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.
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.