Business News

Ratan Tata had asked Cyrus Mistry to resign after ‘no signs of improvement’ under his chairmanship

In a 204-page affidavit filed at the National Company Law Tribunal, Tata Sons said Mistry was ousted after a chain of events that led to a trust deficit.

Interim Tata Sons Chairperson Ratan Tata had personally asked Cyrus Mistry to resign as the head of the conglomerate before his ouster from the post on October 24, 2016, according to an affidavit filed by the holding company at the National Company Law Tribunal. Tata Sons filed a 204-page affidavit at the Mumbai court on Monday in response to a suit filed by two investment firms controlled by Mistry and his family, PTI reported.

Mistry was removed from the top position after there were “little to no signs of improvement” in the company under his leadership, Tata Sons said in the document, adding that the decision “was the result of a chain of events that led to a growing trust and confidence deficit that had to be addressed without delay”.

The conglomerate also accused Mistry of reducing the representation of Tata Sons’ directors on the boards of Tata companies in a “systemic and planned manner”, according to PTI. “This systematic dilution weakened the bind through which Tata values, ethos, governance principles, group strategies were to be implemented across the Tata Group companies.”

The affidavit further claims that differences between Mistry and Ratan Tata have been brewing since 2013. It refutes allegations of mismanagement and oppression of minority shareholders, as well, according to The Economic Times.

On December 22, the tribunal had directed Mistry to submit documented proof to support the claims made in the petition, after which the ousted chairperson filed an affidavit with evidence to prove Ratan Tata’s interference in Tata Group companies during his tenure.

Mistry had stepped down from all Tata Group companies on December 19, saying it was time to be “more incisive in securing the best interest of the Tata Group”. In his resignation letter, he had alleged that Ratan Tata had staged “an illegal coup” on October 24, the day he was sacked from his post in the holding company. Tata Sons has accused Cyrus Mistry of misleading the 2011 selection committee set up to appoint Ratan Tata’s successor.

Support our journalism by subscribing to Scroll+ here. We welcome your comments at letters@scroll.in.
Sponsored Content BY 

Following a mountaineer as he reaches the summit of Mount Everest

Accounts from Vikas Dimri’s second attempt reveal the immense fortitude and strength needed to summit the Everest.

Vikas Dimri made a huge attempt last year to climb the Mount Everest. Fate had other plans. Thwarted by unfavourable weather at the last minute, he came so close and yet not close enough to say he was at the top. But that did not deter him. Vikas is back on the Everest trail now, and this time he’s sharing his experiences at every leg of the journey.

The Everest journey began from the Lukla airport, known for its dicey landing conditions. It reminded him of the failed expedition, but he still moved on to Namche Bazaar - the staging point for Everest expeditions - with a positive mind. Vikas let the wisdom of the mountains guide him as he battled doubt and memories of the previous expedition. In his words, the Everest taught him that, “To conquer our personal Everest, we need to drop all our unnecessary baggage, be it physical or mental or even emotional”.

Vikas used a ‘descent for ascent’ approach to acclimatise. In this approach, mountaineers gain altitude during the day, but descend to catch some sleep. Acclimatising to such high altitudes is crucial as the lack of adequate oxygen can cause dizziness, nausea, headache and even muscle death. As Vikas prepared to scale the riskiest part of the climb - the unstable and continuously melting Khumbhu ice fall - he pondered over his journey so far.

His brother’s diagnosis of a heart condition in his youth was a wakeup call for the rather sedentary Vikas, and that is when he started focusing on his health more. For the first time in his life, he began to appreciate the power of nutrition and experimented with different diets and supplements for their health benefits. His quest for better health also motivated him to take up hiking, marathon running, squash and, eventually, a summit of the Everest.

Back in the Himalayas, after a string of sleepless nights, Vikas and his team ascended to Camp 2 (6,500m) as planned, and then descended to Base Camp for the basic luxuries - hot shower, hot lunch and essential supplements. Back up at Camp 2, the weather played spoiler again as a jet stream - a fast-flowing, narrow air current - moved right over the mountain. Wisdom from the mountains helped Vikas maintain perspective as they were required to descend 15km to Pheriche Valley. He accepted that “strength lies not merely in chasing the big dream, but also in...accepting that things could go wrong.”

At Camp 4 (8,000m), famously known as the death zone, Vikas caught a clear glimpse of the summit – his dream standing rather tall in front of him.

It was the 18th of May 2018 and Vikas finally reached the top. The top of his Everest…the top of Mount Everest!

Watch the video below to see actual moments from Vikas’ climb.

Play

Vikas credits his strength to dedication, exercise and a healthy diet. He credits dietary supplements for helping him sustain himself in the inhuman conditions on Mount Everest. On heights like these where the oxygen supply drops to 1/3rd the levels on the ground, the body requires 3 times the regular blood volume to pump the requisite amount of oxygen. He, thus, doesn’t embark on an expedition without double checking his supplements and uses Livogen as an aid to maintain adequate amounts of iron in his blood.

Livogen is proud to have supported Vikas Dimri on his ambitious quest and salutes his spirit. To read more about the benefits of iron, see here. To read Vikas Dimri’s account of his expedition, click here.

This article was produced by the Scroll marketing team on behalf of Livogen and not by the Scroll editorial team.