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  1. Cyrus Mistry misled committee to select Ratan Tata’s successor: Tata Sons

Cyrus Mistry misled committee to select Ratan Tata’s successor: Tata Sons

In a fresh charge against its ex-chairman Cyrus Mistry, Tata Sons today said that he misled the selection committee set up in the year 2011 to select the successor to Ratan Tata.

By: | New Delhi | Updated: December 11, 2016 5:55 PM
It says Cyrus Mistry had made lofty statements about plans for the Tata Group. (AP) It says Cyrus Mistry had made lofty statements about plans for the Tata Group. (AP)

In a fresh charge against its ex-chairman Cyrus Mistry, Tata Sons today said that he misled the selection committee set up in the year 2011 to select the successor to his predecessor Ratan Tata. In its latest attack, the group hit out at Cyrus Mistry saying that he had made lofty statements about plans for the Tata Group, but didn’t give into effect management structures.

In the latest statement the Tata conglomerate also alleged that its ex-chairman also didn’t distance himself from his family enterprise ShapoorjiPallonji & Co as was promised earlier and added that Mistry’s retraction from commitments created grave concern on his ability to lead the devoid of personal conflicts.

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The dividend income, other than from TCS, dipped constantly and the staff costs increased during Mistry’s tenure, Tata sons said further. In its charges the company also accused him of taking advantage of free hand to weaken management structures and gradually concentrating on powers and authority, systematically diluting representation of Tata Sons on boards.

Couple of days back, proxy advisor InGovern had asked minority shareholders of Tata group companies to vote against the proposal of promoters to remove Cyrus Mistry from their boards, saying they did not provide any valid reasons.

Six Tata listed group companies where Mistry continues to be director have called EGMs between December 13 and 26 after having received requisition from Tata Sons.

 

 

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