TRUSTEE APPOINTMENT
NCLT declares Videocon’s Venugopal Dhoot bankrupt in SBI’s Rs 12,668 cr claim
The NCLT has declared former Videocon chairman Venugopal Dhoot bankrupt in proceedings initiated by SBI over personal guarantees for loans extended to the group. The order follows the rejection of his Rs 600 crore repayment proposal, backed by a proposed Siliguri real estate project, against total admitted dues of Rs 12,668 crore.
NCLT declares Videocon promoter Venugopal Dhoot bankrupt on SBI plea; appoints bankruptcy trustee
The National Company Law Tribunal (NCLT), Mumbai Bench, has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt on a petition filed by the State Bank of India (SBI), after the failure of his personal insolvency resolution process and repayment plan.
Mehli Mistry challenges ouster from Tata Trust
Mehli Mistry has filed objections against his removal as a trustee of Bai Hirabai Jamsetji Charitable Institution. He claims that the decision was invalid and the voting process was flawed. Mistry argues that the trust deed does not specify a fixed tenure for trustees or eligibility based on citizenship.
Mehli Mistry challenges removal as Tata Trusts trustee, seeks independent inquiry into governance
Mehli Mistry has filed a challenge against his removal as a trustee of the Sir Dorabji Tata Trust. He has raised concerns about procedural irregularities and trustee eligibility in his case. Mistry also seeks an independent inquiry into financial matters related to the trust's administration. He has claimed conflicts of interest and improper financial benefits received by some trustees.
BSE Q2 Results: Net profit surges 45% YoY to Rs 809 crore; revenue jumps 34%
BSE on Wednesday reported a 44.9% year-on-year rise in consolidated net profit to Rs 809.15 crore for the second quarter of FY27 (Q2FY27), compared with Rs 558.43 crore in the corresponding period last year (Q2FY26).
In 1979, John Lennon left his $800 million estate to second wife, Yoko Ono, and his younger son. Elder son Julian refused to ‘let it be’ and fought for 16 years to get a share. How much did he inherit?
After the death of his superstar father John Lennon, his eldest son Julian was left with nothing. He had to fight a gruelling legal battle for more than a decade to inherit just $25 million from Lennon’s immense $800 million estate. He also had to purchase his own letters to his father as well.
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The business of running a hospital: Balancing profitability, patient trust and scale
A hospital’s financial health depends on more than occupancy and revenue, requiring a careful balance of cost control, cash flow and patient trust.
Darius Khambata does not seek re-appointment on Sir Dorabji Tata Trust and Sir Ratan Tata Trust as his term ends
Senior advocate Darius J Khambata has declined reappointment as a trustee of the Sir Dorabji Tata Trust and Sir Ratan Tata Trust, citing concerns over trustee independence, governance issues within the Tata Group and the proposed listing of Tata Sons.
NCLT voids Rs 525-cr guarantee, Mumbai land transfer in JLS Realty dispute
The NCLT has invalidated multiple transactions involving JLS Realty Pvt Ltd, including its transfer of redevelopment land. The tribunal found that the transfer to Spenta Suncity lacked commercial benefit and involved financial obligations. Management changes made in February 2021 were deemed invalid due to improper procedures and lack of justification. Additionally, share transfer claims by IIFL were ruled as unproven and unsubstantiated during the tribunal's examination.
Mahatama Gandhi's grandson trustee used AI to reclaim 30 acre land in US' Virginia after 20-month legal battle
A Virginia resident who claimed a 30-acre property belonging to Mahatma Gandhi’s grandson Kanu Gandhi and his wife Shiva through adverse possession has been ordered to vacate it. The ruling followed a 20-month legal battle led by charitable trust managing trustee Parimal Desai, who challenged the claim using land records, GIS maps and evidence of occupation.
Why did a family ranch face an estate-tax hurdle over missing signatures? Here's how a paperwork dispute reached a US appeals court
The case involved the estate of Malcom McAlpine Jr., who had left his interest in a family ranch to three discretionary trusts benefiting his grandchildren. They were aged 22, 20 and 9 when he died. After that, their mother was appointed trustee and given authority to manage the trust assets and distribute income or principal for the beneficiaries' health, maintenance, support and education.
Rahul Gandhi responds to FM Nirmala Sitharaman on Tata row, seeks answers on meeting at Amit Shah’s residence
Rahul Gandhi has raised concerns over a meeting between Tata Trusts and Home Minister Amit Shah. He questioned the motives behind the gathering, asserting that Indian businesses feel pressured by the government. Meanwhile, Finance Minister Nirmala Sitharaman urged Gandhi to avoid politicizing commercial issues and highlighted the government's support for the industry. An ongoing dispute regarding the reappointment of N Chandrasekaran as executive chairman of Tata Sons adds to tensions.
Yes Bank AT-1 bonds: Who will examine administrator's role?
The Supreme Court struck down Yes Bank’s Rs 8,415 crore AT-1 bond write-down as unlawful. The judgment raises questions over the administrator’s conduct and RBI’s role in examining accountability under the applicable legal framework.
Tata Sons AGM deadline nears as Tata Trusts deadlock clouds voting
Tata Sons is currently observing the situation involving its majority owners, Tata Trusts, regarding governance issues. The annual general meeting (AGM) deadlines are approaching and require shareholder majority for resolutions. Important changes in trustee roles could affect voting dynamics significantly. Legal experts suggest focusing on regulatory clarity to facilitate successful AGM execution. Clear representation and consensus among the trusts are critical for passing necessary resolutions.
Sir Dorabji Tata Trust files reply to Venu Srinivasan, Vijay Singh complaints
The separate complaints by Srinivasan and Singh amid a protracted battle within the Tata group had named SDTT's chairman Noel Tata and his son Neville, who is the vice chairman. SDTT owns nearly 24 per cent stake in Tata Sons, which makes it the largest owner among the shareholders in the holding company of the country's largest conglomerate.
Mistry Objection Not Valid, say two Tata Trusts
Two Tata trusts, Sir Dorabji Tata Trust and Bai Hirabai Jamsetji Tata Navsari Charitable Institution, challenge Mehli Mistry's objections. Mistry claims irregularities in trustee appointments, while the trusts deny any illegal actions. Both trusts assert that his term expired and he no longer qualifies as a trustee. Additionally, the BHJTNCI seeks to replace its reporting trustee, leading to further legal disputes. Proceedings on these matters are set for November 5.
WEF could appoint Lagarde as early as November, sources say
Christine Lagarde is likely to be appointed as the chair of the World Economic Forum next month. This change would require her to step down from her position as European Central Bank chief. Following Lagarde's exit, there will be a reshuffle within the ECB due to upcoming political changes in France. The WEF board is scheduled to meet on November 2 to discuss her potential role.
Noel Tata files caveat in City Civil Court against Venu Srinivasan, Vijay Singh, and other SDTT trustees
Noel Tata and his son Neville filed a caveat petition in the Mumbai City Civil Court against other trustees. This petition aims to ensure they are heard before any orders are made regarding trust matters. The filings arise from concerns about Noel Tata's role within the trust structure and his ongoing authority. Venu Srinivasan and Vijay Singh are questioning the legitimacy of his appointment as a perpetual trustee.
Tata will build what India needs, even if it takes longer: Tata Sons chairman Natarajan Chandrasekaran
Natarajan Chandrasekaran of Tata Sons affirmed the conglomerate's commitment to producing semiconductor chips amid ongoing boardroom disputes. Tata is investing heavily in India's first chip-making unit, a key to future growth. Noel Tata has expressed disagreements over capital decisions and shareholder returns, which has escalated tensions. Despite operational challenges at Air India and within Tata Electronics, the group continues to maintain double-digit growth.
Noel Tata, SDTT get until Oct 19 to respond to Venu Srinivasan, Vijay Singh complaint
Maharashtra Charity Commissioner has mandated that Sir Dorabji Tata Trust respond to governance allegations by October 19. Trust members Venu Srinivasan and Vijay Singh have raised concerns over governance lapses. They questioned the trust's recent involvement in Tata Sons' commercial decisions and Noel Tata's role as trustee. Seven Tata Trusts have filed caveats in response to the growing governance dispute.
Seven Tata Trusts file slew of caveats with Maharashtra Charity Chief
Seven trusts under Tata Trusts have filed caveats to be heard ahead of any orders by the Maharashtra Charity Commissioner. Venu Srinivasan and Vijay Singh have raised concerns about governance issues surrounding Noel Tata's leadership. These issues include questions regarding decision-making and participation restrictions in Tata Sons matters. The filings follow existing restrictions on the Sir Ratan Tata Trust's functioning and meetings.
In 1881, Paul Kroegel's family began homesteading along Florida’s Indian River; 22 years later, he became its bird refuge's warden for $1 a month
In the 1880s, Paul Kroegel settled in the Sebastian area, observing brown pelicans nesting on a nearby island. His concern for these birds led him to oppose plume hunters and advocate for their protection. On March 14, 1903, Pelican Island was designated as a federal reservation, with Kroegel appointed as the first warden. Local residents later formed groups to continue the preservation of the area against development threats.
Noel Tata seeks Tata Sons meeting video, minutes; questions legal opinions on Chandrasekaran reappointment
Tata Trusts chairman Noel Tata has sought the video recording and minutes of the September 17 Tata Sons board meeting that reappointed N Chandrasekaran for another five years, executives said. He also questioned the process of obtaining legal opinions after the meeting and said he was not given adequate time to present his views.
NCLT admits insolvency plea by Kotak Mahindra Bank against Unity Realty
Kotak Mahindra Bank's insolvency petition against Unity Realty and Developers has been admitted by the NCLT. The petition was filed due to a claimed default of ₹68.49 crore, which dates back to September 2023. Unity Realty is a corporate guarantor for financial facilities availed by Unity Infraprojects, which faced financial difficulties leading to the current situation.
Tata Trusts vice chairman Vijay Singh flags SDTT 'meddling' in Tata Sons
Tata Trusts vice chairman Vijay Singh has approached the Maharashtra Charity Commissioner seeking an immediate inquiry into the administration and governance of the Sir Dorabji Tata Trust, including its involvement in Tata Sons’ commercial and strategic affairs. His move follows a similar complaint by fellow vice chairman Venu Srinivasan.
Tata Trusts seeks hearing on Venu Srinivasan's complaint before charity commissioner
Tata Trusts has sought a hearing with the Maharashtra charity commissioner in response to a complaint lodged by Venu Srinivasan. This complaint claims there have been governance issues within the Sir Dorabji Tata Trust's management, particularly concerning the conduct of specific trustees. Srinivasan has urged the commissioner to investigate potential repercussions for those trustees involved.
ET Exclusive: Venu Srinivasan seeks probe into Tata Trusts over alleged governance lapses
Venu Srinivasan, trustee of Sir Dorabji Tata Trust and Sir Ratan Tata Trust, has sought an immediate inquiry into SDTT’s governance, alleging serious lapses and excessive involvement in Tata Sons’ commercial affairs. He has also challenged Noel Tata’s role in trust decisions and sought restrictions on his voting and trustee powers.
Tata Sons plans AGM within a month, may approach NCLT if SRTT freeze blocks quorum
Tata Sons intends to organize its annual general meeting following a previous deferral due to quorum issues. The company is considering legal action to bypass quorum requirements in light of ongoing restrictions on Sir Ratan Tata Trust. N Chandrasekaran’s reappointment as a director will be on the agenda despite possible conflicts within the board. The National Company Law Tribunal may be approached for assistance in conducting the meeting.
Tata Sons sets ball rolling for listing after RBI diktat; February 2027 emerges as approximate internal target
Tata Sons has started preparing for a potential stock market listing after the RBI directed it to comply with regulations for upper-layer NBFCs, with February 2027 emerging as an internal working target, people familiar with the matter said.
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