Cyrus Mistry, the ousted Tata Group chairman, has launched a blistering attack on his predecessor, Ratan Tata, claiming that five of the conglomerate’s largest businesses face asset writedowns of $18bn.
Mr Mistry was abruptly sacked as chairman of holding company Tata Sons on Monday, stunning an Indian business community used to stable management at the country’s largest group by sales.
In a lengthy email to Tata directors, seen by the Financial Times, Mr Mistry accused them of sacking him without explanation, an action he condemned for its “illegality”. He did not elaborate.
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