Ratan Tata is lying in letter to shareholders: Mistry
Terming Ratan Tata’s letter to shareholders of Tata companies a combination “misrepresentation and convenient mischaracterisation”, ousted Tata Sons Chairman Cyrus Mistry hit back saying the veteran industrialist is lying.
In a statement, Mistry’s office also denied that his sacking was preceded by various attempts to discuss with him.
“Mr Ratan Tata does not speak the truth. His claim that Mr Mistry’s treatment at Tata Sons Board on that day was well-deliberated and was preceded by various attempts to discuss with Mr. Mistry is a lie,” the statement said.
It claimed that “five minutes before the Board Meeting scheduled on October 24, 2016, Mr. Nitin Nohria and Mr. Tata came to Mr. Mistry’s room and told him that on that very morning, the trustees had taken a decision to replace Mr.
Mistry ostensibly because Mr. Tata could not get along with him.”
It further said “the fait accompli presented to Mr.
Mistry was that he could leave or face a sacking at the Board Meeting scheduled in the next five minutes.”
At the meeting, every legal procedure was “thrown to the wind and the blemish-less history of Tata Sons’ was destroyed”, it added.
Refuting Tata’s claims that there were several attempts to remediate, it said: “Neither was there any deliberation nor was there any prior attempt at remediation as Mr. Ratan Tata now seeks to make out.”
Tata’s “false statements” are borne out by the fact that just weeks before this event, the Board had accepted the Nomination and Remuneration Committee’s endorsement of superlative performance by Mistry and his team, the statement said. “It is evident that Mr. Mistry’s professional conduct in the Chairman’s Office did not suit the requirements of Mr.Ratan Tata,” it said.
The statement claimed that Tata has “completely failed to offer a single reason for his inexplicable actions” of removing Mistry as Chairman of Tata Sons.