Ramsurya Mamidenna

Ramsurya Mamidenna

Mumbai-based Ramsurya writes on the big business houses and a host of sectors

Articles by Ramsurya Mamidenna
SBI chairman Arundhati Bhattacharya at her office in Mumbai, India, on Thursday, December 29, 2016(Anshuman Poyrekar/HT)
SBI chairman Arundhati Bhattacharya at her office in Mumbai, India, on Thursday, December 29, 2016(Anshuman Poyrekar/HT)

Demand has not gone away, people have just deferred discretionary spending: SBI chief Arundhati Bhattacharya

Hindustan Times | By Beena Parmar and Ramsurya Mamidenna
PUBLISHED ON DEC 29, 2016 08:43 PM IST
On the eve of the expiry of one of India’s most bold economic measure since 1991, the chairman of India’s largest commercial bank is confident that demonetisation would benefit. But she is candid enough to admit that the corporate loan book and SMEs are worrisome
SBI chairman Arundhati Bhattacharya feels a cashless economy will usher in efficiencies(PTI/file)
SBI chairman Arundhati Bhattacharya feels a cashless economy will usher in efficiencies(PTI/file)

Benefits will outweigh short-term demonetisation pains, says SBI chairman

Hindustan Times | By Beena Parmar and Ramsurya Mamidenna, Mumbai
PUBLISHED ON DEC 29, 2016 06:12 PM IST
Demonetisation has hastened year-end exits by foreign investors, but in the long run, digital efficiency will replace the clumsy ‘cash and pay’ tradition, Arundhati Bhattacharya said
Ratan Tata (L) and Cyrus Mistry pose during a function in Mumbai.(AFP)
Ratan Tata (L) and Cyrus Mistry pose during a function in Mumbai.(AFP)

Tata-Mistry row: Will they be able to bury the hatchet?

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON DEC 26, 2016 02:30 PM IST
The almost daily fight between Tata Sons and ousted chairman Cyrus Mistry, which bore different lessons for India Inc, was without doubt the biggest surprise of 2016.
Wadia Group chairman, Nusli N Wadia.(HT Archive)
Wadia Group chairman, Nusli N Wadia.(HT Archive)

Tata Vs Mistry: Wadia writes to Sebi, complains against Tatas

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON DEC 21, 2016 11:00 AM IST
Wadia Group chairman and an independent director on boards of various Tata Group companies, Nusli Wadia, has approached the Securities and Exchange Board of India (Sebi), raising issues of breach of corporate governance norms by Tata Sons in matters related to board meetings of various group companies.
A file photo of Cyrus Mistry as he speaks during the Tata Global Beverages Limited Annual General Meeting in August, earlier this year.(HT Archive)
A file photo of Cyrus Mistry as he speaks during the Tata Global Beverages Limited Annual General Meeting in August, earlier this year.(HT Archive)

I have resigned to protect all stakeholders: Cyrus Mistry tells HT

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON DEC 20, 2016 10:29 AM IST
During a brief interaction with HT, exactly 15 minutes to be precise, ousted Tata Group chairman Cyrus Mistry, 48, looked relieved. Having decided to step down from the boards of all listed companies of the Tata group, the former chairman can now partially end the fight that he fought for eight weeks with Tata Sons, contesting the group’s decision to remove him as chairman on October 24.
Ousted chairman of Tata Sons, Cyrus Mistry, leaves the Bombay House in Mumbai.(PTI File Photo)
Ousted chairman of Tata Sons, Cyrus Mistry, leaves the Bombay House in Mumbai.(PTI File Photo)

Cyrus Mistry resigns from all listed Tata Group companies, may take legal route

Mumbai, Hindustan Times | By Ramsurya Mamidenna
UPDATED ON DEC 20, 2016 04:35 AM IST
Cyrus Mistry resigned from five key Tata Group companies on Monday evening, news agencies and television channels reported, after weeks of a bruising boardroom battle for control of one of India’s largest business empires.
The Reserve Bank of India says old banknotes in excess of Rs 5000 into a bank account will be received for credit only once till December 30.(Sunil Ghosh/HT Photo)
The Reserve Bank of India says old banknotes in excess of Rs 5000 into a bank account will be received for credit only once till December 30.(Sunil Ghosh/HT Photo)

You can deposit old notes worth more than Rs 5000 only once till Dec 30: RBI

Mumbai, Hindustan Times | By Ramsurya Mamidenna
UPDATED ON DEC 20, 2016 12:45 AM IST
Deposits of above Rs 5000 in scrapped banknotes can be made only once till the deadline of December 30, the reserve Bank of India (RBI) said on Monday, the latest in a series of banking restriction placed after the government recalled high-value bills.
Managing Director of Titan Co limited, Bhaskar Bhat along with CEO of Watches and Accessories Division of Titan, S Ravi Kant during the the launch of Titan JUXT - Titan's smartwatch.(PTI)
Managing Director of Titan Co limited, Bhaskar Bhat along with CEO of Watches and Accessories Division of Titan, S Ravi Kant during the the launch of Titan JUXT - Titan's smartwatch.(PTI)

Tata Trusts have never interfered in group firms: Bhaskar Bhat

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON DEC 20, 2016 02:18 PM IST
Bhaskar Bhat, the managing director of Titan Company Ltd, stepped down from the board of Tata Chemicals in protest when independent directors endorsed the leadership of Cyrus Mistry. He was later re-nominated by Tata Sons.
Ratan Tata with ousted chairman Cyrus Mistry.(REUTERS)
Ratan Tata with ousted chairman Cyrus Mistry.(REUTERS)

Tata Vs Mistry: Institutions must vote at EGMs says GIC MD

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON DEC 19, 2016 10:48 AM IST
Domestic financial institutions and insurance firms must vote at the extraordinary general meetings (EGM) of the Tata group as they are answerable to their shareholders, said former GIC MD and financial services veteran U Mahesh Rao.
Veteran industrialist Nusli Wadia, who is an independent director on board of several Tata companies, has again written a letter to shareholders of Tata Motors.(HT Archive)
Veteran industrialist Nusli Wadia, who is an independent director on board of several Tata companies, has again written a letter to shareholders of Tata Motors.(HT Archive)

Nusli Wadia alleges governance lapses in letter to Tata Motors shareholders

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON DEC 14, 2016 01:18 PM IST
Veteran industrialist Nusli Wadia, who is an independent director on board of several Tata companies, has again written a letter to shareholders of Tata Motors, alleging governance lapses at the commercial vehicle maker and also hinted at possible violation of key corporate norms.
Tata Sons was able to vote out Cyrus Mistry as director of unlisted Tata Industries on December 12.(PTI)
Tata Sons was able to vote out Cyrus Mistry as director of unlisted Tata Industries on December 12.(PTI)

Now TCS votes out Mistry, but shareholders are not amused

Hindustan Times | By Nachiket Kelkar and Ramsurya Mamidenna, Mumbai
UPDATED ON DEC 14, 2016 11:49 AM IST
It was a day of known expectations. But the extraordinary general meeting (EGM) of Tata Consultancy Services (TCS) on Tuesday at the YB Chavan auditorium in Mumbai, ironically a favoured venue for serious theatre and sombre political meetings, saw much excitement.
Mistry and Tata had similar plans for Tata Industries(REUTERS)
Mistry and Tata had similar plans for Tata Industries(REUTERS)

Mistry voted out of Tata Industries, all eyes on TCS

Hindustan Times | By Ramsurya Mamidenna, Mumbai
PUBLISHED ON DEC 13, 2016 12:50 PM IST
With Tata Industries voting out Cyrus Mistry as chairman at an extraordinary general meeting on Monday, Tata Sons has initiated the final leg of the boardroom battle on a firm footing, which could likely influence sentiment on December 13, when shareholders of group jewel TCS gather to vote on a similar resolution at the software company’s EGM.
Nusli Wadia has asked shareholders of Tata Steel to collectively seek the intervention of both the central government and market regulator Sebi to protect the institution of independent directors.(HT Archive)
Nusli Wadia has asked shareholders of Tata Steel to collectively seek the intervention of both the central government and market regulator Sebi to protect the institution of independent directors.(HT Archive)

Nusli Wadia asks shareholders to seek central govt, SEBI intervention

Hindustan Times | By Ramsurya Mamidenna
UPDATED ON DEC 13, 2016 12:41 PM IST
Wadia group chairman and an independent director on board of various Tata companies, Nusli Wadia, has asked shareholders of Tata Steel to collectively seek the intervention of both the central government and market regulator Sebi to protect the institution of independent directors.
In this 2013 photo, Cyrus Mistry speaks to shareholders during the Tata Consultancy Services (TCS) annual general meeting in Mumbai.(Reuters)
In this 2013 photo, Cyrus Mistry speaks to shareholders during the Tata Consultancy Services (TCS) annual general meeting in Mumbai.(Reuters)

Cyrus Mistry removed as director of Tata Industries

Mumbai, Hindustan Times | By Ramsurya Mamidenna
UPDATED ON DEC 12, 2016 10:27 PM IST
Cyrus Mistry has been removed as the director of Tata Industries, a Tata Sons spokesperson said on Monday, a move that will further escalate a boardroom battle that erupted after Mistry’s sacking as head of the $103-billion business empire.
Banks may be flush with cash after demonetisation pushed people to deposit old Rs 500 and Rs 1,000 notes into bank accounts, but it has also compounded problems. Banks, already operating on wafer-thin margins, are expected to take a hit on their earnings due to low demand, delaying their ability to pass on the rate cuts widely expected in RBI’s monetary policy on Wednesday.(Reuters)
Banks may be flush with cash after demonetisation pushed people to deposit old Rs 500 and Rs 1,000 notes into bank accounts, but it has also compounded problems. Banks, already operating on wafer-thin margins, are expected to take a hit on their earnings due to low demand, delaying their ability to pass on the rate cuts widely expected in RBI’s monetary policy on Wednesday.(Reuters)

With credit demand down, banks may struggle to pass on any rate cut

Hindustan Times | By Ramsurya Mamidenna and Beena Parmar, Mumbai
UPDATED ON DEC 07, 2016 10:56 AM IST
Banks may be flush with cash after demonetisation pushed people to deposit old Rs 500 and Rs 1,000 notes into bank accounts, but it has also compounded problems. Banks, already operating on wafer-thin margins, are expected to take a hit on their earnings due to low demand, delaying their ability to pass on the rate cuts widely expected in RBI’s monetary policy on Wednesday.
Mukesh Ambani, the chairman and managing director of Reliance Industries Limited, during an interactive session in Mumbai.(PTI File)
Mukesh Ambani, the chairman and managing director of Reliance Industries Limited, during an interactive session in Mumbai.(PTI File)

RJio makes voice, data services free till March; launches home delivery of SIMs

New Delhi, Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON DEC 01, 2016 07:10 PM IST
Reliance Jio will extend till next March the free voice and data service that was earlier valid till December 2016, allowing existing users to automatically migrate to the new offer. Under the new offer – Reliance Jio Happy New Year offer – all users, including existing customers, will get Jio services on voice, data, applications, free of all charges.
File photo of Ratan Tata who has made a comeback as Tata Sons' interim chairman for 4 months.(PTI)
File photo of Ratan Tata who has made a comeback as Tata Sons' interim chairman for 4 months.(PTI)

Tatas look to bring back veterans to head key group companies

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON NOV 28, 2016 11:44 PM IST
The group plans to bring them in non-executive roles, or in similar functions which could be individually etched, the sources added.
The boardroom battle for control at the Tata Group caught the Parsi community by surprise after Tata Sons board voted out Cyrus Mistry (R) on October 24 and made Ratan Tata interim chairman.(PTI)
The boardroom battle for control at the Tata Group caught the Parsi community by surprise after Tata Sons board voted out Cyrus Mistry (R) on October 24 and made Ratan Tata interim chairman.(PTI)

Tata Vs Mistry: The Parsi community in the clash of the titans

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON NOV 24, 2016 06:18 PM IST
The sudden removal of Cyrus Mistry as Tata group chairman and the subsequent daily saga of charges and counter charges will make it difficult for the group to find another Parsi to come in as chairman, says Adar Poonawalla, chief executive officer and executive director of the Serum Institute of India, Asia’s largest vaccine maker, and a strong voice in the Parsi community.
A file photo showing Ratan Tata with Nusli Wadia.(HT Archive)
A file photo showing Ratan Tata with Nusli Wadia.(HT Archive)

Nusli Wadia Vs Tata: From friends to foes

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON NOV 22, 2016 10:16 PM IST
Monday’s letter by Wadia group chairman Nusli Wadia, who is also an independent director on board of Tata companies, asking the Tatas to withdraw defamatory charges made against him, has put the centuries old close business relationship between the Tatas and the Wadias in a tight spot.
The government is likely to use the data on the amount of gold purchased in the last 11 days to boost its gold monetisation scheme.(Mint)
The government is likely to use the data on the amount of gold purchased in the last 11 days to boost its gold monetisation scheme.(Mint)

Bought gold in last few days? You may have to invest in gold monetisation scheme

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON NOV 21, 2016 07:01 PM IST
The government is likely to use the data on the amount of gold purchased in the last 11 days to boost its gold monetisation scheme.
Bandhan Bank, which was one of the largest micro finance institutions before it became a bank last year, has suspended its micro-credit disbursement after the government demonetised ₹500 and ₹1,000 notes on November 8. Bandhan still has a large micro lending business.
Bandhan Bank, which was one of the largest micro finance institutions before it became a bank last year, has suspended its micro-credit disbursement after the government demonetised ₹500 and ₹1,000 notes on November 8. Bandhan still has a large micro lending business.

Bandhan Bank CEO says MFIs may lose Rs 1,700cr due to note ban

Hindustan Times | By Beena Parmar and Ramsurya Mamidenna
UPDATED ON NOV 18, 2016 12:33 PM IST
Bandhan Bank, which was one of the largest micro finance institutions before it became a bank last year, has suspended its micro-credit disbursement after the government demonetised 500 and 1,000 notes on November 8. Bandhan still has a large micro lending business.
In this 2014 photo, Cyrus Mistry, former chairman of the Tata group, smiles during a Tata Consultancy Services Ltd. (TCS) annual general meeting in Mumbai.(Reuters)
In this 2014 photo, Cyrus Mistry, former chairman of the Tata group, smiles during a Tata Consultancy Services Ltd. (TCS) annual general meeting in Mumbai.(Reuters)

Cyrus Mistry removed as Tata Global Beverages chairman, says move illegal

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON NOV 15, 2016 11:23 PM IST
Tata Global Beverages on Tuesday removed Cyrus Mistry as chairman of the company which co-owns and runs Starbucks coffee stores across India, escalating a boardroom battle that erupted after his sacking as head of the $103-billion business empire.
Tata Group chairman Ratan Tata and Cyrus Mistry attend the launch of a new website for tech superstore Croma in Mumbai.(Reuters File Photo)
Tata Group chairman Ratan Tata and Cyrus Mistry attend the launch of a new website for tech superstore Croma in Mumbai.(Reuters File Photo)

Tata Motors board steers clear of Mistry feud, clears all decisions by company

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON NOV 14, 2016 11:44 PM IST
The board of Tata Motors appeared to stay clear of an escalating feud between ousted Tata Sons chairman Cyrus Mistry and group patron Ratan Tata on Monday, with independent directors unanimously approving the decisions taken by company, including on its small car, the Nano.
Independent directors of Indian hotels and Tata Chemicals who vouched for ousted chairman Cyrus Mistry’s leadership invited calls for their own ouster, putting into question their power in the boardroom.(Reuters file photo)
Independent directors of Indian hotels and Tata Chemicals who vouched for ousted chairman Cyrus Mistry’s leadership invited calls for their own ouster, putting into question their power in the boardroom.(Reuters file photo)

Tata boardroom battle: Autonomy of independent directors comes into question

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON NOV 14, 2016 08:21 AM IST
Independent directors of Indian hotels and Tata Chemicals who vouched for ousted chairman Cyrus Mistry’s leadership invited calls for their own ouster, putting into question their power in the boardroom.
Ratan Tata, interim chairman of Tata group, leaves his office building in Mumbai.(Reuters File Photo)
Ratan Tata, interim chairman of Tata group, leaves his office building in Mumbai.(Reuters File Photo)

Boardroom battle intensifies: Tata Group seeks EGM to oust Mistry, Wadia

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON NOV 11, 2016 09:38 PM IST
The Tata group on Friday sought an extraordinary general meeting (EGM) to oust former chairman Cyrus Mistry and independent director Nusli Wadia from the boards of three companies.
All eyes are on the Tata Steel board meeting to see what happens to its chairman Cyrus Mistry.(Reuters)
All eyes are on the Tata Steel board meeting to see what happens to its chairman Cyrus Mistry.(Reuters)

Tata Vs Cyrus Mistry: All eyes on Tata Steel board meeting

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON NOV 11, 2016 01:51 PM IST
All eyes are on the Tata Steel board meeting. The opinion of independent directors on board of Tata Steel is crucial and it will be widely followed to see whether they will come out in support of ousted Tata Sons chairman Cyrus Mistry.
File photo of Ratan Tata with ousted chairman Cyrus Mistry.(PTI)
File photo of Ratan Tata with ousted chairman Cyrus Mistry.(PTI)

Tatas replace Cyrus Mistry as TCS chairman, new battle begins

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON NOV 10, 2016 03:59 PM IST
Tata Sons has made the first move in its efforts to wrest control of the Tata Group by replacing Cyrus Mistry and nominating Tata veteran Ishaat Hussain as the chairman of TCS, the group’s most profitable company.
Countering recent indications that ousted chairman Cyrus Mistry had suggested viable business plans to revive the group, including specific measures for individual companies, sources close to Tata Sons on Tuesday said the former chairman never presented any plan.
Countering recent indications that ousted chairman Cyrus Mistry had suggested viable business plans to revive the group, including specific measures for individual companies, sources close to Tata Sons on Tuesday said the former chairman never presented any plan.

Mistry never submitted plans about group companies: Tatas

HIndustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON NOV 09, 2016 11:26 AM IST
Countering recent indications that ousted chairman Cyrus Mistry had suggested viable business plans to revive the group, including specific measures for
File photo of Ratan Tata with ousted chairman Cyrus Mistry.(Reuters)
File photo of Ratan Tata with ousted chairman Cyrus Mistry.(Reuters)

Seeking shareholder support in Mistry spat may open can of worms for Tatas

Hindustan Times | By Ramsurya Mamidenna, Mumbai
UPDATED ON NOV 08, 2016 10:48 AM IST
With Tata Sons thinking of seeking shareholder support over the leadership change at the group, it seems the company will end up washing its dirty linen in public.
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