Cyrus Investment objects to AGM agenda

Cyrus Investment objects to AGM agenda”

These six companies together hold an 8.8% stake in Tata Sons, which is estimated to be worth at least $4.3 billion (Rs 28,000 crore).

Tata Sons has sought shareholders' approval to amend its articles of association to give voting rights to holders of the company's preference shares if it didn't pay dividend for two years or more. The remaining stake is owned by Tata group companies and some Tata family members. Tata Trusts, a bunch of charitable organisations chaired by Ratan Tata, own 66% in Tata Sons. The holdings of the different group companies in Tata Sons are mostly in single digits and collectively are less than 10 per cent of the total. Tata Sons AGM is scheduled for Sept 21. Getting voting rights on the preference shares will increase their effective control over the company. Preference share holders get priority on dividend over common shareholders, but usually do not have any voting rights. Making Tata Sons a private company will lower standards of governance and disclosure in a private company, he said in a letter dated 14th September.

According to the Companies Act, 2013, certain types of related party transactions and transactions where value is beyond prescribed limits require approval from the Board of Directors and shareholders.

Similarly, another businessman named Mohammad Irfan Yousaf from Pakistan recently started a company in the United Kingdom by the name of Tata Investments Ltd for "buying and selling of real estate". The letter by the investment firm led by Cyrus Mistry, the ousted chairman of Tata Sons, further said any resolutions such as the ones proposed to be passed at the AGM of Tata Sons would be detrimental to the companies and "contrary to the interests" of their public shareholders.

The Telegraph on Sunday had reported about the 30-year-old Pawan Jhawar who registered Tata Sons Limited as a private investment company at 219 Kensington High Street in London's upscale Kensington neighbourhood with a paid-up capital of £1,000 on August 7 this year.

The investment firm in its letter to the directors of public limited company with holdings in Tata Sons urged shareholders to "apply their mind" and discharge their "duties in law" as the investment involved are material in nature and size.

Like this


19 September 2017
Bengals players reportedly want team to consider Colin Kaepernick
It's not the fact that not one of the bad teams that obviously needs a quarterback signed him i.e. These are Kaepernick's first public comments in a while regarding his interest in playing again.

19 September 2017
Xi, Trump talk United States leader's upcoming China visit, Korean Peninsula over phone
Meanwhile, North Korea yesterday warned that more sanctions and pressure will only make it accelerate its nuclear programme. The Chinese state news agency Xinhua reported that the two also discussed Trump's upcoming visit to China.

19 September 2017
U.S. says North Korea endangers whole world after missile test
Abe, who was in India on Thursday, launch the bullet train project with Prime Minister Narendra Modi in Ahmedabad. He believes the Kim regime is trying to create chaos, and divide US military alliances.

19 September 2017
New hurricane bears down on Irma-battered Caribbean
Because the storm is compact, it could quickly intensify as it moves over warm ocean waters and faces weak wind shear, they said. Lee's maximum sustained winds have sputtered to 35 miles per hour , and are expected to further weaken in the coming days.

19 September 2017
Cambridge Investment Research Advisors Inc. Invests $340000 in Leidos Holdings, Inc. (LDOS)
Louisiana State Employees Retirement Sys invested in 0.09% or 35,300 shares. (NASDAQ:CSBK) to report earnings on November, 1. Oregon Public Employees Retirement Fund raised its position in shares of Leidos Holdings by 2.7% during the 1st quarter.

19 September 2017
Judge gets punished for ABSURD GG vs Canelo scorecard
Byrd's scorecard sent boxing pundits and social media into a frenzy with accusations flying about boxing officials being corrupt. GGG could only shake his head when asked about the scoring by Byrd and called it "terrible" and "very bad for the sport".

19 September 2017
Community Health Systems, Inc. (NYSE:CYH) Sees Price Decrease - Down by 4.73%
It has underperformed by 38.29% the S&P500.The move comes after 7 months negative chart setup for the $827.41 million company. Blackrock Group Incorporated owns 387,879 shares for 0% of their portfolio. 7,614 were accumulated by Rothschild Invest Il.

19 September 2017
US Air Force to Have First Base Ever in Israel
The base, located within an existing Israeli air force base, will serve dozens of USA soldiers operating a missile defense system. It demonstrates the "years-old alliance between the United States and the State of Israel".

19 September 2017
Eagles Report Card: Eagles-Chiefs
Video showing the cheerleaders dancing in an end zone of the Philadelphia Eagles and Kansas City Chiefs game has gone viral. For the sake of comparison, Wentz was sacked only four times the last four games of last season.

19 September 2017
The Week Ahead: US Fed makes a decision on rates
Last week, Canada's competition watchdog said it would not challenge a proposed merger between the two companies. India's BSE Sensex 30 edged higher by 0.5 percent to ₹32,438.81, while Nifty 50 climbed 0.6 percent to ₹10,151.