Tata Sons Chairman Ratan Tata on November 23 hailed the government’s move to demonetise high-value currency notes as a bold act and it will eliminate black money and corruption.
on the other hand hitting back at Tatas, oustedChairman Cyrus Mistry today rejected charges of not contributing anything to the group’s cash-cows TCS and JLR and alleged that patriarch Ratan Tata once tried to sell the IT firm to IBM and his “ego” led to bad business decisions like Corus acquisition at double the original cost.
“It is important to set the record straight since insinuations and leaks are being made explicitly to create an illusion that Mistry was a ‘hands off’ chairman and TCS/JLR were on ‘auto-pilot’ during his leadership,” Mistry’s office said in a five-page letter today.
Listing out details of the efforts undertaken by him as the non-executive chairman at both the companies, which contribute a whopping 90 per cent of the group profit, the letter said the salt-to-software conglomerate is “busy apportioning credit” for the stellar performances.
Ratan Tata stated that “Demonetisation of old currency notes by the Centre is a bold act that will wipe out black money and corruption. It deserves our support,” he said in a tweet.
Prime Minister Narendra Modi, in a surprise move on November 8, had announced that legal tender character of Rs. 500 and Rs. 1,000 stands withdrawn from the following day.
The move was aimed at curbing black money, check circulation of fake currency and terror funding.
Following the announcements, long queues have been seen outside banks for exchanging and depositing the old currency.
