Mistry had lost the confidence of the Members of the Board of Directors
Mumbai, October 27: Hitting out at the Cyrus Mistry, Tata Sons on Thursday called the allegations imposed by him 'unsubstantiated and malicious.' In an official statement, Tata Sons mentioned that Mistry was fully empowered to lead the group and its companies but lost the confidence of the board.
Tata Sons expressed disappointment that a letter marked as 'confidential' in the name of board members of the company was made public in an 'unseemly and undignified manner.' The promoter company of the major Tata group companies also alleged that Cyrus Mistry's tenure came to an end following repeated departures from the culture and ethos of the group.
"The correspondence makes unsubstantiated claims and malicious allegations, casting aspersions on the Tata group, the Tata Sons board and several Tata group companies and some respected individuals. These will be responded to in an appropriate manner," Tata Sons said in a statement.
Further rubbishing the claims of Mistry that he was made the 'lame duck,' the company mentioned, "As the Executive Chairman, he 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."
Claiming that Tata Sons board gives its Chairman complete autonomy to manage the opportunities and challenges, the company said, "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."
"It is unforgivable that Mr. Mistry has attempted to besmirch the image of the group in the eyes of the employees," Tata Sons wrote in the official statement reacting strongly to the allegations of ex-Chairman Cyrus Mistry.