Cyrus Mistry responds to charges made by Tatas; rakes up controversial Nira Radia issue

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Cyrus Mistry responds to charges made by Tatas; rakes up controversial Nira Radia issueOusted Tata Sons Chairman Cyrus Mistry responded to each and every charge that was levelled by Tata Group.
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Mistry slammed Tata Group’s claim that the write-downs were not due to legacy issues. In an official statement, Mistry said the legacy issues were largely due to Tata Teleservices.

“Impairments and write-downs due to legacy issues. Piaggio Aero investment especially distressing. Tata advertisement a brazen attempt to mislead public and shareholders,” read the official statement.

Mistry has claimed the group incurred loss of Rs 1,150 crore in Piaggio-Aero deal.

Meanwhile, Mistry went a step ahead and raked up the Nira Radia issue.

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“Radia was paid about Rs 40 crore per year, Arun Nanda was being paid about Rs 60 crore per year, while Ratan Tata's office got about Rs 30 cr per year. Even, Nagarjuna, Sasol JV investments questionable,” the statement read.

The Radia tapes controversy surfaced after telephonic conversations between Nira Radia, an influence peddler and an acquaintance of the (then) Indian telecom minister A. Raja, and with senior journalists, politicians, and corporate houses, were taped by the Indian Income Tax Department in 2008–09. The tapes led to accusations of misconduct by many of these people.

Radia used to run a public relations firm named Vaishnavi Communications, whose clients included the Tata Teleservices.

Also, Mistry referred to the vision document and said the 2025 Group Strategy Document was tabled in Tata Sons June 2015 board meet.

“Strategy Document was presented again in Dec 2015 and June 2016,” the statement read.