Ratan Tata moves SC against NCLAT order holding him guilty of prejudicial and oppressive acts.
Pride and Prejudice: Former Chairman of Tata Group, Ratan Tata has moved the Supreme Court against a NCLAT order that reinstated Cyrus Mistry as the Executive Chairman of the Tata Group and which held him guilty of prejudicial and oppressive act.
"The National Company Law Appellate Tribunal (NCLAT) has held me guilty without any factual or legal Foundation," Ratan Tata said. "Findings of the NCLAT are wrong, erroneous, contrary to the record of the case and requires consideration by SC. NCLAT judgement blatantly indulges in propagating a selective narrative where relevant facts and record have been glossed over," he added. CNBC TV18
Bad News: In the backdrop of the ongoing slump in the auto sector, world's largest auto-part supplier Bosch announced that it will cut 10% of the total workforce of 3,700 white-collar employees of its India workforce in the next four years. Business Today
Extra Crunch: OYO has grown into one of India’s most valuable private companies and aims to be the world’s largest hotel chain by 2023. But as per a NYT report, at least part of OYO's rise in India was built on practices that raise questions about the health of its business, according to financial filings, court documents and interviews with 20 current and former employees, as well as others familiar with the start-up’s operations. Read the report here for the full scoop.
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