In the wake of being removed as the Chairman Tata Steel, sources close to Cyrus Mistry have released a statement in which he slams the method in which the move was initiated and carried through. In his statement, Mistry hits out at the current interim chairman of Tata Group Ratan Tata , holding him responsible for the wrongs that are being carried out in the group companies that has damaged the fair name of Tata in the corporate world.
Read the statement: “We believe that this unprecedented erosion of core Tata values, seriously damaging Brand Tata. Just minutes before a convened and pre-scheduled Board Meeting, a circular resolution replacing Chairman for the meeting is said to have been initiated. Those involved are representatives of Tata Sons, those drawing large remuneration from other Tata Trustee-controlled companies, and an “independent” director, who is the wife of a newly-inducted Tata trustee who is also recently nominated Director of Tata Sons. Each time one thinks the current standard of corporate governance in Tata Group listed companies under the leadership of the Interim Chairman cannot hit a newer low, one has been belied.”
It is reported that Tata Consultancy Services and Tata Motors, that runs the Jaguar Land Rover brand and Indian Hotels Co Ltd, which runs the Taj group of hotels will also have EGMs in December seeking Mistry’s removal as director of their companies.
In the recent past, Tata Sons had criticised Mistry’s performance and have blamed him for the rising expenses, impairment provisions and falling of dividends.
Later Mistry sought to defend his record at Tata Sons in a statement on Nov. 15 and said allegations were another brazen attempt to mislead the public and shareholders, reported Reuters.