- Mistry says in an email to the board that he was not given adequate freedom
- After some regulatory changes at Tata Sons the power of the chairman had reduced, he said
Since Monday, after he was dramatically sacked by Tata's board, not much has been heard from the Cyrus Mistry camp as all the statements and chatter is actively coming in only from Tata's end, now according to a report in The Economic Times Mistry, has criticised the decision in harsh and scathing terms in an email to the company's board.
He has termed the move, “Unparalleled in the annals of corporate history”. The decision had left him, “Shocked beyond words”. He has also described the board proceedings as invalid and illegal.
Mistry alleged that he had not been allowed freedom of action to manage the affairs of large conglomerate because of changes in the articles of association of Tata Sons which had reduced the power of the chairman.
This comes after the Shapoorji Pallonji group, Mistry family firm said that it is studying the "circumstances" and has not yet decided on taking legal recourse. The single largest shareholder with 18.4 per cent stake in Tata Sons the holding company of Tata Group, Shapoorji said it will make a statement on the course of action it chooses when such a thing becomes necessary.
"Neither the SP Group nor Cyrus Mistry have made any statement yet. While the circumstances are being studied, there is no basis to media speculation about litigation at this stage. As and when a public statement becomes necessary, it would be made," the construction group said in a statement.
Last Updated 31, Mar 2018, 6:39 PM IST