Business

Mistry rattles the Tatas: Of selling TCS and $12bn Corus-deal

23 Nov 2016 | By Vaneet Randhawa

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.

In context: Tata strikes-Mistry counterstrikes: When business turns ugly

26 Oct 2016Mistry comes out fighting against his dismissal

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.

10 Nov 2016Mistry betrayed our trust: Tata Sons

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.

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Tata hits at Mistry for rising costs

In a declaration issued by Tata-Sons on November 10, they blamed Mistry for the rising staff costs to the tune of Rs.180 crore in 2015-16 from just Rs.84 crore in 2012-13. The other expenses increased from Rs.220 crore in 2012-13 to Rs.290 crore last fiscal.
Mistry blames high costs on Ratan Tatas 'legacy', private jets

15 Nov 2016Mistry blames high costs on Ratan Tatas 'legacy', private jets

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".

23 Nov 2016Mistry rattles the Tatas: Of selling TCS and $12bn Corus-deal

24 Nov 2016Mistry makes U-turn as TATA veterans dispute his claims

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."