Tata Motors officially announced Cyrus Mistry as next Chairman

Image Caption: EconomicTimes

On Thursday market time, Tata Motors officially announced and appointed stry as the Chairman of Tata motors with effecct from December 28, 2012. The same day when Ratan Tata will step down from the position of Chief of Tata group. We've heard the news of Cyrus Mistry to be appointed as Chairman of Tata Motors after Ratan Tata. The company made this statement "The Board of Directors of Tata Motors today announced the appointment of Cyrus P Mistry as the Chairman of the Board with effect from December 28, 2012, on the retirement of Ratan N Tata,"

The board also added that they have conferred Ratan Tata with the honorary title of Chairman Emeritus. Cyrus Mistry, who was previously serving as Deputy chairman will now head of whole Tata  group. Earlier Mistry was also appointed as Deputy Chairman of Tata Global Beverages, Tata Steel, Tata Chemicals and Tata Consultacy Services. In November Ratan Tata stepped down from the position of chairman of Tata Global Beverages making way for Mistry into the Hotels business. He is also chariman-designate of Tata Sons, a Tata holding Company.

After taking the position of Chairman, Mistry will be the second youngest leader in Tata group and in the 143 years of Tata group's tenure, it will be the second time that a non-Tata family member will be the Chairman of the group. Mistry was the first choice of board members, when they started looking for a successor. When Ratan Tata appointed Mistry as the deputy chairman of Tata Sons, Ratan Tata said, “The appointment of Mr Cyrus P. Mistry as deputy chairman of Tata Sons is a good and far-sighted choice. I have been impressed with the quality and calibre of his participation, his astute observations and his humility.” This could prove that Cyrus Mistry can be foresighted as one of the best leaders in Tata group.

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Singur land row : Tata Motors gets relief from SC

In a significant development, the Supreme Court today stayed the distribution of Singur land to the farmers by the West Bengal government.

Recently the West Bengal government has passed the Singur Land Rehabilitation and Development Act to return the land granted to Tata Motor for its Nano project by then Left government.

Challenging the act, the Tata Motors had filed at petition at Calcuatta High Court, which was quashed by the court.

The Tata Motors moved to Supreme Court over the matter. Hearing the petition the apex court has stayed the distribution of land to farmers in Singur.

In 2008, Tata Motor's Nano car project moved to Gujarat following agitation and protest from the local farmers with support from the Trinamol Congress led by Mamata Banerjee.

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