Ratan Tata proposed to sell TCS to IBM: Cyrus Mistry's Office

Tata Sons' ousted chairman Cyrus Mistry on Tuesday denied the accusations that he was a hands-off chairman at Tata Consultancy Services.

"It is important to set the record straight since insinuations and leaks are being made explicitly to create an illusion that Mistry was a "hands off" Chairman and TCS/JLR were on "auto-pilot" during his leadership," a statement from the office of Cyrus Mistry said.

In a statement issued on Tuesday, Mistry's office said the current jewel in the crown TCS had a near death experience at the hands of Ratan Tata. "Midway during the TCS journey to date, FC Kohli was suffering from a cardiac condition. Ratan Tata was then heading Tata Industries' joint venture with IBM and approached JRD Tata with a proposal from IBM to buyout TCS.

"On his return, Kohli assured JRD Tata that TCS had a bright future and the group should not sell the company. JRD Tata turned down the offer, demonstrating true vision. But, it was also a near-death experience for TCS at the hands of Ratan Tata," the statement said.