Billionaire Boardroom Coup By Business School Dean
Link between Harvard Business School Dean Nohria’s family, Billionaires, Boardroom coup and Harvard admissions.
Prof. Nohria the current Dean of Harvard Business School is the front-runner for the President of Harvard University. HarvardNotForSale.com is bringing to the forefront some facts about him and other influencers at Harvard in an effort to stop corruption and neo nepotism. To share a few pointed facts- Dean Nitin Nohria and his family’s rise and allegations of conflict of interest:
Dean Nohria, after being appointed as Dean of HBS, was nominated to the boards of billion- dollar corporations, Tata Group and the Piramal Enterprises.
The Tata Group: Over a 100-billion-dollar enterprise, its Chairman and major stakeholder donated 50 million dollars to Harvard Business School (HBS) just before Nohria was named the Dean of HBS. As a board member of Tata Group, then Dean Nohria played the most pivotal role to orchestrate the allegedly illegal removal of its Chairman, Cyrus Mistry**. It is evident that he arranged this by illegally adding his brother in law Mr. Amit Chandra and close friend Ajay Piramal (Piramal Enterprises***) to secure the board votes needed for his removal. This was done mere months after chairman Mistry had received overwhelming approval and salary raise for his performance in eliminating some of the bad debt and lack of corporate governance within Tata. As several independent board members stood up to request that the board follow the rules and process which is required for these types of major decisions, they were ousted as well. If this had happened in the United States, these executives would be in jail. This is basic common sense yet the HBS Dean who holds a PhD in ethics and corporate governance from Harvard University (Nohria) can do this because...he is a Harvard man?
He may not have yet been caught by the Indian authorities but in our country justice is swift.
The interesting fact is that the Board (including the above named gentlemen) appointed Mr. Natarajan Chandrasekaran as the new MD. Mr. Natarajan was heading TCS, which is being investigated for the H1B fraud in the US. Did Prof. Nohria, while voting to appoint him, pose any questions regarding the H1B investigations or did he again just follow the commands of Mr. Ratan Tata (the historic HBS donor)? Or is this the 1st step to try and settle a scuttle probe or use Harvard name, reach and voice of influence to lobby?
The Piramal Enterprises: Prof. Nohria (US national) was a consultant*** for the Piramal Enterprises in a 3.7-billion-dollar deal with Abbott (US company) in 2010. The Piramal Enterprises headed by the Piramal family was indicted by an Indian court for insider trading (Securities and Exchange Board of India***). According to the court, everyone including Prof. Nohria knew about the passage of information to Mr. Anand Piramal (son of the promoters) who was neither a Director nor an employee of the company. Moreover, he at the time was a student at HBS and a mentee to Prof. Nohria. Though Prof. Nohria was not charged in the case but was privy to the illegality at the time of the deal. Thereafter, he and his brother in law Mr. Amit Chandra (sued for illegality in Tata Group boardroom coup) also was appointed to the board of the Piramal Enterprises.
Ajay and Swati Piramal on Harvard Board: Ajay and Swati Piramal were indicted for insider trading in India. Ajay has been appointed on the Board of Dean’s Advisors and the Dean serves on the board of Piramal family business. Swati Piramal has been elected to the Board of Overseers of Harvard University. The question which needs to be asked, do they not see any ethical impropriety?
Now, comes the interesting case of HBS Dean’s family ascent in professional life after Prof. Nohria’s appointment as HBS Dean. Prof. Nohria has two brothers in law. Let’s look at their ascent to power after his appointment to the Dean of HBS.
Prof. Bharat Anand: Appointed Faculty chair for the HBX. Thereafter, he co-authored a case study on Tata Motors’ (HBS Donor) “Nano car”**** project. The case study glorified the car as the ‘People’s car’ and mentioned the fact that it was Chairman Ratan Tata’s dream project. The project never made money and was a monumental failure not only in India but globally.
Amit Chandra Mitra: He serves on the board of Emcure Pharmaceuticals*****. Emcure has been given several USFDA violations and charged with repeated fudging of records. In 2015, the FDA banned one of Emcure’s India plants for violations. After Mr. Nohria became the Dean of HBS, Mr. Mitra was appointed to the Board of Tata and Sons and the Piramal family business.
We will continue our quest for truth by looking more into the dubious dealings of Prof. Nohria. Our question remains- Does a person like him qualify to be appointed as the President of Harvard University or, for that matter, even be considered for this post?