"Malicious allegations", says Tata group of Mistry's remarks in email

Mumbai, Oct 27:?The Tata group on Thursday termed ousted chairman Cyrus Mistry's remarks found in a confidential email sent to the Tata Sons board members "malicious allegations", and asserted that Mr. Mistry was fully empowered to lead the group and its companies.
"It is unfortunate that it is only on his removal that allegations and misrepresentation of facts are being made about business decisions that the former Chairman was party to for over a decade in different capacities," the group said in a statement. "The tenure of the former Chairman was marked by repeated departures from the culture and ethos of the group."
The group said that Mr. Mistry's "communication, marked confidential to Tata Sons board members, has been made public in an unseemly and undignified manner. The correspondence makes unsubstantiated claims and malicious allegations, casting aspersions on the Tata group, the Tata Sons board and several Tata companies and some respected individuals".
Explaining the rationale behind the board's decision to remove Mr. Mistry from his post, the group said Mr. Mistry had overwhelmingly lost the confidence of the Members of the Board of Directors for a combination of several factors.
"The Directors of the Tata Sons board had repeatedly raised queries and concerns on certain business issues, and Trustees of the Tata Trusts were increasingly getting concerned with the growing trust deficit with Mr. Mistry, but these were not being addressed. The Tata Sons board, in its collective wisdom, took the decision to replace its Chairman in the manner undertaken," it said.
It was "unforgivable that Mr. Mistry had attempted to besmirch the image of the group in the eyes of the employees", the group said. Records that show the allegations made by Mr. Mistry are unwarranted "will be duly disclosed before appropriate forums… sufficiently justifying the decision made by responsible Boards of Directors, of Tata Sons and its Group companies", it said. "It will be beneath the dignity of Tata Sons to engage in a public spat with regard to the several unfounded allegations appearing in his leaked confidential statement. These allegations are not based on facts or the true state of affairs. It is convenient to put selective information in the public domain to defend one's point of view," the statement said. Agencies
Source: Agencies


  
  

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