Tatas hit back at Cyrus Mistry, say his removal not illegal
NEW DELHI : Tatas on Wednesday hit back at ousted chairman Cyrus Mistry saying that his removal was not illegal and that it was done as per the articles of the association.
The company also called the letter of the ousted chairman which was circulated to the media as a political drama and an emotional outburst.
In one of the most shocking news that took the corporate world by surprise, Tata Sons on Monday sacked their chairman Cyrus Mistry, almost four years after he took over as the rein of the USD 100 billion salt-to-software conglomerate from Ratan Tata.
While the world kept wondering what could have been the reason for the removal, Cyrus Mistry, in a letter circulated to the media on Wednesday asserted he was made a ‘lame duck’ chairman and was ‘shocked’ by his sudden removal.
Mistry also termed his removal as ‘illegal’.However, as per media report, Tatas have terms Mistry’s removal as not illegal and that the board had the authority to oust him.His ouster was done as per the articles of the association and in the interest of the Tatas, the report added.
The company also stated that Mistry was not lame duck chairman as he claimed he was made to be in his letter.As per media report, the Tatas called Mistry’s letter as a political drama and emotional outburst. The company have also asked the ousted Chairman to come out in open about his removal.
