Ratan Tata adds a speck of humour at AGM of Tata Chemicals

Friday 24 August 2012, 12:34 PM by

Ratan Tata, Chairman of the Indian multinational Tata Group, was found in a jovial mood at the 73rd Annual General Meeting (AGM) of Tata Chemicals held recently in Mumbai. Tata expressed his sense of humour by acknowledging his frugality in terms of dishing out bonuses to the share holders.

The Chairman meant that post his retirement (due in December 2012), the stake holders shall reminisce with joy due to lack of his efforts towards rewarding the share holders with bonuses from time to time.

Answering to a stake holder's query at the meeting about small bonuses despite the whole group being a $ 100 billion enterprise, Tata gaily commented, “You can remember me for my stinginess and praise (Cyrus) Mistry for his magnanimity.”

The Chairman has already announced to hang his boots as Chairman of Tata Sons and other group companies by the year end of 2012. Ratan Tata took control of the Mumbai based salt-to-software conglomerate in 1991 as its Chairman and in his 21-years long tenure, the group has transformed into a globally renowned multinational generating over 65 per cent of its revenue from overseas operations.

Cyrus Mistry, youngest son of the Irish construction magnate Pallonji Mistry and the current Tata Group's Deputy Chairman, has been announced as Ratan Tata's successor. Mistry will be the first non-Indian to lead the Indian conglomerate, Tata Motors.

Ratan Tata happily further added, “I have enjoyed the moments when I faced you all these years. I think everybody who comes to the end of their careers should be able to cherish it. Be it good or bad, pleasant or unpleasant, I cherish all of it. Whatever it may be, I wish Tata Group continues to stick to their traditions and spearhead with what is right as it has always done.”

According to Tata, the new Chairman (Cyrus Mistry) possesses all qualities and virtues required for leading the over 100-year-old Tata Group and the share holders would surely love him.