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Tata Sons terms Cyrus Mistry’s resignation a ‘deliberate strategy’; calls allegations baseless

“Mistry making baseless allegations using selective disclosures of info against very institution he claims to hv highest regard for,” said Tata Sons in statements.

Tata Sons terms Cyrus Mistry’s resignation a ‘deliberate strategy’; calls allegations baseless
Mistry, in his plea claimed oppression and mismanagement by company's independent directors. (AP)

Tata Sons today hit-out at ousted group chairman Cyrus Mistry after the latter resigned from his all his posts at Tata Group companies. Tata Sons called Mistry’s ouster a “deliberate strategy”, adding that majority of shareholders were not in support of his actions. The statement by Tata Sons further called Mistry’s allegations baseless. “Mistry making baseless allegations using selective disclosures of info against very institution he claims to have highest regards for,” said Tata Sons in statements. “Cyrus Mistry’s resignation a deliberate strategy knowing overwhelming majority of shareholders were not in support of his actions,” it added.

Mistry, in an unexpected move, resigned from all listed Tata companies on Monday.  Mistry in a statement to shareholders said, “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.” Mistry, in his letter said that he opposed group’s decision even before ouster. “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.

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Mistry called his “attempt to preserve JRD’s legacy” real reason for ouster. In an apparent reference to have a legal fight against the group, Mistry said that he will fight on a platform where ‘law and equity’ is upheld. ” I think it is time to be more incisive in the best interest of Tata Group. I have decided to shift from EGMs to a larger platform. Will fight on a platform where rule of law and equity is upheld,” he said.

 

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First published on: 19-12-2016 at 22:31 IST