“In those days, people would deposit ₹3,000 or ₹5,000 in a fixed deposit… During that time, about ₹500 crore in deposits had to be repaid. So, Mr. (Ratan) Tata took that issue to the Tata Sons board and said, ‘We will have to deal with this’… At first, we did not know the quantum of the hole. There was a run on the company. People were worried that the company would go bust. So, the immediate task was to restore confidence.
The case against listing Tata Sons, from one of Noel Tata’s closest advisers
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