1. Cyrus Mistry to resign from Tata Companies: Five scathing remarks by ousted Tata Sons chairman

Cyrus Mistry to resign from Tata Companies: Five scathing remarks by ousted Tata Sons chairman

Mistry defended himself by saying that all decisions he took were in best interest of Tata Group. He also put serious allegation on interim chairman Ratan Tata.

By: | New Delhi | Updated: December 19, 2016 9:03 PM
cyrus mistry resign from tata companies, mistry resigns from tata, tata mistry resignation, mistry resign from tata companies Mistry defended himself by saying that all decisions he took were in best interest of Tata Group. He also put serious allegation on interim chairman Ratan Tata.

Ousted Tata Group Chairman Cyrus Mistry on Monday said that he would resign from all listed Tata companies, television channels ET Now and CNBC TV18. Mistry, in an address made to shareholders, made some scathing statements. Mistry defended himself by saying that all decisions he took were in best interest of Tata Group. He also put serious allegation on interim chairman Ratan Tata. Here are the five scathing statements made by him:

1. On his contribution to Tata Sons: “Over last 50 years my family’s steadfast support to the group has been of guardianship. Nothing cogent has been forthcoming from the Tata’s on my ouster. Events of the past 8 weeks have been about saving legacy.”

2 On allegation on Ratan Tata: “Many have asked me why I have raised issues only after Mr Ratan Tata staged the illegal coup, unknown to the world, I had confronted serious governance problems and ethical issues for a considerable period” Mistry said.

3. On decision taken by him as Chairman:“My efforts were aimed at reforming the system, which may well be the reason for my removal,” Mistry said. “By removing myself from general meetings, I reinforce my position that this is not a fight for position but for a secure reform.”

4. On Ratan Tata and N Soonawala: He also alleged that Ratan Tata and N Soonawala kept intervening in key decisions, leading to serious serious regulatory consequences. ” Have brought to the fore evidence of governance breakdown at Tata GroupRatan Tata & Soonawala refuse to give up participation in key decisions, their intervention led to serious regulatory consequences,” he said.

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5.  Regarding Air Asia:  “I tabled on Oct 24 findings of fraud & wrongdoings at AirAsia India. No discussion happened on the issue. More funds were sanctioned to AirAsia India at Nov 17 board meet of Tata. No step taken by Tata Sons to fix responsibilities of AirAsia India fraud”

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