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Wednesday, Aug 21, 2002

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Not involved in TFL woes, says Ratan Tata

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MUMBAI, Aug. 20

MR Ratan Tata, Chairman of the Tata group, on Tuesday said neither he nor the top management in the group were involved in the happenings at Tata Finance Ltd.

The reports indicating this were grossly untrue, said Mr Tata at the sidelines after the AGM of Videsh Sanchar Nigam Ltd (VSNL) here. The Chairman said he first got to know of problems at Tata Finance in April last year, when Mr D. Pendse called him up. He was in Dubai when he received the call.

Earlier, replying to a shareholder query at the AGM, Mr Tata said: "What seems to be forgotten is that no depositor or shareholder was allowed to face a loss. We have put in around Rs 500 crore to Rs 700 crore, taking on moral responsibility for this."

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