The resolution letter says that the group chairman will be taking basic salary of Rs 20 lakhs a month and maximum of Rs 40 lakhs per month.
The board also decided to raise Rs 7,000 crore by selling bonds. This amount will be used to refinance the company's debt, invest in securities and provide loans to companies.
Tata Sons Chairman Emeritus Ratan Tata on Friday said the Tata Group is in the safe hands of N Chandrasekaran, who would take it to a new level of progress and growth.
The conglomerate wants to simplify the holding structure by reducing cross holding in its various companies and will invest Rs 6,000 crore for the same, sources have told CNBC-TV18.
In 2009, the Japanese telecom giant invested around USD 2.6 billion in order to buy a 26.5 percent stake in Tata Teleservices (TTSL). It later deemed the venture as its â€œworstâ€ overseas investment, and sought USD 1.17 billion in compensation for its 2014 exit from India.
The Airtel-Telenor buyout coupled with talks of potential Vodafone-Idea merger and Tata Teleservices with RCom-Airtel-MTS combine raise questions whether a consolidation is the best way for telecom companies in view of Reliance Jio's entry.
N Chandrasekaran's strength to lead from the front makes him the right person to lead the USD 103-billion Tata Group, former TCS head S Ramadorai has said.
"N Chandrasekaran has been elected as the Chairman of the Board of Directors of the Company with effect from February 22, 2017 vide a written resolution of the Board," IHCL said in a BSE filing.
In yet another consolidation in telecom industry, India‘s largest telecom operator Bharti Airtel informed the bourses on Thursday that it will acquire Telenor India assets. The move comes at a time when new entrant Reliance Jio has acquired 100 million users and the market is awaiting response on a potential Vodafone-Idea merger.
Tata Sons' new Chairman N Chandrasekaran is likely to bring on board chief executives of group operating companies to better operational proficiency, reports the Economic Times today.
Talking to reporters after the first board meeting chaired by Chandra, Amit Chandra, who is on the board of Tata Sons and a trustee with Tata Trusts which owns over 66 percent of the holding company, said, "It's a great day for corporate India as someone from such a humble background has risen to head the country's largest conglomerate.
"Chandra is the right man for the right job who brings a lot of experience, maturity and midas touch," V Balakrishnan, former Infosys CFO said.
N Chandrasekaran's first Board meeting as chairman of Tata Sons comes close on the heels of his appointment as chairman of group operating companies including Tata Power, Tata Motors, Tata Steel and Tata Consultancy Services
Chandrasekaran served TCS for three decades as it rose to become the largest IT company in the country and also the crown jewel for Tata Sons -- the group holding company which is majority-owned by philanthropic trusts set up by the Tata family.
Tata Sons Chairman-designate Natarajan Chandrasekaran will also hold the chairmanship of the group's crown jewel Tata Consultancy Services from Tuesday.
A man known for making India's largest software exporter TCS what it is today, Chandrasekaran has his task cut out as the new Chairman of Tata Sons -- the promoter firm of many of the operating Tata group firms.
While buybacks are not new to the Indian market, they are not as popular when compared to the US market
The stock market has digested most of the news post demonetisation and emerged relatively unscathed, says S Krishna Kumar, CIO Equity at Sundaram Mutual Fund.
India's largest software company confirmed this morning that it would consider doing a buyback on February 20.
India's largest software company, TCS, confirmed this morning it would consider doing a buyback on February 20, in line with recent calls by investors that IT companies look for ways to return excess cash to shareholders.
"It is a very big job but the canvas is large...got exciting things to do. There are challenges and opportunities.
Tata Sons Chairman Designate Natarajan Chandrasekaran, under whom IT major Tata Consultancy Services grew from strength to strength, has quashed concerns over US visa troubles the industry is anticipating. â€œI am not in the gloom and doom club,â€ he said asserting that demand for the IT sector will be robust.
The appointment of TCS follows an extensive selection process during which several of the world's premier IT development companies were assessed on their ability to deliver "unrivalled" IT services.
N Chandrasekaran, chairman designate of Tata Sons and currently the CEO and Managing Director of Tata Consultancy Services, was today elected as Chairman of Tata Steel Board.