Moneycontrol BureauSiva Group chairman C Sivasankaran in an interview with Forbes India said he has been needlessly forced into boardroom battle at Bombay House. After Cyrus Mistry's ouster in October as Tata Sons Chairman and replaced by Ratan Tata, the two camps have been firing salvos at each other. “Tata Capital had a book that required significant clean-up on account of bad loans to the infrastructure sector. The loan given to Siva was under the strong advice of executive trustee [R] Venkataramanan which has turned into a non-performing asset,” Cyrus Mistry, former chairman of Tata Sons, said in a letter dated October 25, to the directors of the Tata group holding company, after his sudden ouster. Sivasankaran claims he invested in Tata Teleservices (TTSL) in 2006 after discussions with Ratan Tata when the company was in need of funds, based entirely on trust. He did not seek any exit option or a seat on the board for the Rs 969 crore investment. The Tata Group, he claims in his correspondence with Cyrus Mistry in 2013 (copies of which are in possession of Forbes India), even gave him a loan and a comfort letter to help him borrow to fund the investment. Read more at Forbes India
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