The case against listing Tata Sons, from one of Noel Tata’s closest advisers

“In those days people used to deposit money ₹3,000 or ₹5,000 as fixed deposit… During this period approx. ₹The 500 crore deposit had to be repaid. So Mr. (Ratan) Tata took the matter to the board of Tata Sons and said, ‘We will have to deal with it’… At first, we did not know the quantum of the hole. There was an escape in the company. People were worried that the company would go bankrupt. The immediate task was therefore to restore trust.