The current war of words between Ratan Tata and Cyrus Mistry is the latest in a long line of pitched battles that the septuagenarian has fought to retain control of the TATA group.
BEFORE CYRUS MISTRY there was Ajit Baburao Kerkar. Nearly 20 years ago Kerkar was ousted as chairman of the Indian Hotels group by a board meeting convened in similar circumstances to those of Mistry’s exit. In 1997 Kerkar called his last board meeting at Bombay House after an internecine turf war had erupted between him and Ratan Tata. The latter had asked Kerkar to step down from the post of chairman. When Kerkar refused, group director Nani Palkhivala went to the media and informed it that Kerkar was guilty of possible Foreign Exchange Regulation Act (FERA) violations. This was perhaps the first case in India’s corporate history when a board had gone to the Reserve Bank of India (RBI) against its own executive leadership. When Kerkar was ousted on charges of corruption it was Tata who assumed full control of the group. During that infamous meeting at Bombay House the board anointed Tata as chairman of the Indian Hotels group; with Kerkar gone there was no one to stand up to Tata anymore.
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