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livemint.com / 1 month ago
livemint.com / 1 month ago
Mehli Mistry seeks probe on affiliate of Tata Trusts for appointing non-Parsis
Bengaluru/Mumbai: Former Tata Trusts trustee Mehli Mistry has filed an affidavit before the Maharashtra charity commissioner, seeking clarification on alleged irregularities at an affiliate of Tata Trusts.He has accused his former Tata Trustees colleagues—including chairman Noel Tata—of appointing two vice chairmen, Vijay Singh and Venu Srinivasan, who, being non-Parsis, he claims should not have served on a Trust run by a principal Tata Trust.Mistry, who resigned from Tata Trusts in October last year, has asked the regulatory body to probe the Bai Hirabai Jamsetji Tata Navsari Charitable Institution, one of the five trusts run by the Sir Ratan Tata Trust & Allied Trusts. Separately, Sir Dorabji Tata Trust & Allied Trusts run nine additional Trusts.Sir Dorabji Tata Trusts (SDTT) and Sir Ratan Tata Trusts (SRTT) own 27.98% and 23.56% of Tata Sons, the holding company of the Tata Group.
Along with this 51.54% stake, six other Trusts own 14.36%, making the philanthropic entities the owners with 65.9% of Tata Sons.“Clause 6 of the Trust Deed dated 07.12.1923 expressly and unequivocally sets out a specific, mandatory qualification that all of the Trustees (of Bai Hirabai Jamsetji Tata Navsari Charitable Institution) shall be Zorastrians,” read an appeal, dated 3 March, filed by Mistry. “Clause 18 of the Trust Deed dated 07.12.1923 expressly states that no person who is not of Zoroastrian faith shall be appointed as a trustee.”“The Applicant/Objector fails to understand how individuals who do not meet the qualifications prescribed under Clauses 6 and 18 of the Trust Deed, and who are therefore not trustees, can purport to be appointed as trustees of the Trust,” said the petition.Besides Singh and Srinivasan, Mistry has made
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21.05 / 10:17
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21.05 / 10:17
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Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
markets
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
Subscribe to enjoy similar stories.Homegrown advertising group RK Swamy Ltd is betting on its integrated marketing model to drive growth over the next few years, combining media, creative and other advertising services even as the ‘Big Four’ agency networks increasingly separate those businesses.“We never did disaggregated media and creative [although] that was an option 20 years ago,” Shekhar Swamy, MD and group CEO of RK Swamy Ltd told Mint in an interview.“How can you disaggregate the two? The media function holds a lot of data, and then when media and creative walk separately, it creates a lot of tension. This is not a sensible model for a client.”RK Swamy’s clients include Magicbricks, Polycab, and several government institutions and PSUs such as LIC.The company reported a 15% jump in annual revenue for FY26 to ₹351.73 crore, while profit before tax and exceptional items rose 30% year-on-year to ₹32.2 crore.
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21.05 / 09:47
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Secured credit cards: Unlocking credit and building a credit score for millions
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
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UPS
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Why Dixon, Syrma and Kaynes are moving beyond smartphones: margin pressure
Subscribe to enjoy similar stories.MUMBAI: India’s listed electronics manufacturers are under pressure to defend profitability as the mobile-phone assembly boom slows, prompting a shift towards higher-value industrial electronics.Investors remained jittery through the last fiscal, driven by concerns that slowing consumer sentiment could weigh on the rapid growth that electronics manufacturing services (EMS) firms have delivered so far.In an interview with Mint, Jasbir Singh Gujral, managing director of Syrma SGS Technology Ltd, India’s second-largest listed EMS firm, said, “We’re increasingly looking to capture a larger chunk of contracts from defence, aerospace and med-tech verticals, all of which represent opportunities for original design manufacturing, and also bring significantly higher margins. We’ve already started this transition, and we plan to do more of it this fiscal.”Beyond mobile phones and laptops, EMS firms are expanding into smart metres for electricity boards, aerospace and defence subsystems, railway safety instrumentation, printed circuit boards and display assemblies, and medical devices deployed in hospitals.India’s annual mobile phone shipments have remained subdued since the covid-19 pandemic, with industry estimates pointing to a single-digit decline this calendar year from 152 million smartphones shipped last year.The margin pressure driving this shift is increasingly visible.In FY26, Syrma SGS reported an operating margin of 7.1%, up 2.3 percentage points.
