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Ousted chair Mistry refutes Tata claim on rising expenses

Ousted chair Mistry refutes Tata claim on rising expenses

Ousted Tata Sons chairman Cyrus Mistry on Tuesday said allegations by the company of rising expenses and impairment losses when he was at the helm were “another brazen attempt to mislead the public and shareholders.”

One of the reasons for a rise in expenses under Mistry’s tenure was because Tata Sons was bearing some costs on behalf of the Tata trusts, its biggest shareholder, while impairments and writedowns were due to legacy issues, Mistry’s office said in a statement.

India’s Tata Sons removes Mistry as TCS chair; Hussain interim chairman

Mistry office’s retort is in response to allegations made by Tata Sons last week in a nine-page statement.

Mistry was ousted last month as chairman of Tata Sons, sparking a bitter feud between the two sides.

Courtesy : Express Tribune

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