DoCoMo CEO Kazuhiro Yoshozawa on Thursday reached out to Ratan Tata and requested him to resolve the long-pending dispute. Sources told ET Now that Tata has assured Yoshozawa that he will try to address the issue. “Officials of both companies are likely to meet to find a middle ground,” sources said. Before being sacked, Cyrus Mistry met top officials of NTT DoCoMo on October 22 but the meeting failed to break the ice between the two sides. The news channel also said that the bitter battle going on with DoCoMo could be one of the reasons for Mistry’s ouster.
Yesterday, Cyrus Mistry wrote a scathing letter to the Tata Sons Board, blaming Ratan Tata for continous interference, to the extent that he (Mistry) was reduced to being a “lame duck” chairman. Mistry also blamed the directors of the conglomerate of not giving him a chance to defend himself and wrongly dismissing him. He has warned that the group may face $18 billion in write downs. “I was shocked beyond words at the happenings at the board meeting of October 24, 2016. Apart from the invalidity and illegality of the business that was conducted, I have to say that the Board of Directors has not covered itself with glory. To “replace” your Chairman without so much as a word of explanation and without affording him an opportunity of defending himself in a summary manner must be unique in the annals of corporate history. The suddenness of the action, and the lack of explanation has led to all manner of speculation and has done my reputation and the reputation of the Tata Group immeasurable harm,” Mistry wrote.
In one of the biggest upheavals in the corporate sector, the Tata Sons Board on Monday appointed Ratan Tata as the interim chairman of the group, replacing Cyrus Mistry. The Board has constituted a Selection Committee to choose a new Chairman. The Committee comprises Ratan N. Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months.