New Delhi: Indian Hotels Company Ltd (IHCL) and Tata Sons on Thursday termed as “completely baseless and unfounded” speculations that Rakesh Sarna, the Managing Director and CEO of Taj Hotels, is leaving the company.
Sarna was appointed to lead IHCL on September 1, 2014, taking over from the Tata group hospitality firm's long-serving chief Raymond Bickson.
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"The Indian Hotels Company Ltd and Tata Sons wish to reiterate that reports about the exit of Mr Rakesh Sarna, Managing Director and CEO of Taj Hotels, Resorts and Palaces, are completely baseless and unfounded," the two companies said in a joint statement.
IHCL is one of the Tata group companies, which Mistry in his letter to Tata Sons board members flagged as 'legacy hotspots'.
According to Mistry, beyond flawed international strategy, IHCL had acquired the Searock property at a highly inflated price and housed in an off-balance sheet structure.
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