Business
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.
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.
Business
India-US trade deal: 25% penal tariffs linked to Russian oil gone? Here’s what we know – The Times of India
US President Donald Trump has reportedly agreed to remove the 25% tariff America imposed on India for its crude oil imports from Russia. A New Delhi–based source quoted in a Bloomberg report said that the US has agreed to withdraw the 25% penal tariff for India’s Russian oil procurement. In the meantime, India and the US have announced a trade deal, with the Trump administration lowering the tariffs on Indian exports to 18%. Trump took to social media platform Truth Social to announce the trade deal, which was later confirmed by PM Narendra Modi confirming it via X (Twitter). However, India is yet to confirm the details of the trade deal shared by Trump in his post.
Also Read | India-US trade deal announced by US President Donald Trump; check detailsUS Ambassador to India Sergio Gor also told a TV channel that the final figure of tariff on India will be 18%, indicating that the 25% penal tariff linked to Russian crude has also been removed.He also said that the 18% tariff rate is effective immediately, and that India would buy $500 billion worth of US energy, coal, technology and agricultural products.Russia has been the largest supplier of crude for India since the start of the former’s war with Ukraine. The share in India’s oil import basket has gone up to almost 40%. But recently, after US sanctions on Russian oil firms, Indian refiners had been forced to reduce Russian crude oil purchases.
India-US Trade Deal: What PM Modi, Trump said
PM Modi posted on X, “Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement. When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation. President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights.”Before Trump had posted on social media, “It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to “BUY AMERICAN,” at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!”
People walk in front of Cinderella’s Castle at the Magic Kingdom Park at Walt Disney World on May 31, 2024, in Orlando, Florida.
Gary Hershorn | Corbis News | Getty Images
All is well in the Magic Kingdom — and all of Disney’s other theme parks, too.
The company’s experiences division, which includes its parks, cruise ships, hotels and consumer products, posted record revenue for the fiscal first quarter, topping $10 billion for the first time in Disney’s more than 100-year history. It also reported operating income of $3.3 billion, a 6% bump from the same period a year ago.
Growth in this segment has supercharged in the wake of the Covid pandemic. It often accounts for the lion’s share of the company’s profits. For the period ended Dec. 27, experiences represented 38% of Disney’s total revenue, yet generated a whopping 71% of its operating income.
Company executives expect those good times to continue, forecasting high-single-digit growth in operating income for the segment for fiscal 2026.
“When you look at the footprint of the business today, it’s never been more broad or more diverse,” Bob Iger, CEO of Disney, said during Monday’s earnings call. “And the projects that we have underway are going to make it even more so.”
The strong parks performance comes against the backdrop of a CEO succession competition that could see Chairman of Disney Experiences Josh D’Amaro step in for Iger. The Disney board is meeting this week and is expected to vote on its next CEO, according to people familiar with the matter who spoke on the condition of anonymity about internal matters.
Industry insiders and Disney sources expect D’Amaro to be appointed Iger’s successor, though the decision ultimately lies with the Disney board and won’t be final until directors vote.
“The board has not yet selected the next CEO of The Walt Disney Company and once that decision is made, we will announce it,” a Disney spokesperson said in a statement, declining to comment on the timing of the next board meeting.
Parks expansion
Much of the experiences division’s success comes from major investments to expand the footprint of Disney theme parks, refurbish existing rides and themed areas of its parks, add cruise ships to its fleet and grow its digital gaming presence. This new evolution of the segment is being fueled by Disney’s library of franchises and iconic intellectual property.
Disney has long pulled from its portfolio of content. Disneyland opened its doors more than 70 years ago with rides based on “Alice in Wonderland,” “The Adventures of Ichabod and Mr. Toad,” “Peter Pan” and “Snow White.”
While those classic attractions remain, the company’s more recent developments have been fueled by Iger’s strategic acquisitions of four major film studios — Pixar in 2006, Marvel in 2009, Lucasfilm in 2012 and 20th Century Fox in 2019. This brought coveted franchises under the House of Mouse roof, including Star Wars, Toy Story, the Avengers and Avatar.
“As we added IP to our stable … we gained access to intellectual property that had real value in terms of parks and resorts, and enabled us to lean into more capital spending because of the confidence level we had in improving returns,” Iger said.
Having the film and television rights to these properties allows the company more control over production and how that translates into rides, experiences and merchandise.
And that work continues as part of a 10-year, $60 billion investment effort that launched in 2023.
“We have expansion projects underway at every one of our theme parks,” Iger said.
He touted the upcoming opening of the World of Frozen in Disneyland Paris and the launch of a new cruise ship, the Disney Adventure, which will make berth in Asia.
On the horizon is also a new villains land coming to Magic Kingdom as well of the reshaping of “Rivers of America,” “Tom Sawyer Island” and the “Liberty Square Riverboat” into an area called “Piston Peak” — a second Cars-themed land modeled after America’s natural parks. At Hollywood Studios there will be a new “Monsters Inc.” land while the Muppets will take over the Rock ‘n’ Roller Coaster attraction. Animal Kingdom will host an “Encanto” ride and a new Indiana Jones ride.
At Disneyland, Avengers Campus, the Marvel-themed area, will get two new attractions, guests will get a glimpse at the Land of the Dead from “Coco” and Disney will build a new Avatar area inspired by the scenery in “Avatar: Fire and Ash.”
Internationally, Disney has struck a deal to bring a new park and resort to Yas Island in the United Arab Emirates.
International headwinds
The company’s commitment to bringing beloved IP into its parks is paying off, according to Iger, particularly outside the U.S.
“The percentage of people that go to Shanghai Disneyland just to go to Zootopia Land is very, very high,” he said Monday.
Revenue from international theme parks and experiences grew 7% during the fiscal first quarter, to $1.75 billion.
Of course, the company is still facing headwinds from the decline of international visitors to its domestic parks.
It’s a trend that many theme park destinations in America are contending with, as overall tourism to the United States fell 6% in 2025. Industry analysts point to higher travel costs and fees, ongoing trade frictions and geopolitical unease for the drop in demand for travel stateside.
Despite this, domestic theme park and experiences revenue grew 7% during the quarter, to $6.91 billion.
New offerings at Disney’s international parks, the launch of a cruise ship that services Asia and the new Abu Dhabi park are all ways that Disney can tap into that foreign market and engage with consumers that are not making the trek to the company’s domestic destinations.
— CNBC’s Julia Boorstin and Alex Sherman contributed to this report.
Walt Disney Company CEO Bob Iger looks on prior to the game between the Philadelphia Eagles and the Green Bay Packers at Lambeau Field on November 10, 2025 in Green Bay, Wisconsin.
Michael Reaves | Getty Images Sport | Getty Images
Disney is ready for its next CEO.
On Monday, the company’s leadership outlined its recent successes during its quarterly earnings report. CEO Bob Iger made the case that when his soon-to-be-named successor picks up the baton, Disney will be primed to seize the momentum.
“I’m incredibly proud of all that we’ve accomplished over the past three years to set Disney on the path to continued growth. I’m inspired and energized by the opportunities ahead for this wonderful company,” Iger told investors on Monday.
Iger reclaimed the CEO role in late 2022 after a failed succession plan involving former parks boss Bob Chapek. Disney picked Chapek to succeed Iger in 2020 only to fire him 2½ years later and undo many of the changes he’d implemented.
Now, Disney is counting on a smoother handover the second time around, cushioned by a path to growth.
The Disney board is meeting this week and is expected to vote on its next CEO, according to people familiar with the matter who spoke on the condition of anonymity about internal matters. The company previously said it would announce a replacement for Iger in the first quarter of this year.
“I think what is noteworthy is that when I came back three years ago, I had a tremendous amount that needed fixing,” Iger said on Monday’s call. “But anyone who runs a company also knows that it can’t just be about fixing. It has to be preparing a company for its future … but taking steps to create opportunities for growth.”
On Monday, Disney topped Wall Street expectations for both revenue and earnings for its fiscal first quarter.
The company’s experiences division, which includes theme parks, resorts and cruises, notched more than $10 billion in quarterly revenue for the first time. Chairman of Disney Experiences Josh D’Amaro is among the front-runners to be named as the next CEO.
Industry insiders and Disney sources expect D’Amaro to be appointed Iger’s successor, though the decision ultimately lies with the Disney board and won’t be final until directors vote.
“The board has not yet selected the next CEO of The Walt Disney Company and once that decision is made, we will announce it,” a Disney spokesperson said in a statement, declining to comment on the timing of the next board meeting.
Iger said Monday he was “very, very bullish” on the parks business and its ability to grow. Disney is now planning to develop a theme park and resort in Abu Dhabi, United Arab Emirates, has been launching more cruise ships, and is in the midst of a previously announced investment of $60 billion into its theme parks over the next decade.
Meanwhile, Disney’s entertainment segment — the unit that houses its TV networks, streaming and theatrical releases, and arguably needed the biggest turnaround in recent years — saw revenue rise 7% in the period. Disney stopped breaking out streaming subscriber growth this quarter, but offered guidance that showed Disney is confident it will continue to grow and offset traditional TV declines.
While theme parks, resorts and cruises have been the profit driver for Disney, its TV, streaming and film business is often in focus. Following underwhelming years at the box office, Disney dominated in 2025, and on Monday its leadership touted its slate ahead.
“Looking back just a few years when our movie business was suffering from Covid and the streaming business was obviously not in an acceptable place, it’s clear that the future of both of those businesses, or let’s call it our entertainment business, is also bright and it’s going to grow,” Iger said on the company’s earnings call.
Disney’s co-chairman of Entertainment, Dana Walden, is also among the Iger lieutenants vying for the CEO seat, CNBC previously reported.
Former Morgan Stanley CEO James Gorman has been running the process to select a successor. Given the focus on theme parks in recent years, speculation has recently swung in D’Amaro’s favor.
“In a world that changes as much as it does … trying to preserve the status quo was a mistake,” Iger said Monday addressing Disney’s last leadership transition.
“And I’m certain that my successor will not do that,” he said. “They’ll be handed, I think, a good hand in terms of the strength of the company, a number of opportunities to grow and also the expectation that in a world that changes, you also have to continue to change and evolve as well.”
— CNBC’s Julia Boorstin contributed to this report.
Correction: This story has been updated to correct the spelling of Morgan Stanley.
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