The Mistry camp on Thursday responded to Tata Sons’ statement claiming it to be full of half truths and unsubstantiated claims using selective data, but without a word on why Cyrus Mistry was replaced as the chairman of Tata Consultancy Services.
It said not giving Mistry credit for the good performance of TCS, while blaming him for Tata Motors’ woes is inherently fallacious. Earlier in the day, Tata Sons had accused Mistry of underperformance, citing the fall in its dividend income excluding that paid by TCS claiming “Mr Mistry does not really contribute materially to TCS’s management”. “To remove TCS from the data contending that ‘Mr Mistry does not really contribute materially to TCS’ and to blame him for all problems inherited by him such as Tata Motors’ passenger vehicle business in India is inherently fallacious to any unbiased observer,” the Mistry camp noted.
Calling Tata Sons’ allegation that Mistry didn’t address the significant conflicts of interest that existed between it and the Shapoorji Pallonji Group, the note stated that such claims were nothing more than a smear campaign since the Tatas had nothing to substantiate them. The Mistry camp also came hard on Tata Sons’ claims that Mistry had ulterior motives of taking over control of companies with the support of independent directors stating that questioning the independent view of independent directors was not in line in Tata governance standards.