Mistry makes U-turn as TATA veterans dispute his claims

Mistry in his letter recounted how he had been forced to be moved in the position of a 'lame duck' by Ratan Tata.

He criticized the Tata Nano project which had been kept afloat because of Tata's emotional reasons.

He also came out against the Tata Docomo, Tata chemicals and foreign investment deals, Tata's tie-up with Malaysia's Air Asia to create Air Asia India.

On November 10, Tata's holding company had claimed that Chairman Cyrus Mistry was betraying the company's trust.

He was accused of seeking power over the main operating firms.

Tata Sons statement said that Mistry had sought this control over the $100 billion (around Rs.6.8 lakh crore) group by trying to exclude the Tata Sons and other Tata representatives.

Dismissing all Tata claims in the November 10 notification, Mistry said that a "significant amount" of staff cost was for the use of corporate jets by Ratan Tata.

The November 10 notification from Tata Sons had also cited that there had been a significant rise in the "impairments to Rs.2,400 crore in FY16", which Mistry in his letter blamed on "legacy issues".

Hitting back at Tatas, in a third letter clarifying his stance ousted Chairman Cyrus Misty rebuffed claims of not having contributed to TCS and JLR - the Tata cash cows.

Mistry alleged that Ratan Tata had once proposed to sell TCS to IBM.

He said it was Tata's ego that led to $12 billion Corus deal at double the cost.

FC Kohli, TCS's first CEO rubbished Mistry's claims about wanting to sell TCS to IBM; Mistry responded saying he meant that only Ratan Tata and not the group wanted to sell TCS.

B Muthuraman, Tata Steel's MD during the Corus acquisition, discarded Mistry's claims that they overpaid for the company.

Mistry clarified that he only said "there were differences of opinion during the negotiations."