Mistry had converted Group into his personal fiefdom: Tata Group

Responding to Cyrus Mistry’s recent letter to shareholders today, the Tata Group has issued a point-by-point rebuttal to Tata shareholders. Tatas said that the group is no one’s ‘personal fiefdom’ and that Mistry had converted the Group into his personal fiefdom after taking the chairmanship. For that, he hired inexperienced individuals in key positions. The Group also said that Mistry's undisclosed plan is to take over other major Tata companies via backdoor. Commenting on the recent throw-of-insults, experts believe that nothing new is coming out of the feud between Mistry and Ratan Tata.Shailesh V Haribhakti, Desi-Haribhakti & Co said that shareholders will ultimately get tired of this. Tatas, he said, need to explain how interest of minority shareholders will be protected. Former ED of SEBI JN Gupta said that Tatas need to hire a third party auditor who can look into the matters and unearth the truth. Watch video for more..