Reason behind Ratan Tata - Mistry Clash

Reason behind Ratan Tata - Mistry Clash

 
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Sources have stated that when Ratan Tata was retired as chairman of Tata Sons in 2012, he had proposed a change in the laws governing the relationship between India's largest conglomerate and its key shareholder, according to sources familiar with the situation and until then, the Tata Trusts public charities owning two thirds of the company had easily protected its investment. A Tata family member had for decades held the chairmanship at both the Trusts and the company, whose businesses include cars, software and steel.


Meanwhile Tata Sons spokesman Debasis Ray has said Tata asked Mistry to do only what was in the bylaws and got involved in the company's affairs when he was asked. Tata Sons has cited Mistry's performance as the main reason for firing him, holding him responsible for rising expenses and impairment provisions.

The sources have stated that Tata and Soonawala wanted the purchase to be kept at a minimum because the company was already bleeding, but Mistry and Tata Teleservices executives wanted to buy more, arguing it could help increase value and draw interest from suitors and the Tata Teleservices has ended up paying 46.2 billion rupees ($681 million) for some of the spectrum being sold, government data showed.

source:http://www.apherald.com/

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