Newsmakers once

Russi Mody

For many years, it was impossible to mention the name of Russi Mody without talking about Tata Iron & Steel Co.

Tisco as a company stretched across three cities "" its operational headquarters in Kolkata, its plant in Jamshedpur and the corporate office in Mumbai "" but with one leader, Russi Mody. The son of Sir Homy Mody enjoyed the confidence of the two Tata family heads, JRD and Naval Tata.

Russi was a man with a personality guaranteed to attract attention. He dressed brightly, mixed informally with all levels of employees, was a gifted pianist and capable aviator, besides being a charming host who surprised guests with his considerable culinary skills. He was also a serious collector of tribal art and curios.

Mody was unique for building a distinct corporate culture that upheld the dignity of professional managers, even though Tata Steel was a family-owned company.

However, Mody's relationship with the house of Tatas soured following the change of guard at Tata Sons. When new chairman Ratan Tata brought in changes like greater centralised control on Tata enterprises, setting a retirement age for chairmen and managing directors, and the levy of a fee for the use of the Tata name, Mody objected to the changes and a public fight broke out.

It was precipitated by a Tata Steel boardroom reshuffle made by Mody and reversed by Tata Sons. More differences followed, and the conflict culminated in Mody being removed from the post of chairman by the Tata Steel board.

More bickerings followed, even as Mody served as chairman of Air-India for a short period. The differences came to an end following a settlement directed by none other than West Bengal chief minister Jyoti Basu. Mody, therafter, floated a metals trading company, Mobar India.

He lives a retired life in Kolkata today, but attends a wide range of social and business events thanks to his exceptional popularity even today.

Vikram Lall

Vikram Lall was hailed as nothing short of a pioneer. When he returned from Germany in the early 1970s after completing his studies, he found his father's tractor business too small "" Eicher used to make less than 100 machines in a year.

It was Lall who turned the company around. He is credited with pioneering efforts in outsourcing components, even in an era when the component industry in India was not at its best. The principals of mass production at good quality levels were introduced for the first time in Eicher.

Having made a mark in the tractor business, he eyed related businesses like commercial vehicles as the next step to move the group up the value chain. Success did not come easy, though Eicher's brand name made serious inroads into markets that were familiar with Leyland, Tata and even Benz.

In the midst of all the glamour, Lall left it all. He resigned from the company, handing over the reigns to Subodh Bhargava. Never to be seen again in public eye, Lall now leads a quiet life in Delhi.

Kedar Nath Modi

The step-brother of Rai Bahadur Gujar Mal Modi used to run the Modi business empire along with his five nephews and three sons. Those were the days of the licence-permit-quota Raj and the family had a thumb in every pie "" its portfolio stretched from hurricane lanterns to computers.

Modinagar, on the highway from Delhi to Meerut, was a bustling township producing a wide range of commodities. Led by K N Modi, the Modi family was well-entrenched in business. Modi even did a term as president of FICCI. (In those days, the job was reserved for businessmen with access to the corridors of power.)

The family squabble that began in the 1980s dealt a severe blow to the Modi equity. Thanks to large defaults by some group companies, banks and financial institutions froze credit to a large number of group companies under what came to be known as "the group approach".

Modi's three sons, Mahendra, Yogendra and Dhirendra, could never restore the family business to its earlier glory. The old man too slowly faded away from public memory.