Tata Group chief human resources officer N.S. Mistry and Ratan Tata have been trading accusations since Tata Sons, the group holding company, abruptly ousted Mistry as chairman and replaced him with the 78-year-old Tata. Tata Group last Thursday said it ousted Mistry because of a growing “trust deficit,” after Mistry said he inherited a debt-laden enterprise and singled out units including power. India’s enforcement directorate may probe allegations of fraud raised by Mistry, India Today magazine reported, citing officials at the agency it didn’t name. Shares of companies in the US$104bil tea-to-software giant took a beating last week – Tata Steel Ltd fell 5.1%, Indian Hotels Ltd declined 13% and Tata Motors Ltd dropped 1.4%.

Source: The Star November 01, 2016 03:58 UTC