental colleges in Madhya Pradesh, according to the state government. Known as the DMAT scam, it came to light when a whistleblower filed a complaint with the Central Bureau of Investigation (CBI). The DMAT exam is conducted by the Association for Private Medical and Dental Colleges (APDMC) to fill 58% of around 2,800 seats in 15 private dental colleges and six private medical colleges. The rest are filled under the state quota, through Vyapam. The whistleblower alleged that almost all admissions under the management and NRI quota are rigged. The CBI recently told the Supreme Court that the DMAT scam looks bigger than the Vyapam scam “in its scope and depth”.

 

Rs 300 crore

Tata Sons, the holding company of the Tata Group, has moved the Supreme Court challenging the sales tax demand of Rs 300 crore made by the Maharashtra government on the royalty it earns from its subsidiaries for using the ‘Tata’ brand name. In January, the Bombay High Court had ruled in favour of the Maharashtra government. The Tata Group had argued that the right to use the trademark was not exclusive and conditional, and therefore, should not come under the provisions of the ‘Transfer of Right to use any Goods for any Purpose Act, 1985’. Tata Sons earned over Rs 400 crore in royalty in 2014-15. According to Brand Finance, the Tata Group ranked 65 globally in terms of brand value in 2015 and was valued at $15.4 billion.

 

August 28

The air quality in Delhi has been in the ‘poor’ zone since August 28, almost a month earlier than usual. Typically, air quality drops gradually at the onset of winter and reaches its peak in January, when cold air and fog trap more pollutants. This year, due to the receding of rainfall a month earlier, PM2.5 (fine particulate matter) which is an air pollutant causing serious health problems, had started rising since August 26. In 2013, when rainfall was normal, the air quality was better in the corresponding period. The forecast for the next three days in Delhi shows ‘poor’ air quality, while Mumbai and Pune fare better with ‘good’ air quality predictions. Recently, the World Health Organization named Delhi as the worst of 1,600 cities globally in terms of PM2.5 particles.

 

 

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