Chairmen back, Chairmen out. After a troubled year, the question on everyone’s mind is, will the economy and the job market revive anytime soon? █ Trouble at Tata The shocker of 2019 was the National Company Law Apellate Tribunal (NCLAT) reinstating former Tata Sons chairman Cyrus Mistry, and declaring the appointment of present chairman N Chandrasekaran as illegal. In effect this means the $110-billion conglomerate is currently without an ‘official’ head, though Chandrasekaran continues to run it. Mistry, who was handpicked by Ratan Tata to succeed him in 2012, was removed four years later, following a bitter row. He has now been reincluded as director on the boards of three of the group’s holding companies. But having won a ‘moral’ victory, Mistry may not return to his former position. The tribunal has held off on his reinstatement for another four weeks, giving the Tata leadership a chance to appeal against its ruling. Chandrasekaran, whose fate now hangs in the balance (should Mistry return), has assured employees the company will seek legal recourse against the NCLAT decision. This will be the corporate drama to watch out for this year. █ Change of guard HDFC bank is looking for a successor for… Read full this story
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