Interim chairman of Tata Sons, Ratan Tata, took it upon himself to seek shareholders' support to remove Cyrus Mistry from the board of various Tata group companies.
In a letter addressed to the shareholders, Ratan Tata said, it would have been only right for Cyrus Mistry to step down from the board of all Tata group companies, once he had been removed as chairman of Tata Sons – something Mistry continues to contest.
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Tata also attempted to quell uncertainty among shareholders saying that Tata Group resolves to focus on growth through the induction of new leadership.
Ratan Tata's letter comes ahead of the six extraordinary general meetings which have been convened by various Tata Group companies including Tata Consultancy Services Ltd., Tata Chemicals Ltd. , Tata Steel Ltd., Tata Motors Ltd., Indian Hotels Company Ltd. and Tata Power Ltd.
In response, Mistry's office issued yet another statement, saying Ratan Tata had “failed to offer a single reason” for the ouster of the former Tata Sons chairman.
At the meeting, every legal procedure was thrown to the wind and the blemish-less history of Tata Sons' was destroyed. Neither was there any deliberation nor was there any prior attempt at remediation as Mr. Ratan Tata now seeks to make out. Mr. Ratan 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 Mr. Mistry and his team.Cyrus Mistry's Office
Here is the full text of Ratan Tata's letter.
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Read: The Tata-Mistry Battle Is A Sideshow, The Real War Is Yet To Come
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