1. Cyrus Mistry: Capital employed in Tata Steel Europe poses risk to overall group

Cyrus Mistry: Capital employed in Tata Steel Europe poses risk to overall group

Tata Sons ousted chairman Cyrus Mistry said that the total capital employed in Tata Steel Europe grew from Rs 67,000 crore in year 2011-12 to Rs 93,500 crore in year 2014-15.

By: | Updated: December 6, 2016 2:39 PM
Cyrus Mistry was the chairman of Tata Group between 20012 and 2016. (Reuters) Cyrus Mistry was the chairman of Tata Group between 20012 and 2016. (Reuters)

Tata Sons ousted chairman Cyrus Mistry once again lashed out on Tuesday. The man who was the chairman of Tata Group between 20012 and 2016, said that the total capital employed in Tata Steel Europe grew from Rs 67,000 crore in year 2011-12 to Rs 93,500 crore in year 2014-15. In the middle of year 2012, he was chosen by a selection panel to head the Tata group and he took the charge in the same year in December. On 24 October, 2016, the board of Tata Sons, the group’s holding company, voted to remove Mistry from the post of chairman and named former chairman Ratan Tata as its interim chairman. Since then, Mistry is making big revelations about the company.

Mistry was quoted by PTI saying that the total amount of capital employed in Tata Steel europe is earning negative returns that poses risk to the overall Tata Group. He further said all the insinuations that Tata Steel board looked at UK investments through a short-term financial lens is far away from reality.

Mistry is making one after another revelation about the company. Recently on Monday, he wrote letters to shareholders of six Tata Group companies to indicate why they should side with him and not seek his ouster. He further attacked the interim chairman of the group saying that conferment of all decision-making in one man is unethical, improper and breach of trust through the letter. Soon after this, Tata Sons hit him back, saying that Mistry had converted the company into his personal “fiefdom” and his statements caused huge damage to the overall group.

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