Cyrus Mistry sent out a letter to shareholders of six Tata Group companies making a case on why he should not be ousted as director.
Ousted Chairman of Tata Sons, Cyrus Mistry on Monday sent out a letter appealing to shareholders whilst asking them to speak out and be a part of defining the future, reported PTI. Commenting on the government's role, he said "It would be an inherent obligation for the government to intervene to remedy and repair breakdown of governance." He further added, 'The very vision of founders could be under threat unless governance of Tata Trusts is reformed."
Hinting his argument against predecessor Ratan Tata, he said that the holding company does not belong to any individual and trusting all decision-making in one man is unethical and a breach of trust. "Tata Group is no one's personal fiefdom: it does not belong to any individual, not to trustees of Tata Trusts. Conferment of all decision making in one man or a high command is unethical, improper and breach of trust" wrote Mistry.
Sending out a letter to shareholders of six Tata Group companies trying to oust him as a director, Mistry asked them to "speak out and be a part of defining the future."
On October 24, Mistry was unceremoniously removed as chairman of Tata Sons, the holding company of the $103-billion salt-to-software conglomerate. Despite being removed as chairman of the holding company, he continues to head some group firms who are soon covening an extraordinary general meeting (EGM) to seek shareholders' approval to remove him as a director. Among the Tata group companies, Tata Consultancy Services (TCS) has called an EGM on December 13, while Indian Hotels will convene it on December 20. The other group companies which will hold similar EGMs, include Tata Motors on December 22, Tata Steel on December 21, Tata Chemicals on December 23 and Tata Power on December 26.
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