Concentrate on business: Ratan Tata

Mumbai: Ratan Tata asked the group companies to act as leaders in their respective markets and enhance returns to shareholders. In an attempt to assuage the concerns that may have been caused by the aftermath of the sudden ouster of  Cyrus Mistry, Mr Tata told the assembled CEOs and managing directors that they “must focus on their market position vis-a-vis competition, and not compare themselves to their own past. The drive must be on leadership rather than to follow,” he said.

Mr Tata, who had chalked out a new path of mentoring startups both financially and giving advice when asked for, returned to Bombay House on Tuesday morning making it clear that it was on a temporary basis. He explained that he had assumed the role of the interim chairman for stability and continuity so that there is no vacuum. “This will be for a short time. A new permanent leadership will be in place,” he emphasised.

Referring to ongoing initiatives in the companies, he said, “We will evaluate and continue to undertake those that are required to. If there is any change, they will be discussed with you.”

Mr Mistry had tried to bring in radical changes like closing down loss making units without taking the incumbent heads into confidence. Meanwhile the Tatas on Tuesday filed caveats in the Supreme Court, the Bombay High Court and the National Company Law Tribunal against Cyrus Mistry moving for relief against his ouster as chairman. The Pallonji group however was quick to issue a statement  saying, “Tatas have filed caveats seeking notice from Cyrus Mistry fearing legal action.”