Headlines News :
Home » » Tata Sons Says Cyrus Mistry's Email Leak Is 'Unforgivable'

Tata Sons Says Cyrus Mistry's Email Leak Is 'Unforgivable'

Cyrus Mistry, was "fully empowered" to run India's largest conglomerate Tata Sons has said in a statement today amid international focus on the abrupt removal of its 48-year-old Chairman. Refuting Mr Mistry's remarks that his authority was undermined by the constant interference of Ratan Tata, the group's patriarch, Tata Sons says that Mr Mistry "was party to for over a decade in different capacities" to the decisions that he has flagged as problematic in a lengthy e-mail to the board of the group.

Mr Mistry was sacked on Monday. His family own The Shapoorji Pallonji Group, which is among the largest stake-holders of the $103-billion Tata Group.

On Tuesday, he wrote a five-page note to board members, which was leaked to the press yesterday. Mr Mistry says he "is shocked beyond words" at the manner in which he was removed, a process that he described as illegal. He has been replaced by Mr Tata, whom he took over from as Chairman in late 2012.

In his note, Mr Mistry talks of the many challenges he confronted, including Mr Tata's alleged reneging on a promise to be hands-off. He red-cards five loss-making sectors or "legacy hotspots", which, he says, could reduce the group's value by 18 billion dollars if re-assessed. He pins the Tata Nano's survival on "emotional reasons" and suggests Mr Tata has a vested interest in keeping it from shutting down, and he alleges the board was reluctant to take action after 22 crores worth of financial irregularities were discovered on its Air Asia airline venture.

"It is a matter of deep regret that a communication marked confidential to Tata Sons board members has been made public in an unseemly and undignified manner," Tata Sons has retaliated today, saying Mr Mistry's attempt to stain the company's image is "unforgivable" and that it will release documents at "appropriate forums" to prove his claims are baseless.

Mr Tata's close advisors have said that Mr Mistry lost the board's confidence partly because he moved to sell foreign assets that had been acquired by his predecessor like the company's UK steel operation. They also say there was a "mismatch" of values between Mr Mistry and the group.


Searches related to Tata Sons
tata sons share price
tata sons shareholding pattern
tata sons chairman
tata sons chairman list
tata sons careers
tata sons net worth
tata sons companies list

tata sons board of directors

Searches related to The Shapoorji Pallonji Group
shapoorji pallonji career
shapoorji pallonji international
shapoorji pallonji mistry
shapoorji pallonji walk in interview
shapoorji pallonji sukhobrishti
shapoorji pallonji rajarhat
shapoorji pallonji real estate

shapoorji pallonji uae

Searches related to Mistry
shapoor mistry
cyrus mistry relationship with ratan tata
aloo mistry
cyrus pallonji mistry net worth
cyrus mistry salary
shapoorji pallonji pallonji mistry
laila mistry

rohiqa mistry

Searches related to $103-billion Tata Group
tata subsidiaries
tata company history
tata company products
reliance group revenue
tata group turnover
new owner of tata
introduction of tata group

amount tata group contribute annually for social welfare activity

Searches related to ratan tata
ratan tata family tree
noel tata
ratan tata net worth
sooni tata
ratan tata house
ratan tata contact
ratan tata quotes

jamsetji tata

Searches related to Cyrus Pallonji Mistry
shapoor mistry
cyrus pallonji mistry net worth
aloo mistry
shapoorji pallonji pallonji mistry
cyrus mistry salary
laila mistry
rohiqa mistry

cyrus mistry son
Share this article :
IndiaGreat.in 2014 - 2016 | All Rights Reserved - Contact Us : infogreatindia2013@gmail.com