Sagging financials, which, in turn, resulted in downsizing of philanthropic activities, were two key reasons behind the removal of Cyrus Mistry as the chairman of Tata Sons, earlier this week.
The fact that Tata Group had come to rely only on two companies (Tata Consultancy Services and Jaguar Land Rover), which meant downsizing of the philanthropic activities of the charitable trusts that run the conglomerate, was unacceptable, V.R. Mehta, a trustee of the Sir Dorabji Tata Trust, told NDTV.
Mehta said that he's "not at all happy with this development." "This looks very ugly, to say the least. But having said that, I would also add that probably no choices were left, no options were left," he told the news channel.
While Mistry is likely to challenge his removal in the Bombay High Court, Ratan Tata has temporarily returned as chairman of Tata Sons.
Mehta also said that the legal battle against their telecom partner, DoCoMo, was in "divergence" with the ethos of the company. The Tata Group has wound up having to pay a fine of $1.2 billion. "It doesn't fit with the philosophy and ethos of Tatas. Issues could have been dealt with more finesse," he told the news channel.
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