Ratan Tata, chairman of the Tata Group of companies, is sticking fast to his commitment to ethics and values. Speaking to mediapersons at Dehradun after delivering an address at the 10th anniversary function of the formation of Uttarakhand, Mr Tata said that there was no question of "of any change in his plans to retire in 2012" and that his successor will be somebody committed to ethics and values, reports PTI.
When asked to reveal his mantra for success without compromising on ethics and values, Mr Tata said he did not have a methodology in this regard but he had an example to share.
He said, "Several years ago, Tatas were trying to set up a domestic airline in collaboration with Singapore Airlines. Even though we were pioneers in the Indian airline industry, we had enormous problems if you remember through the reports in the media."
"We approached three prime ministers also. But an individual thwarted our efforts to form the airline." He recalled that a fellow industrialist had commented: "You are stupid people. The union minister was asking for Rs15 crore, why don't you pay him."
"I didn't want to go to bed at night thinking I got an airline by paying for it," Mr Tata said.
On his retirement, he added, "I don't want to change my deadline I set for my retirement. There are lots of sacrifices one has to make in terms of personal life. I wanted my life back. I want to enjoy the things that I wanted to do."
In August this year, the Board of Tata Sons set up a selection committee comprising five members, including an external member to decide on a suitable successor to Mr Tata.
"There is no such thing as indispensability of an individual. The day I succeeded JRD Tata, I felt in very large shoes. I knew that I cannot be another JRD and I have to be my own person," Mr Tata said in reply to a question.
India’s leading diversified financial services, Edelweiss Group appoints Vikaas Sachdeva as the chief executive officer of Edelweiss Asset Management
Edelweiss Group said it has appointed Vikaas Sachdeva as the chief executive officer of Edelweiss Asset Management Ltd, the investment manager to Edelweiss Mutual Fund.
Mr Sachdeva's appointment is in line with the group's focus on strengthening the senior management bandwidth to lead the group's growing and expanding businesses particularly in the asset management space.
A veteran in the financial services industry, Mr Sachdeva has over 18 years of experience in marketing and distribution of financial products. As CEO of the Edelweiss Asset Management, Mr Sachdeva's key responsibility would be to spearhead Edelweiss Mutual Fund and the AMC operations to the next level.
Prior to Edelweiss, Vikaas worked with Bharti Axa Investment Managers as their country head - business development.