Zee Media Bureau
New Delhi: Two days after being abruptly sacked as Tata Sons Chairman, Cyrus Mistry on Wednesday wrote an explosive letter to the board of members.
In the five-page letter, Mistry highlighted a lot of issues –from inheriting debt-ridden company to working interference et al.
'Tatas may face USD 18 billion in write downs because of unprofitable businesses inherited', Mistry wrote.
He also added that he faced 'constant interference' by his predecessor Ratan Tata. "Was pushed into becoming a 'lame duck Chairman'," he wrote.
Mistry further added that he had 'inherited debt-laden enterprise saddled with losses'.
Slamming Tata directors post his exit, Mistry questioned Nano deal, saying that production cost of Nano car was never below 1 Lakh.
Yesterday, in a mail to the board Mistry expressed utter shock on his ouster stating that the "board has not covered itself with glory" and that he was not given "a chance to defend” himself.
Mistry said that the decision had left him “shocked beyond words”. He also described the board proceedings as invalid and illegal.
In a sudden and dramatic turn of events, Cyrus Mistry was on Monday sacked as Chairman of India's largest conglomerate Tata Group and replaced by his predecessor Ratan Tata in the interim.
Tata, who was at the helm of the group for 21 years before passing on the baton to Mistry in December 2012, said he has assumed the role of the Interim Chairman for stability and continuity so that there is no vacuum.