Ratan Tata, Cyrus Mistry met PM after boardroom upheaval

NEW DELHI: Ratan Tata, interim chairman of Tata Sons, as well as Cyrus Mistry who was sacked as the firm's chairman, met PM Narendra Modi to brief him of the upheaval in the $100 billion saltto-software conglomerate.

Sources in the government said that Mistry , who was dismissed as chairman of Tata Sons by its board earlier this week, met Modi on Thursday and is understood to have explained his view of the events. TOI had reported in its October 26 edition about Mistry seeking an audience with the PM.

Ratan Tata flew in to Delhi on Friday and, over 20 minutes, briefed the PM about the changes, sources said. Sources also said that Tata had called finance minister Arun Jaitley on the day the Tata Sons board sacked Cyrus and had explained to him the circumstances which forced them to take the decision.

The changes in the Tata Group have stirred corporate and political circles as Mistry levelled allegations that poor decisions and questionable deals have cost Tata firms billions of dollars and virtually accused Ratan Tata of not allowing him a free hand.

In an unprecedented move, Ratan Tata had written to the PM shortly after Mistry was removed to inform him about the decision. The Tata Sons board named a five member search committee, which includes Tata, to choose a successor to Mistry within four months. Tata has temporarily come out of retirement and has been named the interim chairman until a successor to Mistry is found.

The government has been observing the situation in one of the country's most respected companies, but has so far maintained a distance from recent developments.

Not approached for mediation: Khambata

Former state advocate general Darius Khambata categorically denied on Saturday reports in a section of media that he was attempting at a mediation between Tatas and Cyrus Mistry. “There is no mediation that has been initiated. I have not been approached by anyone or either side for any move towards reconciliation. I don't know where these rumours arise from,“ Khambata, who was also a former additional solicitor general, told TOI.