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Ratan Tata well aware of DoCoMo decisions: Cyrus Mistry

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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.

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“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.

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India

Delhi Metro ready to resume services after 169 days

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New Delhi, 7 Sep : Delhi Metro is ready to resume its services, which were suspended since 22nd March 2020 due to Corona pandemic, from tomorrow i.e, 7th September 2020 onwards from Yellow Line (Samyapur Badli to HUDA City Centre) in a staggered manner. Over a period of next five days i.e, by 12th September, rest of the Lines will also be made operational with all safety measures in place to check the spread of Covid-19 in the Metro premises which requires everyone to follow a new normal of social distancing, face mask and hand sanitisation.

“On this Monday and Tuesday, only the Yellow line (49 KM with 37 stations consisting of 20 underground and 17 elevated stations) will remain operational for a period of four hours each in the morning (7 AM to 11 AM) and evening (4 PM to 8 PM). Trains will be available with a headway varying from 2’44’’ to 5’28” (at different stretches) with 57 trains performing around 462 trips. The same will be further extended in a graded manner from 9th to 12th September along with other Lines”, said Mr. Anuj Dayal, the Executive Director of Corporate Communications at DMRC.

“The resumption of services with a new normal to prevent the spread of Covid-19 desires public to understand and co-operate with DMRC/CISF personnel on few aspects for a comfortable and safe commuting experience”, a statement released by DMRC said.

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Unlock 4 Guidelines: What’s allowed, what’s not

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Metro Services to resume from September 7

No permission needed for inter/intra-state movement of goods, persons

New Delhi, 29 Aug : The Ministry of Home Affairs on Saturday announced guidelines for ‘Unlock 4’, which will come into effect from September 1. As per the new guidelines, Metro rail will be allowed to operate with effect from September 7 in a graded manner, while schools, colleges and other educational institutes will remain shut for students upto September 30.

Under Unlock 4 guidelines, the Ministry of Housing and Urban Affairs will be issuing Standard Operation Procedure (SOP) for the Metro services to resume.

The Ministry of Home Affairs have decided to allow religious, social, political, entertainment, sports and academic events to take place from September 21, but only outside the containment zone with a limited participation of not more than 100 people. Open air theaters will also be permitted from September 21.

“Such limited gatherings can be held with mandatory wearing of face masks, social distancing, provision for thermal scanning and hand wash or sanitizer,” MHA guidelines for Unlock 4 state.

The statement issued by the Ministry of Home Affairs for Unlock 4 clearly stated that there will be no restriction on inter-State and intra-State movement of persons and goods, and no separate permission/ e-permit will be required for such movements.

In a statement the MHA said, “State/ UT Governments shall not impose any local lockdown (State/ District/ sub-division/City/ village level), outside the containment zones, without prior consultation with the central government.”
For the vulnerable section of the population, the MHA said, “vulnerable persons, i.e., persons above 65 years of age, persons with co-morbidities, pregnant women, and children below the age of 10 years, are advised to stay at home, except for essential requirements and for health purposes.”

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BJP leader Manoj Sinha appointed Lt. Governor of J&K

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New Delhi, 6 Aug : Senior Bharatiya Janata Party (BJP) leader Manoj Sinha was on Thursday appointed the Lieutenant Governor of Jammu and Kashmir, a day after G.C. Murmu in a surprise development resigned from the post exactly a year after the nullification of Article 370 in the erstwhile state, and barely nine months after he took over the reins of the newly created Union Territory.

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