This is the document that Mr Mistry presented to the board members of Tata Sons, before the news broke out of his disbursal as the Chairman of Tata Group.
Mr. Cyrus Mistry warned that the salt-to-software giant may face Rs. 1.18 lakh crore in writedowns because of five unprofitable businesses he inherited.
Mr. Mistry stated that he inherited a debt-down enterprise saddled with losses and went on to single out Indian Hotels, passenger-vehicle operations of Tata Motors, European operations of Tata Steel and part of the group’s power unit and its telecommunications subsidiary as “legacy hotspots”source The Hindu . Though the original cause of Tata and Mistry saga is not yet established still the business and economist specialists are coming with various reasons and versions, one of which may be this letter which holds lot of heat in the boiler. -WTN
