Tata Group is no one's personal fiefdom: Cyrus Mistry
In a letter to shareholders of six Tata group firms, ousted Tata Sons Chairman Cyrus Mistry has defended his position and listed out reasons why he shouldn't be removed as director at their forthcoming meetings.
Mumbai: In a letter to shareholders of six Tata group firms, ousted Tata Sons Chairman Cyrus Mistry has defended his position and listed out reasons why he shouldn't be removed as director at their forthcoming meetings.
Asking the shareholders of the companies to vote against the resolution to oust him and Nusli Wadia, Mistry said: "The Tata Group is no one's personal fiefdom. It does not belong to any individual, not to the trustees of Tata Trusts, not to the Tata Sons directors, and not to the directors of the operating companies."
He added that conferment of all decision making in one man is unethical, improper and breach of trust.
The governance charter across the Tata Group, including the holding and operating companies requires repair to conform to company law and global best pratices such as protection of interests of all stakeholders, including minority shareholder, Mistry said.
The ousted chairman also focused on the need for governance reforms at the Tata trusts, Tata Sons and Tata group companies.
The very vision of founders could be under threat unless governance of Tata Trusts is reformed, he added.
Mistry, who has not met the media throughout his four-year tenure as the chairman, said the desire was not to "craft a personal image" for himself and his actions were driven by the desire to protect the group from threats "from without and within".
Mistry said his four-year chairmanship was "highly satisfying and rewarding", but reiterated the need to repair the "breakdowns" in governance.
Mistry also asked shareholders to speak out and be a part of defining the future.
"I urge all you to think beyond the here and now. I urge you to have your voice heard loud and clear. I ask you to be a part of defining the future," Mistry concluded.
Tata Sons has called shareholder meetings at group companies including Tata Motors and Tata Consultancy Services in an attempt to drive out Mistry from the operating businesses of the $100 billion steel-to-software conglomerate after ousting him as group chairman last month.