Tata Sons row: Mistry hits back, says questioning independent directors is truly unfortunate
Independent directors of Tata Chemicals had unanimously backed Mistry as its Chairman and affirmed their confidence in the management
Amid Tata Sons moving resolutions to eject Cyrus Mistry and Nusli Wadia from group companies, former Tata Sons chairman Cyrus Mistry hit back at Tata for questioning the independence of directors.
Noting six of nine independent directors questioned by the firm were appointed during Ratan Tata’s time, the ousted Chairman said the act is ‘truly unfortunate”, media reports revealed citing his letter.
Earlier, independent directors of Tata Chemicals had unanimously backed Mistry as its Chairman and affirmed their confidence in the management.
Mistry said, “To question the independence of the directors by Tata Sons, is truly unfortunate given that the country acknowledges them as stalwarts of India Inc,” The Economic Times reported.
“To suggest that “ulterior objectives” and “clever strategy” can sway these eminent names in undertaking their fiduciary duties and in discharging the duties mandated by statute as independent directors is absolutely astonishing and really speaks to how low Tata Sons has unfortunately stooped in their public statements,” the letter read further.
Mistry was ousted as Chairman of Tata Sons last month by Tata Sons, but continues to chair the boards of several group companies. Reports earlier said Tata Sons has moved resolutions to eject Cyrus Mistry and Nusli Wadia as directors of Tata Steel Ltd, Tata Chemicals Ltd and Tata Motors Ltd.