Cyrus Mistry and Ratan Tata’s feud has grown in proportions to be one of the biggest bitter corporate battles ever. The two groups have been throwing allegations at each other since Mistry’s removal from Tata Sons chairmanship.
In the last couple of years a lot of meetings happened between Ratan Tata and Mistry, but never thought that Mistry would be removed from Chairmanship, Nirmalya Kumar, former GEC member at Tata Sons said.
Speaking to CNBC-TV18’s Nisha Poddar, Kumar said all the strategies were jointly decided by the board of Tata Sons. GEC, unlike the allegations, never acted as a super board. ]
"Tata Sons board not only approved what we were doing in terms of the strategy document, (but) also approved the budget every year which funded the group," he said reiterating that GEC did not report to the Tata Trusts.
Mistry was fired without any explanation or following due process and retaliation was expected.
"There are no skeletons in his (Mistry) cupboard, but he knows where all the bodies are buried in the Tata Group closet," Kumar said, adding, the battle has just begun.
There were contentions over corporate governance issues regarding role of Tata Sons, Group and the individual companies need to be defined. Mistry has always to ensure that Tata Group remains a strong institutional group with best corporate governance going into the future.
Kumar also emphasized that there is no room for reconciliation between Mistry and Tata.