Cyrus P Mistry said he was wrongfully ousted and criticised the conglomerate’s directors for failing to perform their fiduciary duties, The Economic Times reported on Wednesday, citing an e-mail.
Mistry was replaced as the chairman of Tata Sons board on Monday by Ratan Tata.
The e-mail was sent to board members and major stakeholders. In the e-mail, he called the decision invalid and illegal and said that it had left him "shocked beyond words" that the board removed him without an explanation.
I have to say that the board of directors has not covered itself with glory. To “replace” your chairman without so much as a word of explanation and without affording him an opportunity to defend himself... must be unique in the annals of corporate history.Cyrus P Mistry in the e-mail
“The sudden action and lack of explanation has led to all manner of speculation and has done my and the group’s reputation immeasurable harm,” the former chairman said in the e-mail.
“The letter is to emphasise the total lack of corporate governance and a failure of the directors to discharge their fiduciary duty to stakeholders of Tata Sons and the group companies,” Mistry alleged in the e-mail.
The Economic Times could not get a comment from either Mistry or Tata Trusts.
Mistry also said that the group's joint ventures with Air Asia and Singapore Airlines were at the behest of Tata.
(Source: The Economic Times)
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