Cyrus Mistry has written to Tata board members on his abrupt removal as the Chairman of the Tata Group on Monday saying that he is “shocked” by how he was ousted and that the “board has not covered itself with glory” and he was not given “a chance to defend myself.”
Mistry has been replaced by his predecessor, Ratan Tata who is back as top boss of India’s largest conglomerate for four months and anticipating legal action from Mistry, the Tatas have filed caveats or taken action in a series of courts.
Mistry has described his removal as “unprecedented” in India. His office has said that he is not considering a legal move “at this stage”.
Harish Salve, long-time legal advisor to Tata, whose family founded the group said that Mistry’s decisions to sell assets acquired by the group’s patriarch – including its steel interests in the UK – had not gone down well with the board and were seen as damaging the company’s formidable reputation internationally. Mistry alleged that he had not been allowed freedom of action to manage the affairs of the sprawling salt-to-software group, because of changes in the articles of association of Tata Sons which had reduced the power of the chairman.
