The aftermath of the boardroom coup raises more questions than it answers. What next?
Everybody loves an underdog. In the unsavoury turn of events since the mighty $103-billion Tata Group ousted its celebrated CEO Cyrus Mistry in a boardroom coup at group holding company Tata Sons, Mistry has unwittingly emerged as that underdog, garnering public empathy at the expense of Tata Group’s carefully crafted reputation over 148 years.
First, through his stony silence for 30-odd hours after his ouster. And then, as the David fighting the Goliath, with a dignified — yet explosive — email sent to Tata Sons’ board members and Tata Trusts’ Trustees, which has since leaked to the public at large. An email, whose collateral damage is still to be managed in its entirety by India’s biggest private sector group. Besides defending himself against allegations of non-performance with facts, figures and data, knowingly or unknowingly, Mistry exposed more than a few skeletons in the cupboard, questioned corporate governance standards and high-cost acquisitions during Ratan Tata’s tenure, and stated that he had been reduced to a “lame duck” chairman due to constant interference by his predecessor and Chairman Emeritus Ratan Tata. The allegations have since been refuted by different companies.
But the letter sent the Tata Group scurrying for cover. It imposed an information lockdown. Confirmed media briefings were cancelled at the last moment as group executives went into a huddle to devise a credible strategy against what Twitterati calls Mistry’s “letter bomb”. The new tactic is simple: avoid provocation. For, the more you provoke, the stronger will be the blowback and more dirty linen will get washed in public.
This story is from the November 20, 2016 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 20, 2016 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Pension Scheme - Safety Net
The move to introduce the UPS has evoked mixed reactions. Analysts believe its funding will have limited impact on the fiscal math
The Reit Choice?
Real Estate Investment Trusts (Reits) Are Gaining Traction As Interest Rates Stabilise. But Returns Could Be Affected By Adverse Economic Conditions And Market Volatility
CORPORATE - Calling to Account
The sudden exit of Byju's auditor BDO marks the latest in a long series of setbacks for the edtech firm
EMPLOYMENT: Skills Push
The skill development ministry plans to partner with the UGC to improve the employability of undergraduates
Building on a Vision
L&T'S CHAIRMAN EMERITUS A. M. NAIK HAS BUILT A MAMMOTH ENTERPRISE THAT IS BUILDING A NEW INDIA, FROM ITS METRO RAIL SYSTEMS TO THE RAM TEMPLE
"KYS more important than KYC"
Vijay Kedia is a renowned equity investor; the value of his listed portfolio stands at around ₹1,750 crore
ROXX STAR
THE THAR ROXX COMBINES LUXURY WITH PERFORMANCE TO MAKE A STRONG STATEMENT IN THE MID-SIZE SUV SEGMENT
HIT THE GROUND RUNNING
Smartwatches have become indispensable tools for runners, offering real-time insights into pace, distance, heart rate, and more. Here are a few you can consider
TURNING THE TABLES
INDIA'S FURNITURE MARKET IS POISED FOR A GLOBAL TAKE-OFF. ALREADY, A HOST OF GLOBAL BRANDS HAVE MADE THE COUNTRY THEIR HOME, BUT INDIAN COMPANIES ARE NOT TOO FAR BEHIND
THE EVOLUTION OF ATHERA
IDENTIFYING OPPORTUNITIES IN ADVANCE HAS STOOD THIS BENGALURU-BASED VC FUND IN GOOD STEAD. NOW, WITH A HEIGHTENED FOCUS ON TECHNOLOGY, IT WANTS TO SUSTAIN THE SUCCESS