Shareholders want Ratan Tata to be Chairman Emeritus | mumbai | Hindustan Times
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Shareholders want Ratan Tata to be Chairman Emeritus

mumbai Updated: Aug 14, 2010 00:46 IST
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Shareholders of Tata Steel today appealed to Ratan Tata to be Chairman Emeritus of the group after his retirement in December 2012.

"Please don't retire in the interest of the Tata Group. You may retire practically, but continue to be Chairman Emeritus and oversee the operations of the Group," a shareholder pleaded with Tata at annual general meeting of Tata Steel here.

Several shareholders also praised Tata's contributions over the past two decades and congratulated him for successfully turning around the loss-making British steel major Corus and making Tata Steel the world's 10th largest steel company.

On the successful turnaround of Corus, which helped Tata Steel return to profit in Q1 FY 11 with the PAT Rs 1,825 as against a loss of Rs 2,209 crore in the same period last year, Tata said, "I am happy that Corus did not turn out to be a millstone but has helped us (Tata Steel) become the world's 10th largest steel-maker."

Amid suggestions aplenty, including from a former Tata Group veteran to choose someone from within the Tata family to head the $ 71-billion salt-to-software conglomerate, incumbent chairman Ratan Tata today said only the best would succeed him.