“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.
Expressing shock over the removal, Mr Mistry said it is arbitrary, invalid and illegal. But reports suggest that he is not contemplating any legal course on the removal. To pre-empt any such move, Tata Sons has already filed caveats in courts.
According to reports, Cyrus Mistry was asked to resign on his own but he refused. Mr Ratan Tata, who was back as Chairman, met him privately and tried to convince him but Mr Mistry turned down.
Mr Mistry’s decisions were said to be not in-tune with the Tata Group’s established norms and ethos and he tried to favour his father’s infra firm Shaporeji Pallonji Infra by giving more contracts to it- has drawn flak. His decisions to sell assets acquired by the group’s patriarch – including its steel interests in the UK – had also not gone dow