Tag: RATAN TATA

Tata Sons Set to Acquire 13% Stake in Major Move by Ratan Tata

Tata Sons Considers Increasing Stake in Tata Autocomp Systems

New Delhi: Tata Sons, the holding company of Tata Group, is exploring the possibility of acquiring an additional 12.65 per cent stake in Tata Autocomp Systems (TACO). This acquisition is estimated to cost approximately Rs 2,122 crore, as detailed in filings from Tata Capital. Should the acquisition proceed, it would elevate TACO’s total equity valuation to Rs 16,800 crore.

Currently, Tata Sons holds a 40 per cent stake in Tata Autocomp Systems, while Tata Motors possesses a 26 per cent share. The remaining portion is owned by other Tata companies. Despite inquiries regarding this potential deal, Tata Group has not commented, although reports indicate that the transaction is anticipated to close before the end of the current financial year.

In its filings, Tata Capital mentioned that to foster business growth, uphold a robust capital adequacy ratio, and facilitate smooth operations, the firm has engaged in various transactions with Tata Sons. These may include selling investments, contributing to brand equity and business promotion, providing services, and other business transactions such as lending and borrowing funds.

Tata Capital holds an equity investment in Tata Autocomp Systems and has periodically decreased this investment by selling portions to Tata Sons over time. As of April 1, 2024, Tata Capital reports holding a 12.65 per cent equity share in TACO. In June, Tata Capital sold a 5.08 per cent stake to Tata Sons for Rs 850 crore, and is now proposing to sell the remaining 7.57 per cent stake to Tata Sons for Rs 1,272 crore.

An independent valuation of TACO was performed, and this transaction has been referred to its audit committee. Notably, Tata Sons currently owns 93 per cent of Tata Capital.

Tata Capital projects that the total value of investment sales and other transactions with Tata Sons during FY25 could reach up to Rs 2,500 crore, which equates to approximately 13.76 per cent of Tata Capital’s consolidated turnover for FY24. As a result, Tata Capital sought shareholder approval for related party transactions.

The management has provided the audit committee with all pertinent details required by law for these transactions. Following a thorough review, the audit committee approved entering into these material related party transactions with Tata Sons, totaling up to Rs 2,500 crore for FY25. The committee emphasized that these transactions would be executed on an arm’s length basis in the ordinary course of Tata Capital’s business.

Additionally, banks note that Tata Capital is gearing up for a potential listing, following the Reserve Bank of India (RBI) designating it as an NBFC-Upper Layer, which mandates a listing by September next year. Tata Capital is also in discussions regarding merging Tata Motors’ auto finance arms with its operations.

Ratan Tata News! Transforming Assam: A Revolution in Cancer Care and Semiconductor Technology

The investments being made in Assamtransform the state in complex treatment for cancer care.Today, the state government of Assam in partnership withthe Tata group will make Assam a major player insophisticated semiconductors. This new development willput Assam on the global map.

We wish to thank the Chief Minister of Assam Mr.Himanta Biswa Sarma for his support and vision that hasmade all this possible.

Security Bug in MCA Portal

Security Bug in MCA Portal Leaked Aadhaar-Based KYC Details of India’s Top Industrialists

Recently, the Ministry of Corporate Affairs (MCA) portal, used by companies to file compliance activities under the Companies Act, faced a significant security breach. The breach resulted in the unauthorized access of Aadhaar-based KYC (know your customer) details of esteemed industrialists and celebrities including Ratan Tata, Mukesh Ambani, Gautam Adani, Virat Kohli, and Shah Rukh Khan.

Security researcher Sai Krishna Kothapalli of Hackcrew brought attention to this alarming issue in a detailed report. The report disclosed the prolonged timeline for addressing the security flaw, which was reportedly fixed only after 11 months, following its report to the Indian Computer Emergency Response Team (CERT-In).

The MCA portal serves a crucial function in providing public access to information related to company activities, facilitating business transactions and verifications. Under the Companies Act and Prevention of Money Laundering Act (PMLA), KYC norms play a vital role in preventing illegal activities associated with shell companies. However, the recent breach showcased a flaw in the protection of sensitive personal information.

The leaked data model included extensive personal details such as Aadhaar numbers, permanent account numbers (PAN), Voter IDs, addresses, mobile numbers, and email IDs. Additionally, internal flags designated by MCA, like company director status and shared director addresses, further exacerbated the severity of the breach.

The systemic failure in safeguarding Aadhaar data is a cause for concern, especially considering the regulatory bodies tasked with quality checks and security audits. Both the Software Testing and Quality Certification (STQC) and the CERT-In have been unable to effectively address and prevent such breaches, reflecting a lack of capacity within CERT-In.

This incident highlights the urgent need for accountability and stringent measures within the government to address software-related issues. Moreover, the existence of an entire ecosystem of companies and data providers reliant on such information emphasizes the far-reaching implications of this breach.

To exacerbate the situation, the lack of effective data management and oversight within government departments, in violation of policies mandating proper data classification, further compounds the impact of this breach. The delay in implementing crucial regulations such as the Digital Personal Data Protection Act 2023 and the classification of datasets by the India Data Management Office underscores the ongoing challenges in data governance.

The gravity of the situation is evident as even prominent figures like Ratan Tata, who has historically advocated for privacy rights, find themselves entangled in such breaches. The failure to enforce fundamental rights to privacy underscores the pressing need for comprehensive data protection measures.

This breach serves as a stark reminder of the vulnerabilities within critical systems and the imperative need for proactive measures to safeguard sensitive information. The repercussions of such breaches extend beyond individual privacy concerns, encompassing far-reaching economic and regulatory implications, urging for swift and decisive action to prevent future occurrences. According to the wire

Ratan Tata’s director identification number on the MCA website

Assam Government To Confer Highest Civilian Award Of State “Asom Baibhav” To Ratan Tata

Assam Government will confer the highest civilian award of the state, ‘Asom Baibhav’ to industrialist Ratan Tata on January 24th in Guwahati.

Assam Governor Prof. Jagdish Mukhi, Chief Minister Dr Himanta Biswa Sarma will present at the ceremony.

Tankers brought from abroad to reach oxygen plant, Tata group calls from Singapore

Corona cases are becoming uncontrollable in many states of the country including Delhi. Due to corona infection, some patients are having trouble breathing, in such a country, more oxygen is being produced than demand. Many plants are producing 24 hours of oxygen with full capacity. Not only this, there is more stock of oxygen in the plant than consumed, but there is a problem in supply.

The Tata Group decided to import 24 cryogenic containers to move liquid oxygen from one place to another. In this episode, 4 cryogenic containers have reached India by Saturday evening. Four oxygen cryogenic containers have been flown from Singapore to India.

Now through these containers, liquid oxygen will be supplied to different parts of the country. Due to which the shortage of oxygen will be slightly less.

Ratan Tata vs Cyrus Mistry: A Judgement Which will be Referred for Generations

PTI: Ratan Tata vs Cyrus Mistry: In a major victory for the Tata Group, the Supreme Court on Friday set aside the NCLAT order restoring Cyrus Mistry as the executive chairman of the conglomerate.

A bench of Chief Justice SA Bobde and Justices AS Bopanna and V Ramasubramanian said it is allowing the appeals filed by Tata Group.

“The order of National Company Law Appellate Tribunal (NCLAT) dated December 18, 2019 is set aside,” the bench said.

The court said, “All the questions of law are liable to be answered in favour of the appellants Tata Group and the appeals filed by the Tata Group are liable to be allowed and those by Shapoorji Pallonji Group are liable to be dismissed.”

On December 17 last year, Shapoorji Pallonji (SP) Group had told the top court that removal of Mistry as the chairman of Tata Sons in a board meeting held in October 2016 was akin to a ?blood sport? and ?ambush? and was in complete violation of principles of corporate governance and pervasive violation of Articles of Association in the process.

The Tata Group had vehemently opposed the allegations and said there was no wrongdoing and the board was well within its right to remove Mistry as the chairman.

The apex court had on January 10 last year granted relief to the Tata group by staying the NCLAT order by which Mistry was restored as the executive chairman of the conglomerate.

Mistry had succeeded Ratan Tata as chairman of the Tata Sons in 2012 but was ousted four years later.

To download the copy of Judgement, Please Click Here