November 23, Last week Tata sons in a statement mentioned that ousted chairmen Cyrus Mistry as head of the group made very minimal contribution to the operations of TCS ( Tata Consultancy Services ) and JLR ( Jaguar Land Rover ) and those entities are running in auto-pilot mode.
In fact only these two entities of the entire conglomeration making reasonably good profits.
In a strong rebuttal, Mr Mistry hit out at Mr. Ratan Tata saying that Mr. Tata made Corus ( Steel making company headquartered in London ) deal at a highly inflated price, which was available at much lower price ( less than half ) a year earlier. Mr Mistry also accused that in 2003, Mr. Tata decided to back CDMA as the platform for the group’s telecom business though all the experts were against that decision.
While rejecting the charges on him, Mr. Mistry made serious allegations that Mr. Tata as head of the group tried to sell the country’s biggest software export firm TCS to American giant IBM.
TCS is a cash cow in entire Tata group empire.
Mr. Mistry accused that the bad business decisions made by Mr. Tata to satisfy his “ego” put thousand of of jobs at risk.