Cyrus Mistry has been sacked as Chairman of Tata Sons which is the investment arm of the Tata group. The news came as a tsunami to the corporate world as Mistry’s innings ended abruptly though the reasons one can only speculate. Ratan Tata the old daddy of the corporate world fills the void till a new chairman gets selected which is a saving grave as billions of dollars of investor money is at stake in the group.
Tata’s are known for their principles and ethics in the way they do their business and wealth creation. Cyrus Mistry was young and his methods could have been a little different as he was working in an ‘Indian’ environment where corruption rules roost and nothing progresses smoothly without bribes and greasing palms which could have been the reason for his downfall. However, all Tata companies are professionally managed and stakeholders need not worry at the sudden unceremonious development which has hit the corporate world. Ratan Tata should rope in Deepak Parekh of HDFC (even the govt used his services during Satyam turmoil) to storm the tide and find a successor to Cyrus Mistry in the Tata boardroom!
(The views expressed by the author in the article are his/her own.)