Cyrus Mistry "shocked" by ouster; says removal unprecedented
Ratan Tata had asked senior management of the conglomerate's firms to focus on their businesses without being concerned about the top level change.
Zee Media Bureau
New Delhi: Expressing utter shock over his abrupt removal as Chairman of the Tata Group, Cyrus Mistry has said that "board has not covered itself with glory" and that he was not given "a chance to defend” himself.
In an email to the board members and to the trusts, Mistry said that the decision had left him “shocked beyond words”. He has also described the board proceedings as invalid and illegal.
Tata group yesterday filed caveats in Supreme Court, Bombay High Court and National Company Law Tribunal to prevent ousted Tata Sons Chairman Cyrus Mistry from getting an ex-parte order against his sacking.
According to sources, the Tatas don't want any court to pass any ex-parte orders without hearing their side of the story.
"They have pleaded to be heard before the court passes any interim order like stay on Mistry's sacking," a source said.
Earlier in the day, interim Chairman Ratan Tata had asked senior management of the conglomerate's firms to focus on their businesses without being concerned about the top level change.
Separately, Mistry filed three caveats against Ratan Tata, Tata Sons, Sir Dorabji Trusts, while one caveat was filed by Cyrus Investments Pvt Ltd against Ratan Tata and Tata Sons. These caveats were filed through leading law firm Amarchand Mangaldas.
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.
"This will be for a short time. A new permanent leadership will be in place," he added.
He asked them to focus on their respective businesses, without being concerned about change in leadership.
"The companies must focus on their market position vis- ?-vis competition, and not compare themselves to their own past. The drive must be on leadership rather than to follow,"
Tata told the leaders. "An institution must exceed the people who lead it."
Mistry, 48, who was appointed as chairman in December 2012, was only the sixth group Chairman in nearly 15 decades and the first from outside the Tata family. He will remain a director of the individual companies, though his tenure as Chairman is the shortest so far at the group.
With PTI Inputs