Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » Auto
1-min read

Renault-Nissan Crisis Meeting Fails to Name Interim Boss

The two companies and Nissan-controlled Mitsubishi Motors "emphatically reiterated" their commitment to the alliance, as executives met in Amsterdam for the first time since Ghosn's Nov 19 arrest over misconduct allegations.

Reuters

Updated:November 29, 2018, 11:52 PM IST
facebookTwitter Pocket whatsapp
Renault-Nissan Crisis Meeting Fails to Name Interim Boss
The Renault-Nissan-Mitsubishi headquarters building is pictured in Amsterdam, the Netherlands, November 29, 2018. REUTERS/Piroschka van de Wouw

Amsterdam/Tokyo: Renault and Nissan vowed to stick by their industrial alliance on Thursday but failed to name an interim boss to stand in for Chairman Carlos Ghosn, whose arrest has threatened the French carmaker's control of the partnership.

The two companies and Nissan-controlled Mitsubishi Motors "emphatically reiterated" their commitment to the alliance, as executives met in Amsterdam for the first time since Ghosn's Nov 19 arrest over misconduct allegations.

But attempts by Renault to transfer Ghosn's chairmanship of the Renault-Nissan board to his French deputy Thierry Bollore appeared to have foundered.

There are no plans to name an interim alliance leader, Mitsubishi boss Osamu Masuko said afterwards. Instead, he said, leadership will be shared among the three companies' CEOs.

The crisis unleashed by Ghosn's arrest has deepened as Nissan CEO Hiroto Saikawa seeks to end 43.4 percent-owner Renault's grip on their alliance. Ghosn was swiftly ousted as Nissan chairman but remains at the helm of Renault.

Renault had named Bollore as deputy CEO with "the same powers" as Ghosn a day after his arrest - in a bid to maintain the continuity of its leadership of the alliance.

Under its 2002 master agreement, seen by Reuters, the alliance is chaired by the sitting chief executive of Renault, a post still held by Ghosn. Nissan's reciprocal a 15 percent stake in its French parent currently has no voting rights.

Changes to the alliance ownership structure were not discussed, Masuko said in Japan after joining the meeting by video link. Saikawa and Bollore also participated remotely.

Ghosn, 64, and alleged co-conspirator Greg Kelly, a fellow Nissan director, were arrested in Tokyo over financial misconduct allegations after a Nissan investigation sparked by a whistleblower.

Both deny accusations that they under-reported Ghosn's compensation, misrepresented Nissan investments and made personal use of company funds.​

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Anu Parthiban
Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 309.05 6.11
Tata Motors 176.70 1.93
SBI 332.55 3.32
TCS 2,071.25 2.49
Axis Bank 752.00 4.14
Company Price Change %Gain
Indiabulls Hsg 309.30 6.09
Reliance 1,582.45 0.95
Tata Motors 176.65 1.90
SBI 332.70 3.39
Yes Bank 46.65 2.87
Top Gainers
Company Price Change %Gain
Axis Bank 752.00 4.14
Vedanta 149.40 3.75
Hindalco 208.25 3.38
SBI 332.55 3.32
Coal India 196.25 3.21
Company Price Change %Gain
Axis Bank 752.00 4.21
Vedanta 149.35 3.75
SBI 332.70 3.39
TML-D 72.80 3.34
Maruti Suzuki 7,221.35 3.20
Top Losers
Company Price Change %Gain
Dr Reddys Labs 2,821.50 -2.90
Bharti Airtel 427.80 -2.47
Zee Entertain 279.70 -1.62
Kotak Mahindra 1,692.75 -1.33
Bajaj Auto 3,232.90 -0.88
Company Price Change %Gain
Bharti Airtel 427.50 -2.46
Kotak Mahindra 1,691.95 -1.38
Bajaj Auto 3,233.05 -0.86
Asian Paints 1,744.00 -0.40
HUL 2,005.30 -0.06

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results