‘TATA GROUP’S BRAND VALUE TOOK A HIT UNDER MISTRY’

MUMBAI: Tata Sons Pvt. Ltd said on Thursday that despite claims of good performance, the chairmanship of Cyrus Mistry saw an erosion in brand value and a decline in the financial performance of Tata group companies. The holding parent of Tata group companies said in a court filing that the bulk of operating companies underperformed the benchmark Sensex index, and that Tata Sons did not enter any significant business opportunities during Mistry’s tenure.

“Cyrus Mistry, as executive chairman, was more often than not ‘finger pointing’ and ‘blaming’ the past and failed to recognise that in the case of Tata Operating Companies with varied businesses, it would not be unusual to expect headwinds in some of the businesses,” Tata Sons said in a SC filing reviewed by Mint.

Mistry, through his two investment firms that hold a stake in Tata Sons, is fighting a court battle over his ouster in October 2016 and is seeking proportional board representation as the largest shareholder in Tata Sons. the holding company of the group.