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Mehli Mistry files caveat on removal from Tata Trusts; cites past resolution to contest ouster – The Times of India

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Mehli Mistry files caveat on removal from Tata Trusts; cites past resolution to contest ouster – The Times of India


MUMBAI: Mehli Mistry, whose reappointment on Tata Trusts boards was denied by a majority decision last week, filed a caveat before the charity commissioner in Mumbai Saturday requesting an opportunity to be heard before any decision on a change is sanctioned.Mistry, executor of Ratan Tata‘s will, has also sent the caveat notice to all trustees of Sir Dorabji Tata Trust, Sir Ratan Tata Trust, and Bai Hirabai Jamsetji Navsari Charitable Institution, including chairman Noel Tata, whose wife Aloo is his first cousin.Rules require the Trusts to file a report with the charity commissioner on the changes within 90 days. Once the charity commissioner accepts the new board composition, only then can the Trusts make changes in the signatories of their bank accounts, official correspondence, etc. Charity commissioner is the first judicial forum where grievances related to public charities are taken up.A caveat is filed to protect the petitioner’s interest to ensure that he is notified of the proceedings and has an opportunity to participate in the hearings before any order by the charity commissioner is passed in the particular matter, said senior Supreme Court advocate HP Ranina. In other words, a caveat is a notice not to sanction a change in the board of trustees without Mistry’s submissions. Tata Trusts will also present their arguments before the charity commissioner.

Mehli Mistry files caveat on removal from Tata Trusts

At Tata Trusts, reappointment of a trustee requires unanimous consent of all trustees. Mistry, who was inducted into the boards of Tata Trusts by Ratan Tata in Oct 2022 for three years, had a tenure which expired on October 28, 2025. On October 23, the Trusts circulated a circular seeking trustees’ consent on his reappointment as a permanent trustee. Noel and Trusts’ vice chairmen Venu Srinivasan and Vijay Singh denied Mistry’s continuation, while three other trustees, Pramit Jhaveri, Darius Khambata and Jehangir Jehangir, favoured his reappointment. Ratan Tata’s brother Jimmy Tata abstained from participation. Since there was no unanimity, Mistry’s trusteeship was not renewed.Ranina told TOI that Mistry’s defence before the charity commissioner will be the unanimous October 17, 2024 resolution passed by the trustees that they all will be reappointed as permanent trustees as and when their existing tenures expire. Ranina said any resolution passed by the Trusts is binding on the public charities according to the Maharashtra Public Trusts Act and the Trusts’ deeds. If Trusts want to revoke the October 17 resolution, then they will have to call a meeting and all the trustees will have to unanimously rescind it, Ranina added.However, a trustee who didn’t support Mistry’s reappointment, had said that the October 17 resolution cannot be interpreted as a procedural formality, which undermines the trustees’ fiduciary duties and runs contrary to the law. Senior advocate Devdatt Kamat said Mistry would need to show how due process in conducting the vote rejecting his reappointment was impaired or if there was a mala fide action or if the trust deed was breached since much would also depend on the deed.Senior counsel Shekhar Naphade said the “jurisdiction of the charity commissioner is very limited and confined only to the genuineness and it is not for the charity commissioner to decide the wisdom or its propriety, but if it leads to a deadlock or issues of any alleged mal-administration, the charity commissioner can step in. Otherwise the Trust is entitled to manage its own affairs in terms of its trust deed.If a trusteeship is not renewed, it constitutes a change in composition of the board of trustees which requires under Sec 22 to be formally and mandatorily reported to the charity commissioner via a change report within 90 days of the change that occurred.”The law also provides for provisional acceptance by the deputy or assistant charity commissioner of the change report within 15 working days of it being filed and for a notice to be issued inviting objections to such change within 30 days from the notice date. The Maharashtra Public Trusts Act provides that if no objections are received the change becomes final, but if objections are made, the deputy charity commissioner “may” hold an inquiry and give a finding in three months.Bombay high court in an Oct 2025 judgment held that in a dispute over management of affairs of a trust, an inquiry would determine the lawful appointment or removal of a trustee and a member removed from the trust could legitimately intervene.





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TikTok owner signs join venture agreements to avoid US ban

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TikTok owner signs join venture agreements to avoid US  ban


Peter Hoskins,Business reporterand

Lily Jamali,North America technology correspondent

Watch: TikTok owner signs agreements to avoid US ban

TikTok’s Chinese owner ByteDance has signed binding agreements with US and global investors for the majority of its business in America, TikTok’s boss told employees on Thursday.

Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive Shou Zi Chew.

The deal, which is set to close on 22 January, would end years of efforts by Washington to force ByteDance to sell its US operations over national security concerns.

It is in ​line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.

In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.

Under the agreement, ByteDance will retain 19.9% of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15% each.

Another 30.1% will be held by affiliates of existing ByteDance investors, according to the memo.

The White House previously said that Oracle, which was co-founded by Trump supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.

The deal comes after a series of delays.

In April 2024, during President Joe Biden’s administration, the US Congress passed a law to ban the app over national security concerns, unless it was sold.

The law was set to go into effect on 20 January 2025 but was pushed back multiple times by Trump, while his administration worked out a deal to transfer ownership.

Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.

The platform’s future remained unclear after the leaders met face to face in October.

The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.

“TikTok has become a bargaining chip in the wider US-China relationship,” said Alvin Graylin, a lecturer at the Massachusetts Institute of Technology.

“With recent softening tensions, Beijing’s sign off on the structure and algorithm licensing now looks less like capitulation and more like calibrated de-escalation, letting both capitals claim a win at home.”

NurPhoto via Getty Images The TikTok logo appears on a smartphone screen, with the American flag on a computer screen in the background, in this photo illustration taken in Athens, Greece, on September 26, 2025NurPhoto via Getty Images

The White House referred the BBC to TikTok when contacted for comment.

Oracle and Silver Lake declined to comment. The BBC has contacted MGX for comment.

The deal drew critiques from Senate Democrat Ron Wyden of Oregon, who said it wouldn’t do “a thing to protect the privacy of American user”.

Under the terms, TikTok’s recommendation algorithm is set to be retrained on American user data to ensure feeds are free from outside manipulation.

“It’s unclear that it will even put TikTok’s algorithm in safer hands,” said Sen Wyden.

He opposed the 2024 law, and was among the US lawmakers who lobbied to extend the TikTok deadline in January in a bid to give Congress more time to mitigate threats from China.

Some users also expressed caution at the prospect of new investors.

Small business owner Tiffany Cianci, who has more than 300,000 followers and nearly four million likes on the platform, said she hopes the incoming investors will maintain the same user experience for entrepreneurs like her.

“I hope small business owners are protected,” Ms Cianci said.

TikTok has said that more than seven million small businesses market their products and services on TikTok in the US.

“I reserve judgement on whether or not we have saved the app for those small business,” she added.

Ms Cianci said she chose TikTok for promotion because the platform offers profit-sharing on terms that are more favourable than what competitors like Meta offer.

Over the last year, Ms Cianci has been active in organising protests in Washington and on TikTok aimed at saving the app.



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Japan inflation holds steady ahead of BoJ rate decision – The Times of India

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Japan inflation holds steady ahead of BoJ rate decision – The Times of India


Japan’s inflation rate held steady in November, official data showed Friday ahead of the Bank of Japan’s monetary policy decision which could see central bankers raise interest rates to their highest level in 30 years.The hike would be the first since January and could potentially exacerbate turmoil in debt markets.Yields on Japanese government bonds have risen in recent weeks on worries about Prime Minister Sanae Takaichi’s budget discipline, while the yen has weakened.The core consumer price index — which excludes volatile fresh food — rose three percent in November, the same rate as a month earlier, in line with market expectations.Takaichi, who formally took power in October, has promised to fight inflation as a major priority.Her government succeeded in getting parliament approval for an extra budget worth 18.3 trillion yen ($118 billion) this week to finance her massive stimulus package.She has long advocated for more government spending and easy monetary policy to spur growth.Since taking office, however, she has said monetary policy decisions should be left to the Bank of Japan (BoJ).The BoJ began hiking rates from below zero in March last year as figures signalled an end to the country’s “lost decades” of stagnation, with inflation surging.However, with worries about the global outlook and US tariffs growing, the bank paused its tightening measures at the start of 2025, with the last increase in January taking rates to their highest level in 17 years.The inflation figures for November showed rice prices up 37 percent year-on-year, the internal affairs ministry said. Rice prices have skyrocketed because of supply problems linked to a very hot summer in 2023 and panic-buying after a “megaquake” warning last year, amongst other factors.Japan’s economy contracted 0.6 percent in the third quarter, but BoJ governor Kazuo Ueda said last week that the impact of US tariffs was less than feared.“So far, US corporates have swallowed the burden of tariffs without fully passing (them) through to consumer prices,” Ueda told the Financial Times.At the same time, inflation has been above the BoJ’s target of two percent for some time.The majority of economists polled by Bloomberg expect the BoJ to raise its main rate from 0.5 percent to 0.75 percent, which would be the highest since 1995.



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Consumer confidence improves but remains subdued ahead of Christmas

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Consumer confidence improves but remains subdued ahead of Christmas



Consumer confidence edged up ahead of Christmas but remains subdued in the face of cost-of-living pressures, according to new figures.

GfK’s long-running Consumer Confidence Index improved by two points to minus 17 for December.

The research showed that all five of the survey’s measures increased for the month, bouncing back from a weak November which had been impacted by pre-Budget caution.

Neil Bellamy, consumer insights director at GfK, said: “It’s tempting to see festive cheer in December’s two-point improvement in consumer confidence.

“This is a surprise finding for the UK high street because it contrasts with the Black Friday sales slump we reported on earlier this month.”

Industry data pointed to weakness on the high street earlier in the run-up to Christmas, the data from the CBI showing the sharpest fall in sentiment among retailers for 17 years.

The GfK figures showed a four-point improvement in its major purchase index – an indicator of confidence in buying big ticket items – to minus 11.

Measures related to shoppers’ views about the wider economic outlook also improved slightly for the month.

Mr Bellamy said: “UK households still face cost-of-living pressures, despite the recent softening in inflation, along with rising economic uncertainty, and those conditions result in weaker consumer confidence.

“Sadly, consumers resemble a family on a festive winter hike, crossing a boggy field – plodding along stoically, getting stuck in the mud and hoping that easier conditions are not far off.”



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