Cyrus Mistry shared selective facts: Rediffusion’s Arun Nanda
- Wearable technology is a big opportunity, says Timex CEO Tobias Reiss-Schmidt
- Hewlett Packard Enterprise said to plan about 5,000 job cuts
- Sushma Swaraj raises terrorism, H1-B visa issues with Rex Tillerson
- Clear exporters’ pending claims, GST panel tells government
- Govt seeks asset valuer for Air India stake sale
Mumbai: Arun Nanda, chairman and managing director Rediffusion-Y&R, in an open letter to Cyrus P. Mistry, the ousted chairman of Tata Sons, accused him of leaking selective facts to the media regarding his firm’s engagement with the Tata Group.
In a letter published in The Economic Times as an advertisement, Nanda said he wanted to “place the facts on record for public knowledge”.
In a statement on 15 November, among other things, Mistry’s office questioned the high public relations costs.
Mistry’s statement held that Nanda’s Rediffusion appointment by Ratan Tata just before he demitted office was another reason for Tata Sons’ rising costs. The agency was awarded a Rs60 crore-a-year contract, Rs20 crore more than the previous firm, Vaishnavi Communications, was paid.
In his letter, Nanda said in May 2016 Mistry had agreed to extend the contract with Rediffusion beyond the five-year term and communicated this to him and Mukund Rajan, one of the executive council members who was the chief brand custodian for the group.
Mistry, he pointed out, had two years to decide whether to continue with the agency or exit the contract with a notice period. “Why did you not exercise that option and instead continued with us after November 2014?” Nanda said in his letter, asking Mistry not to “place selective facts” about the agency to suit his narrative before the media and the public.