1. Ratan Tata does U-turn, raises demonetisation fears against Narendra Modi’s drive, demands relief for poor

Ratan Tata does U-turn, raises demonetisation fears against Narendra Modi’s drive, demands relief for poor

Just days after giving thumbs to the Narendra Modi government, Tata Sons chairman raised concerns on the issue today.

By: | New Delhi | Updated: November 24, 2016 6:58 PM
Even while the government has done well to increase availability of new currency, it may be worthwhile to consider special relief measures, he says. (PTI) Even while the government has done well to increase availability of new currency, it may be worthwhile to consider special relief measures, he says. (PTI)

Just days after giving thumbs to the Narendra Modi government, Tata Sons chairman raised concerns on demonetisation today. He added that even while the government has done well to increase availability of new currency, it may be worthwhile to consider special relief measures as the same manner as is done during national calamities to serve poor.

Stressing that common people are suffering due to the step taken suddenly by the government on November 8, he said that such emergency measures will be appreciated by distressed segment as it would exhibit Government’s care for them and their needs.
In a message that he put on his Twitter account, Ratan Tata said that the step has caused great hardships for the people of the country, particularly during medical emergencies. He also said that the demonetisation has also brough tough times especially for the poor due to shortage of cash, especially for daily household needs.

On Tuesday, the office of Cyrus Mistry, whom Ratan Tata replaced as chairman to be back at the helm after four years, said that Ratan Tata wanted to sell the company’s “crown jewel” Tata Consultancy Services (TCS) to IBM. A statement from the office dubbed the move by Ratan Tata as a “near-death experience for TCS”.

Mistry’s office also alleged that Ratan Tata’s “ego” had led to Corus deal at a high price. Some board members and senior executives of the group had reservations against Ratan Tata’s decision to buy the European steel company for over $12 billion. They had reservations against the decision as a year before the agreement, the European company was available for sale at half the price, according to Mistry. The Corus deal, however, had put Tata steel on the world map.

In October, Mistry was removed from the post of the chairman of Tata Sons, which is the holding firm of the $100 billion steel-to-software business empire. Mistry said that Ratan Tata’s decision to buy Corus at a higher price made it tough for the company to invest in acquired assets.

 

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