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, New Zealand Hold 4th FTA Talks In Auckland On Trade Rules
New Delhi: The fourth round (November 3-7, 2025) of negotiations for the India-New Zealand Free Trade Agreement (FTA) commenced on Monday in Auckland, New Zealand, marking another step forward in advancing a balanced, comprehensive, and mutually beneficial partnership between the two nations.
According to India’s commerce ministry, this development builds on the shared commitment to deepen economic ties and guidance given by Prime Minister Narendra Modi during the visit of the New Zealand counterpart Christopher Luxon, Prime Minister in March 2025.
The FTA was launched during the meeting between Piyush Goyal, Minister of Commerce and Industry, Todd McClay, Minister for Trade and Investment, New Zealand on March 16, 2025.
Negotiations in this round are focusing on key areas, including Trade in Goods, Trade in Services, and Rules of Origin, the commerce ministry said in a statement today.
“Both sides are working constructively to build on the progress achieved in earlier rounds, to reach convergence on outstanding issues and move towards the early conclusion of the FTA,” the statement added
India and New Zealand reiterated their commitment to developing a forward-looking and inclusive trade framework that supports sustainable growth and shared prosperity for both economies.
India is actively negotiating trade agreements with nearly a dozen countries, including the United States, the European Union, Australia, Sri Lanka, Qatar, and several others, in a bid to expand trade and secure long-term growth opportunities.
The coming months are expected to be critical, when the outcomes of these negotiations could redefine India’s role in the global trade architecture and shape its economic trajectory for the next decade.
India has, over the past 5 years, inked several trade deals, including the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) implemented in 2021, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) in 2024, and the India-UK Comprehensive Economic and Trade Agreement (CETA) signed in 2025, which is understandably yet to come into force.
Negotiations for a comprehensive trade deal between India and Oman, which commenced in 2023, were recently concluded.
Business
Consumer healthcare mega merger: Kimberly-Clark to acquire Tylenol maker Kenvue in $48.7 billion cash and stock deal; $1.9 billion cost savings targeted post-merger – The Times of India
Kimberly-Clark is set to acquire Tylenol maker Kenvue in a cash-and-stock transaction valued at approximately $48.7 billion, creating one of the world’s largest consumer health goods companies, AP reported.Under the terms of the agreement, Kenvue shareholders will receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held at closing. Based on Kimberly-Clark’s closing share price on Friday, the deal values Kenvue stock at $21.01 per share.Following the merger, Kimberly-Clark shareholders will own around 54% of the combined entity, while Kenvue shareholders will hold about 46%. The companies said the merger is expected to generate annual net revenues of approximately $32 billion in 2025. They also identified an estimated $1.9 billion in cost savings to be realised within the first three years after the deal closes.“With a shared commitment to developing science and technology to provide extraordinary care, we will serve billions of consumers across every stage of life,” said Kimberly-Clark Chairman and CEO Mike Hsu in a statement.Hsu will lead the merged company as chairman and CEO, while three members of Kenvue’s board will join Kimberly-Clark’s board upon closing. The combined company will retain Kimberly-Clark’s headquarters in Irving, Texas, and maintain a significant presence at Kenvue’s existing locations.The acquisition is expected to close in the second half of next year, pending approval from shareholders of both companies.In early trading, Kimberly-Clark shares dropped more than 15% before the market open, while Kenvue’s stock surged over 20%.
Business
Business news live – Banks bet on interest rate cut and UK bills rise 8% in a year
Interest rates: five steady cuts after sharp correction up
It’s sometimes hard to keep pace with everything around interest rates, how much it has all changed and the wider impact it has.
This chart helps display the rate of change, at least: post-Covid we had basically a zero rate for a long period, but the cost of living crisis across 2022 and 2023 saw interest rates shoot higher in quick succession as the BoE tried to stem inflation, which hit 11%.
Since last year the base rate began to decline, we’ve had five cuts in total.
Three this year came in February, May and August.
Karl Matchett3 November 2025 09:20
Economics expert explains why BoE may wait for Budget
Thomas Pugh, chief economist at tax firm RSM UK, is one of those who thinks the MPC will remain prudent for now.
“Financial markets have gone from pricing in less than a 25% chance of another rate cut by the end of the year to a two-thirds chance now, due to a lower inflation peak and rumours of a less-inflationary budget,” he explained.
“We doubt this will be enough to tempt the Monetary Policy Committee (MPC) into a rate cut next week. We expect a 3-6 vote for a hold. But it throws the door wide open to a rate cut in December, especially if the budget is deflationary.”
Karl Matchett3 November 2025 09:00
‘Odds 50-50’ on a December rate cut
Not everyone is immediately convinced, of course.
Plenty still think it’s more likely that the BoE will persist with their cautious approach so far and at least wait for one more monthly set of data to be taken in before opting to cut.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, points to the money market still being split on December at the moment.
“London stocks have a touch higher this morning as investors brace for a pivotal week at the Bank of England. Rates are widely expected to stay at 4% on Thursday, but the real debate is whether policymakers deliver a cut in December, with odds hovering near 50-50. With stubborn inflation and slowing growth, expectations for the year ahead are in the balance.
Karl Matchett3 November 2025 08:40
Barclays join calls for interest rates cut
Last week Goldman Sachs said they think a rate cut is in the offing, and now Barclays have joined them.
Noting that “shop price data point to further disinflation in October”, Barclays analysts have suggested the Bank of England’s MPC members will provide a split vote – they predict 5-4 – but the ultimate outcome will be a cut.
“We acknowledge the decision remains finely balanced, but expect the recent downside inflation and labour market news to tip the vote to a cut,” read the analysis note, from Jack Meaning and Silvia Ardagna.
Food inflation is a key tipping point in the vote, they predict, and it appears to be on the way down (disinflation).
Karl Matchett3 November 2025 08:20
Inflation data behind change of heart on interest rate cuts
Rewind the tape a few weeks and banks, economists and analysts were unified in their belief: no interest rate cut pre-Budget, quite possibly none for the rest of 2025.
However, inflation data for September changed all that.
We didn’t hit 4% as expected, and now the worst is expected to have passed.
On the back of that, jobs data came in weaker again too as companies continued to reign in the hiring and vacancies were down to a multi-year low.
Now, more than one bank has changed its tune.
Karl Matchett3 November 2025 08:14
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