In the first ever online annual general meeting (AGM) in history of Tata Sons Private Limited, the representatives of the Mistry family reportedly raised concerns over the losses in various Group companies including aviation.
Tata Sons Chairman N Chandrasekaran chaired the meeting which was also attended by CEOs of Tata Group companies and Chairman Emeritus Ratan Tata. Chandrasekaran is said to have countered the allegations levelled by the representatives of the Mistry family saying that the Group maintains commitment in all the business it operates including aviation.
The Group would support both airlines - Tata SIA Airlines and AirAsia India - since it has been in the sector for a long time now, he said. Concerns were also raised by some shareholders on Group's telecom and Tata Steel's European businesses.
Tata Sons is the holding company of Tata Group and holds the bulk of shareholding in the Tata Group of companies. Sir Dorabji Tata Trust and Sir Ratan Tata Trust are the two biggest shareholders of Tata Sons, with a combined stake of around 50 per cent, while the Mistry family owns 18.5 per cent stake.
In October 2016, the board of Tata Sons had voted to remove Cyrus Mistry, the sixth chairman of the Group, from the post of Chairman after offering him an opportunity to resign voluntarily.
Meanwhile, Tata Motors Ltd (TML) aims to reduce its total debt to near-zero levels in three years and generate free cash flows from FY22 onwards, Tata Motors Chairman N Chandrasekaran said while addressing shareholders at Tata Motors' 75th annual general meeting on Tuesday. Chandrasekaran said the company would also look to unlock non-core investments in order to deleverage the business. "In terms of the path ahead, I would like to speak about five dimensions. Currently the Tata Motors Group has a net automotive debt of Rs 48,000 crore and we are deleveraging this business substantially.
"We have set a target to significantly bring down the debt and come to near-zero debt levels in the next three years," Chandrasekaran told shareholders.