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World

Shakeup at Tata Group shocks India

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Opening sequence

World

Shakeup at Tata Group shocks India

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COMING UP:Shakeup at Tata Group shocks India

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00:00:02
>> An ugly fight, tarnishing India's most important and trusted brand. Tata Group, locked in a spat with ex-chairman, Cyrus Mistry, that's burst into public view. It's a $100 billion family empire, stretching from Jaguar Land Rover to Starbuck's India. Mistry was the first chairman outside the family, and the first to be fired.
00:00:22
His parting shot, a scathing letter listing grievances with the company. As Reuter's Sankalp Phartiyal reports, Mystery's accusations took India by surprise.>> Ousted Chairman Mistry, has spoken about corporate governance failures of the company, and a tussle with some of the decisions taken by Ratan Tata, the family patriarch.
00:00:42
It's come as a shock to most Indians, because Tata is a very well-known brand in India, it's very respected, it's steeped into philanthropy, it's got some educational institutions. Something like this happening in the public, a public spat, is the last thing that Indians expected.>> In the case of Tata, it's become a crisis of faith.
00:00:59
The company prides itself on its philanthropy, a long tradition of India's Parsi ethnic group. Insiders say, that clashed with Mistry's hard-nosed business approach. But airing dirty laundry in the open like this, doesn't sit well with the community either.>> The founding fathers of the Tatas were Parsis. Cyrus Mistry is a Parsi, Ratan Tata is a Parsi.
00:01:17
It's a small community, only 60,000 member in India. A spat like this, out in the public, is something that the Parsi's, who are known for their privacy, did not expect.>> After firing Cyrus Mistry, family patriarch Ratan Tata is back at the wheel for now. He has launched a four-month search for a new chairman, likely to face the same challenges Mistry felt, facing up to a board he said only answered to Ratan Tata.