Tata-Mistry battle makes SBI red

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The tussle between Ratan Tata and Cyrus Mistry has got the country’s largest bank worried. State Bank of India (SBI) has advised Tata Sons, now led by Tata, and Mistry camps, to resolve the conflict in an amicable way to avoid any adverse impact on the working of operating companies in the group.

Senior SBI officials, aware of the developments, said both parties have apprised the bank on their positions after Mistry’s removal as chairman of Tata Sons, and Tata taking over as interim chairman on October 24.

The bank’s management has heard both sides and there has not been any intervention from the lender’s side.

However, as a step to protect its interest as a lender, SBI will look at the financial stability and corporate governance practices in companies where it has exposure, bank executives said.

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