It is unfortunate that it is only on his removal that allegations and misrepresentation of facts were being made about business decisions that the former chairman was party to for over a decade in different capacities…The record, as and when made public, will prove things to the contrary," a statement on behalf of Tata Sons released on Thursday evening said.
In his email, Mistry had also said that Rata Tata’s influence behind the scenes reduced him to a "lameduck" chairman.
Tata Group has refuted that by saying the board gives its Chairman complete autonomy to manage opportunities and challenges.
The Board of Directors of Tata Sons is composed of several eminent personalities from all walks of life. This is not a group of people who one would expect to act without exercising proper judgement in the best interests of the entities they sit on the boards of.
It is unfortunate that 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," the statement said.Also Read: Tata Said to Sound Out Sovereign Wealth Funds to Buy Out Ousted Chairman Mistry’s Stake
"There is a multitude of records to show that the allegations made by Mr. Cyrus Mistry are unwarranted and these records will be duly disclosed before appropriate forums, if and when necessary, sufficiently justifying the decision made by responsible Boards of Directors, of Tata Sons and its Group companies," the statement said.
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