Full statement: Tata Sons says its companies suffered under Mistry’s leadership | business-news | Hindustan Times
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Full statement: Tata Sons says its companies suffered under Mistry’s leadership

Tata Sons hit out at ousted chairman Cyrus Mistry on Thursday, accusing him of underperforming and doing little to fix problem areas in India’s biggest business group.

business Updated: Nov 10, 2016 13:45 IST
HT Correspondent
File photo of Ratan Tata (left) with Cyrus Mistry.
File photo of Ratan Tata (left) with Cyrus Mistry.(PTI Photo)

Tata Sons hit out at ousted chairman Cyrus Mistry on Thursday, accusing him of underperforming and doing little to fix problem areas in India’s biggest business group.

A blistering nine-page statement issued by the holding company of the $103 billion conglomerate said dividends of 40 group firms, excluding Tata Consultancy Services, declined during Mistry’s four-year tenure while staff expenses zoomed.

The statement said Mistry was appointed chairman in 2012 – replacing Ratan Tata – because of his recorded views and plans but hardly any of his major views “have been implemented”.

Here is the full statement: