However, Tata Sons Chairman N Chandrasekaran refuted the allegations of the family, saying he was clearing the "mess" left by his predecessor Mistry
Chandrasekaran, while addressing shareholders at Tata Motors' 75th annual general meeting, said the company would also look to unlock non-core investments in order to deleverage the business.
Chandrasekaran also said that this is for the first time since the Great Depression, that both advanced and developing economies are in recession together.
"The past few months have been very challenging, but they have also been a great demonstration of the value of collaboration. I am proud of how we have worked together to battle this disease," the Chairman of Tata Sons -- the holding company and promoter of all Tata Group companies -- said in a group newsletter.
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Commenting on the situation arising out of COVID-19, he said, 'While some of these challenges will persist in the short term, the situation has progressively improved.'
Chandrasekaran said the COVID-19 pandemic impacted business in the last quarter of 2019-20 and the first quarter of the current fiscal.
The coronavirus pandemic, which originated in China, has forced companies the world over to rethink their reliance on the Chinese supply chain.
Tata Group, like all other companies, is facing both challenges and opportunities arising out of the coronavirus pandemic and resulting economic situation, Chandrasekaran added.
Tata Group companies are working with the MSME sector to ensure timely payment of dues, he added.
Emerging from the meeting which lasted for over 30 minutes, Chandrasekaran declined to comment on the details of his discussion.
The comments came in the wake of reports in a section of media saying that Tatas appear to be moving closer to a decision to bid for Air India in partnership with Singapore Airlines.
"Tata Motors is pushing the envelope with other group companies on safety... We have launched two models since we unveiled Tigor in 2017, and Nexa last week, at least four more products will be coming in the next 18-24 months," Chandrasekaran said.
"There is a possibility of creating platforms for SMEs, there is a possibility of getting (more) women into workforce," Chandrasekaran said.
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The comments come amid a slide in growth to a decadal low of 5 per cent expected for current fiscal, and also years after the Narendra Modi government made ease of doing business as its priority, along with a commitment to less of government.
Tata Steel's pre-tax losses were 371 million pounds last year, up from 222 million pounds in 2017-18. In November, Tata announced plans to cut 3,000 jobs across Europe.
The comments from the group chairman, whose appointment was recently termed as illegal by the NCLAT on a petition by his predecessor Cyrus Mistry, comes at a time when growth has slowed to a six-year low domestically and there are clouds of uncertainties globally as well.
A window of four weeks has, however, been allowed by the NCLAT on the reinstatement of Cyrus Mistry which means Tata Sons can appeal before the Supreme Court within these four weeks against restoring Mistry as the executive chairman.
Chandrasekaran added that the decision should ideally be made by Vistara, rather than Tata Sons.
The Tata Sons chief’s strategy appears to be one of consolidation, keeping in mind the philosophy of the group, rather than a slash and burn approach that may deliver quick results.
In his address to shareholders in the company's Annual Report for 2018-19, he also reiterated that transition to electric mobility needs to be well planned with government and industry working together to ensure development of ecosystem while incentives are provided to stimulate demand and sustainability goals are achieved.
TCS has had the foresight to take on the tumultous changes in the IT industry
The process of reducing the number of Tata group's operating companies will take 12-18 months.