World
Trump ropes in son-in-law Kushner as presidential advisor
US President-elect Donald Trump has confirmed that he will add his son-in-law, Jared Kushner, to his White House team as senior advisor to the president.
 
Kushner would be an "invaluable member of my team as I set and execute an ambitious agenda," said the President-elect in a statement acknowledging the appointment, Efe news reported on Tuesday.
 
According to the statement released on Monday, Kushner would work closely with Chief of Staff Reince Priebus and White House chief strategist Stephen Bannon, forming a trio.
 
Trump said that this trio would be an effective leadership team. 
 
The communique also emphasised the role that Kushner had in the election campaign that culminated in Trump's November 8 win, saying that his participation was "instrumental" in formulating and executing the winning campaign strategy.
 
Kushner, an Orthodox Jewish real estate businessman, who is married to Ivanka Trump, the mogul's older daughter, would forego his salary as presidential advisor, the communique added.
 
The possibility that Trump's son-in-law would join his team was discussed for several weeks, although that would appear to pose personal challenges for Kushner because he would have to divest himself from his business activities to take on a government post.
 
Kushner, who would turn 36 on Tuesday, is the CEO of a company focusing on New York and New Jersey real estate investments and since 2007 he has closed deals worth some $13 billion, according to data from the firm.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Full and fitting reply will be given, say sources close to Mistry
Sources close to Tata Sons' ousted Chairman Cyrus Mistry on Monday said that "a full and fitting reply" will be given to the National Company Law Tribunal (NCLT) on the "counter-allegations" made by the holding company of the industrial conglomerate.
 
The development comes after Tata Sons filed an over 200-page affidavit with the NCLT, rebutting charges levied against it by the investment companies of Mistry. 
 
Currently, the NCLT in Mumbai is hearing the petition filed by Mistry's investment companies.
 
"It is but natural that Tata Sons and its directors and the trustees of Tata Trusts would deny allegations and level counter-allegations," sources close to Mistry said. 
 
"The petitioners and Cyrus Mistry will indeed file their rejoinder on all facts and issues that are involved in the proceedings. A full and fitting reply will be filed within applicable deadlines."
 
The affidavit, among other things, alleged that Mistry had under-performed as the Chairman of Tata Sons, which led to a decline in dividend payments to Tata Trusts. 
 
Further, the affidavit pointed out that the Board of Tata Sons had lost confidence in Mistry.
 
Earlier, Tata Sons had been served with a petition filed before the NCLT by Mistry's investment companies under Sections 241 and 242 of the Companies Act.
 
On December 22, Tata Sons said the NCLT has not granted any interim relief to its ousted chairman.
 
On its part, Tata Sons also served legal notice to Mistry, alleging breach of confidentiality and passing on sensitive information to his family-controlled companies. 
 
However, no damages were sought.
 
The holding company of the industrial conglomerate had filed a petition before the NCLT for alleged "breach of confidentiality obligation by a Director".
 
Mistry, who still remains a Director on the board of the holding arm of the $100 billion-plus group, was asked to desist from such alleged actions.
 
Tata Sons' board ousted Mistry on October 24 and appointed Ratan Tata as interim Chairman. 
 
Tata Trusts hold 66 per cent stake in the holding company of the Tata Group, whereas Mistry's family holds over 18 per cent interest.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

sukarna acharya

3 months ago

One thing I do not understand of Mr. Mistry- i.e. if there was so many issues with the Tata Company, he should have resigned just after 1 year and made public all his observations. Another thing I think there is no point in ceremonious or non-ceremonious ousting of a director, rather for big companies very quick decision is quite welcome.

Suketu Shah

3 months ago

The blessings and good wishes of crores of Tata investors are with Cyrus Mistry.We wl see within 10 yrs who has been made a lame duck in all this.Great going by Cyrus.

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