Cyrus Mistry was removed as the Director of Tata Industries at shareholders' meet on Monday.
Cyrus Mistry was removed as the Director of Tata Industries at shareholders’ meet on Monday. Earlier Cyrus Mistry had sought the support of the company’s shareholders against promoters’ proposal to oust him from the post. Earlier last week, Mistry’s former employer Tata Sons had said that he had misled the selection committee set up in the year 2011 to select the successor to his predecessor Ratan Tata. 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. The Tata conglomerate also accused its ex-chairman of not distancing 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.
Meanwhile, washing dirty laundry in public also cost the Tata Sons as Cyrus Mistry accused Vijay Singh, one of Tata Sons board’s nominee director of having an important role in the AgustaWstland scam. Adding that Vijay had no track record either as Madhya Pradesh chief secretary or as defence secretary, also accused him off coming up with theories in order to defend his role in the conspiracy hatched by Ratan Tata to remove him as the chairman of the conglomerate. In a statement, issued by his office, Cyrus Mistry said it’s amusing to see Vijay Singh cook up stories to defend his role in Ratan Tata’s conspiracy to replace him.
In a statement, issued by his office, Cyrus Mistry said it’s amusing to see Vijay Singh cook up stories to defend his role in Ratan Tata’s conspiracy to replace him. Mistry claimed that being a part of the nominations and remuneration committee of Tata Sons, Singh had given a review of his performance as the chairman of the group. After reviewing the performance, members recorded their recognition and praised his initiatives aimed at promoting the cohesive functioning of the group in accordance with its distinctive values, Mistry said. Mistry’s statement also targetted Ratan Tata; “Repeat a lie a thousand times & hope it becomes a truth, seems to be Ratan Tata’s last-ditch effort to overcome a monumental disaster his actions have unleashed.”