Problems between Cyrus Mistry and Ratan Tata has been heating up since years. This is what Ratan Tata said in his affidavit

If a affidavit filed by Tatas before the National Company Law Tribunal (NCLT) is to be believed, the differences between Ratan Tata, the chairman of Tata Trusts, and Cyrus Mistry, the ousted chairman of Tata Sons, were simmering since 2013.

Presently, NCLT is looking over the petition filed by Mistry alleging mismanagement and oppression of minority shareholders of Tata Sons and seeking the ouster of the current management of Tata Trusts and Tata Sons.

The affidavit highlighted that Mistry did a poor job of turning around companies such as Tata Steel and Tata Motors, resulting in a fall in dividends to the Tata Trusts.

It also said that he has a minor stake in Tata Sons and, therefore, it is the real stakeholders including Mistry's investment firms which are suffering on account of the losses incurred by Tata Steel Europe, Tata called the insinuation distressing.

It is the trusts which hold a majority stake far exceeding that of Mistry's firms. "Such inconsiderate allegations effectively degrade my lifelong contribution to the success story of the Tata Group, which began with Tata Motors and Tata Steel more than five decades back,” Tata said in his 37-page affidavit.

Further, raking up of transactions of personal nature suggested that Mistry and the petitioners held "personal animus, against him.

He said it was with a "heavy heart, that he came to terms with the fact that the group had "faltered, in their judgement when they chose Mistry as chairman. It stated that Mistry has failed to "graciously accept, the decision of the very same board that appointed him as chairman.

The affidavit also provided a detailed account of why the board lost confidence in Mistry's ability to "steer and lead,. According to Tata, Mistry did little to resurrect companies such as Tata Motors. Further, dividends received by Tata Trusts declined.