Ratan Tata's purported remarks expressing surprise at fellow industrialist Mukesh Ambani living in a billion-dollar mansion in Mumbai has sparked off a controversy on Sunday.
The Tata group chairman was quoted by London's Times newspaper as having said, "It makes me wonder why someone would do that. That's what revolutions are made of. The person who lives in there should be concerned about what he sees around him and [asking] can he make a difference.
"If he is not, then it's sad because this country needs people to allocate some of their enormous wealth to finding ways of mitigating the hardship that people have."
Tata, who bought the British steel maker Corus and car manufacturer Jaguar Land Rover (JLR) said, the widening gap between the rich and the poor in India worried him.
"We are doing so little about the disparity. We are allowing it to be there and wishing it away."
However, Tatas disputed the reported attribution to its chairman, saying that the comments were taken out of context and factually incorrect.
"We would also like to clarify on stories in Indian media regarding Mr Ambani's home. The report is out of context and factually incorrect. Mr Tata's comments on wealth are in the larger context of the growing disparity in the society. The comments seem to have been deliberately sensationalised.
"There have been words, individuals and statements that have not been mentioned by Mr Tata during the course of the interaction which are being attributed to him.
"We have already registered our protest with the concerned publication and will continue to pursue measures against the incorrect impressions being sought to be created," a spokesperson of Tata Sons said in a statement.