Tata-Mistry saga: Legacy hotspots and large writedowns

Since his dismissal as Tata Sons chairman, Cyrus Mistry had levelled serious allegations against the group’s chairman emeritus Ratan Tata and other board members about mismanagement, which were in a way upheld by the order of the National Company Law Appellate Tribunal (NCLAT) on Wednesday.

His main allegations included unbridled powers to Tata Trust nominees under the articles of association (AoA), overpriced takeover of Europe’s Corus Group, ill-conceived Nano car project, undue favour to serial entrepreneur C Sivasankaran, and unnecessary investments into the aviation business.