Cyrus Mistry hits back: Does he, really?:
Cyrus Mistry hits back: Cyrus Mistry’s outburst against Ratan Tata and the directors of Tata Sons following his unceremonious removal from the post of chairman of the company cannot be shrugged off as motivated or unwarranted...
Cyrus Mistry hits back*:Does he, really?
This refers to Lalatendu
Mishra’s report “Tatas may face Rs 1.18 lakh cr. write-down, warns Mistry” (The
Hindu, October 27). It is intriguing
that the Tata Sons Chairman waited to be
thrown out to come out with so much of facts and figures
to prove that the Group was not
anywhere near a turnaround even
after years of his stewardship.
To say it differently, by
conceding that he couldn’t lead the company successfully and by
supporting his statement with facts and figures, in a way, he is seeking
explanation from the board, how and why he was retained at the helm so long!
Tatas have a 150 year history behind and perhaps stands
alone as the single private sector group which strived to protect public
interest and participated in India’s economic growth through thick and thin,
working on trust principles. The opening paragraph of the Group’s profile on
the website explains the Tata approach to business. It inter alia says: 'To
improve the quality of life of the communities we serve globally, through
long-term stakeholder value creation based on Leadership with Trust'.
If
there is one real reason for the unceremonious exit of Cyrus Mistry on October
24, 2016, it is unlikely that anyone outside Tatas may come to know of it.
Probably, it may be the culmination of several events during the last few years
affecting the fortunes of Tata Group, for which Mistry might not be the only
person responsible. But, those outside need to concede to Ratan Tata, the right
to correct, through legally acceptable
means, if a succession plan he
implemented after considerable contemplation has gone wrong, in his own
assessment.
People
who thought Tatas can be broken into manageable pieces by using methods like
leaving the institutions topless or with weak CEOs (similar to those
successfully tried in PSUs like UTI and HMT), will, hopefully, be proved wrong
here.
M G Warrier,
Mumbai
*Submitted version of my letter published in The Hindu, October 28, 2016
*Submitted version of my letter published in The Hindu, October 28, 2016
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