1. Cyrus Mistry letter: The controversy churns Twitter; check out the blow by blow account

Cyrus Mistry letter: The controversy churns Twitter; check out the blow by blow account

Cyrus Mistry letter: The recently sacked chairman has made some shocking revelations, levelled sensational charges against former chairman Ratan Tata and even hinted at insider trading and fraudulent deals in what has come as shocking revelations about the going's on in the Tata Group.

By: | Updated: October 26, 2016 11:41 PM
Amongst the most shocking of these allegations were ones where he said, 'Was Forced To Circulate A Note On Corporate Governance' (PTI) Amongst the most shocking of these allegations were ones where he said, ‘Was Forced To Circulate A Note On Corporate Governance’ (PTI)

Cyrus Mistry letter: The recently sacked chairman has made some shocking revelations, levelled sensational charges against former chairman Ratan Tata and even hinted at insider trading and fraudulent deals in what has come as shocking revelations about the going’s on in the Tata Group. These allegations are based on a letter purportedly written by Cyrus Mistry to the Tata Trusts and accessed by CNBC-TV18. – it has however, said that independent verification of the letter has not been carried out. Amongst the most shocking of these allegations were ones where he said, ‘Was Forced To Circulate A Note On Corporate Governance’; another said ‘Such Behaviour Created Risk Of Violating Insider Trading Norms’; yet another eyeball-grabbing statement was, ‘ Nano Project Supplies Equipment To A Company Where Ratan Tata Has A Stake In’; and most spectacularly, ‘Forensic Probe Revealed Fraudulent Transactions Worth Rs 22 Cr In AirAsia’. There is much more than this and the long and short of the entire controversy is that Cyrus Mistry was not allowed run the show as he wanted to in the face of strong opposition from within and outside the $108 bn conglomerate. The tussle in the 2 camps was mainly about the old guard wanting an expansionist chairman, while Cyrus Mistry was more into cleaning up the bad assets and even selling them off – something that is an abhorrent thought in the Tata empire. Here are the reactions on Twitter in favour of and against Cyrus Mistry and Ratan Tata:

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