THE long boardroom battle at Tata Iron and Steel (Tisco), India's largest company, has ended with the dismissal of 75-year-old Mr Russi Mody, the chairman, after his refusal to abide by a retirement policy.
Mr Ratan Tata, deputy chairman and a member of the founding Tata family, succeeded Mr Mody, with the support of Mr J. R. D Tata, the family's 88-year-old patriarch.
The Tisco board, meeting in Mr Mody's absence, dismissed him for allegedly attacking the company in the press. Mr Mody criticised the company after Mr Rata Tata and Mr J. R. D. Tata pressed him to resign against his will after more than 50 years of service.
Mr Ratan Tata, the head of Tata, India's largest industrial group, this month completed a deal that would have been unthinkable five years ago: he sold a controlling stake in one of the group's oldest companies - Tata Oil Mills.
The younger Tata's disposal of assets highlights the challenge India's large family-based groups face with economic liberalisation.
No longer can they hide behind protectionist rules. The panoply of controls, known as the licence-raj, is giving way to an economy in which market forces are being given rein. This is creating opportunities but also exposing Indian companies to competition.
The Tata group, with annual sales of US$4.5 billion (HK$34.78 billion) in everything from lorries to luxury hotels, looks well-placed to take advantage of change. Its name is a by-word for commercial integrity; it is strong in steel, cement, power, vehicles and engineering, all industries vital to India's future; its international collaborators include top-flight groups, such as IBM and AT&T of the US and Germany's Daimler-Benz.
