Describing the board proceedings as invalid and illegal, Cyrus Mistry termed the decision “unparalleled in the annals of corporate history.“
Two days after he was removed as Chairman of Tata Sons, India's largest conglomerate, Cyrus Mistry in an email to board members and to the trusts has written that the decision has left him shocked beyond words, reported Economic Times.
In a dramatic turn of events, Mistry was sacked on Monday as chairman and replaced by his predecessor Ratan Tata, from whom he had taken over in December 2012.
Terming the decision “unparalleled in the annals of corporate history," Mistry described the board proceedings as invalid and illegal.
“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,“ Mistry said in the email.
The report also said that responding to allegations of lacking a corporate strategy, Mistry asserted he had presented the strategy 2025 to the Tata Sons board.
“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,” Mistry added.
On Tuesday, Ratan Tata asked CEOs of group firms to focus on their business and enhancing returns to shareholders without being distracted by the change in top leadership.
Tata, who was at the helm of the group for 21 years before passing on the baton to Mistry in December 2012, said he has assumed the role of the Interim Chairman for stability and continuity so that there is no vacuum.
Tata group has also filed caveats in Supreme Court, Bombay High Court and National Company Law Tribunal to prevent ousted Tata Sons Chairman Cyrus Mistry from getting an ex-parte order against his sacking.
(With agency inputs)
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