Top member of Tata Trust reveals real reasons why Cyrus Mistry was fired
Advertisement
Days after Cyrus Mistry was removed as the Chairman of Tata Sons, a trustee of low-key charitable trusts that own Tata Group broke his silence on the board’s decision.
VR Mehta, who is a member of Sir DorabjiTata Trust and other group of charities, said Tata Group's sagging financials was the prime reason behind removal of Cyrus Mistry.
Mehta, in an interview to NDTV, said under Mistry’s leadership, the entire Tata Group was dependent on only two companies -Tata Consultancy Services and JLR (Jaguar Land Rover).
Mehta said downsizing of the philanthropic activities of the trusts was unacceptable to them.
He said Tata Group’s ethos was getting diverged under Mistry's watch, specifically the legal battle in which the Tata's found themselves against their telecom partner, DoCoMo.
It is a battle the Tatas eventually lost, and now face a hefty 1.2 billion dollar penalty.
"It (the DoCoMo case) doesn't fit with the philosophy and ethos of Tatas. Issues could have been dealt with more finesse,” Mehta told NDTV.
"After the regime changed, Mr (Ratan) Tata remained as the Chairman of the Trusts and Mr Mistry the Chairman of Tata Sons. There was no link (between the Trust and Tata Sons). Mr Tata and Mr Mistry used to meet and talk but somehow the concerns (of the Trusts) did not get adequately addressed," Mehta told NDTV.
(Image: Reuters)
Advertisement
VR Mehta, who is a member of Sir Dorabji
Mehta, in an interview to NDTV, said under Mistry’s leadership, the entire Tata Group was dependent on only two companies -
Mehta said downsizing of the philanthropic activities of the trusts was unacceptable to them.
He said Tata Group’s ethos was getting diverged under Mistry's watch, specifically the legal battle in which the Tata's found themselves against their telecom partner, DoCoMo.
Advertisement
"It (the DoCoMo case) doesn't fit with the philosophy and ethos of Tatas. Issues could have been dealt with more finesse,” Mehta told NDTV.
"After the regime changed, Mr (Ratan) Tata remained as the Chairman of the Trusts and Mr Mistry the Chairman of Tata Sons. There was no link (between the Trust and Tata Sons). Mr Tata and Mr Mistry used to meet and talk but somehow the concerns (of the Trusts) did not get adequately addressed," Mehta told NDTV.
(Image: Reuters)
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market