Loss-making Nano to rising debt: Read Cyrus Mistry’s email about Tata Group
An email by Cyrus Mistry to the board of directors and trustees of the Tata Group says his powers were curtailed and criticises decisions made regarding foreign acquisitions, Tata Capital and Ratan Tata’s pet project, Nano.Cyrus Mistry Exit Updated: Oct 27, 2016 13:04 IST
The Tata saga took a murkier turn on Thursday after an email attributed to former Tata Sons chairman Cyrus Mistry started doing the rounds. In the email, which is addressed to the Board of Directors and trustees of the holding company, Mistry says that the Tata firmswere facing $18 billion in write-downs.
In the email, Mistry says he was never given a free hand to run the company. “Prior to my appointment, I was assured that I would be given a free hand. The previous chairman was to step back and be available for advice and guidance as and when needed. After my appointment, the Articles of Association were modified...it severely constrained the ability of the group to engineer a turnaround,” he writes.
Cyrus Mistry’s office declined to provide Hindustan Times the original mail. A spokesperson from Mistry’s office, however, supported the claims made in it.
Read the full text of the mail below:
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First Published: Oct 27, 2016 13:02 IST