Sacked Chairman of Tata Sons, Cyrus Mistry is unlikely to voluntarily step down from the Tata Chemicals Board. The Tata Chemicals board meeting just concluded in Mumbai on Thursday. It was also reported by ET Now that the issue of Cyrus Mistry’s resignation was not raised by any Director in the Tata Chemicals Board meeting. Cyrus Mistry is reported to continue as the Chairman of the Tata Chemicals.
Earlier today, Tata Sons had issued a 9-page long letter explaining as to why Mistry had been sacked. The letter had accused Mistry of twisting the truth and using devious methods to attain control of the industry. In the letter, it said that the company had received emails and calls from all over the world, once they had decided to change their Chairman. A lot of those calls were made out of concerns about the future of the group following the decision. Tata Sons further wrote about the concerns and said that they understood the uncertainties that followed a big change in guard. It was mentioned that the letter was written to address the concerns and also put up some facts to the public so as to make sure that these decisions were seen in the way the Tata group desired.
Earlier, in an ugly public spat between the top administration of the Tata Group, its Chairman Cyrus Mistry had been sacked from the post and was replaced by Ratan Tata as the interim Chairman. Mistry had then spoken about the issue and called the decision, unfair. He had said that he was not a full liberty to take all the decisions and blamed the group of losing millions of their shareholders. Meanwhile, Tata Sons had refuted the accusations and said that while Mistry was in charge, he had the full support of the Tata Board of Directors.