Turmoil deepens at Tata Group as top executives exit

October 30, 2016 13:36

The acrimonious battle at India's largest conglomerate is showing no signs of resolution as more officials resigned amid reports that an attempt at mediation between the scion of the founding family and ousted head of Tata Sons Ltd has started.

Tata Group Chief Human Resources Officer NS Rajan resigned Friday, according to a company spokesman. On Saturday, Madhu Kannan and Nirmalya Kumar, members of former Chairman Cyrus Mistry's Group Executive Council quit.

Meanwhile, the CNBC-TV18 network reported that a trustee of Tata Trust, the biggest shareholder of the group, Darius Khambata, has initiated talks between Mistry and Ratan Tata, Mistry's predecessor who has temporarily assumed charge.

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 on 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.

In a statement on Friday, Mistry refuted a claim that he hadn't informed the family trust and Tata Sons' board about Tata Power Ltd's plan to acquire Welspun Renewable Energy Pvt earlier this year in a deal valued at Rs 92.49 billion.

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