Hints of a rift in Tata-Mistry partnership were apparent in Aug

Moneycontrol BureauThe cracks in the Tata Sons management had begun to develop in August itself during its annual general meeting when Rata Tata had advised the then chairman Cyrus Mistry to appoint three new independent directors to Group’s board, a report in the Business Standard says. Quoting sources, BS mentions that the proposal to nominate three members –TVS chairman Venu Srinivasan, Amit Chandra of Bain Capital and Ajay Piramal of Piramala Enterprises – was made by Tata just before the AGM was about to begin alongwith mandatory Rs 1 lakh cheque for each member. While the company refused to comment on this, report says that the process for appointment of directors was followed. Sources further say that Mistry was taken aback by Tata’s initiative. The names were cleared by the trusts, which holds 66 percent share in Tata Sons.