1. Cyrus Mistry gets Deepak Parekh booster shot in fight against Tata group; check out how

Cyrus Mistry gets Deepak Parekh booster shot in fight against Tata group; check out how

One of the most eminent business figures in the country on Wednesday spoke in favour of beleaguered Cyrus Mistry, questioning the unceremonious removal of the former Tata Sons Chairman.

By: | New Delhi | Published: October 26, 2016 10:41 PM
Deepak Parekh, Deepak Parekh HDFC, Deepak Parekh Modi, Deepak Parekh PM Modi One of the most eminent business figures in the country on Wednesday spoke in favour of beleaguered Cyrus Mistry, questioning the unceremonious removal of the former Tata Sons Chairman.

One of the most eminent business figures in the country on Wednesday spoke in favour of beleaguered Cyrus Mistry, questioning the unceremonious removal of the former Tata Sons Chairman. Deepak Parekh, who is the Chairman of Housing Development Finance Corporation (HDFC), said “Cyrus was removed despite doing a reasonably good job”. Parekh even went to said “Mistry’s ouster doesn’t go well for Indian business and India’s reputation”. Criticizing Tata over the ongoing row, Parekh told ET NOW, “Sad to see a reputable Group like the Tatas attract such bad publicity. Cyrus tried his best to divest legacy problems of the group”. He also raised doubt whether “relationship may have soured between both parties”.

On the other hand, long-time legal adviser to the Indian conglomerate Harish Salve defended the controversial move, saying, “board may have lost confidence in Mistry and the move was well thought out”. Blaming media for the constant speculation, he said, ” there is no dispute as of now as there is anything non-amicable between parties” and he “can not speculate on reasons for ouster”.

Mistry’s removal has evoked a shocking reaction as far as the market is concerned. Even markets regulator Sebi has begun looking into the high profile Tata-Mistry case for any possible breach of corporate governance norms and listing regulations at various listed companies of the over USD 100 billion conglomerate, a report said.

Read Also: Cyrus Mistry letter makes shocking revelations; from fraud in AirAsia deals to Tata Nano losses, here’s a blow by blow account

In a fresh turn of events in the Tata-Mistry saga, leading stock exchanges BSE and NSE have sought clarification from various listed companies of Tata Group about purported disclosure by the ousted chairman about USD 18-billion possible write down at these firms.

In Mistry’s letter, the former chairman has made some fiery claims against Ratan Tata too.

  1. M
    Mohan
    Oct 26, 2016 at 5:54 pm
    It looks very unbecoming for Mr Parekh to p judgments like this without being privy to anything. The very fact that Mr Mistry did not gracefully bow out when the majority asked him to and forced them to take such a step, the very fact that he is even permitting such third party, unrelated individuals to exercise a non existent authority to engage in such mud slinging for Tatas proves that he cares a about the Tata legacy and was not the right person in the first place, The more he allows this the more it will justify to the Tatas and the shareholders that he was not the right choice. If he was matured and a real Company loyalist he would have come out and said that he gracefully accepts the decision.
    Reply
    1. Y
      Yadubhanu
      Oct 29, 2016 at 7:34 am
      Let there be no politics between businesses houses. Let there be competetion. Mr. Parekh shiuld not have expressed his opinion in public.
      Reply

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