Chinmai Sharma, Chief Revenue Officer, Taj Hotels Resorts and Palaces told CNBC-TV18 that the restructuring exercise is basically a move towards â€˜mono-branding‘ from â€˜house of brands‘. It means we will basically be putting â€˜Taj‘ in front of everything that we do
Just days before Tata Steel Board convenes an extraordinary general meeting) on December 21 for the removal of Nusli Wadia as independent director of the company, Wadia has written a letter to Tata Steel shareholders saying the allegations levelled against him are false and baseless.
Sources have revealed OP Bhatt, M Srinivasan and Andrew Robb refused to back Nusli Wadia's pro-Mistry resolution.
As per a statement released post the meeting, the independent directors expressed full confidence in chairman Cyrus Mistry and praised his leadership skills. They also lauded the steps taken by Mistry in providing strategic direction to the company.
The board is also going to discuss the acquisitions that the management has made overseas after Mistry alleges in his scathing letter to the board that these acquisitions could face part write downs of upto USD 18 billion.
CNBC-TV18's Menaka Doshi reports that Indian Hotels hopes to be third-time-lucky when it comes to acquiring Orient-Express Hotels. Indian Hotels vice-chairman RK Krishna Kumar says that the latest USD 1.2-billion bid should win the day as it is at a handsome 40 percent premium.