While Tata Sons followed up the sacking of its Chairman Cyrus Mistry on October 24 by inducting two new directors into the board, the now ousted former chairman has criticised the board room 'replacement' in an October 25 emailed letter and termed the move as 'shocking and unparalleled' in the annals of corporate history.
According to the letter Mistry has not only described the board proceedings as invalid and illegal but also alleged that he had not been given any free hand despite being assured of the same by Ratan Tata before he accepted the top job. Mistry alleged that after he was appointed as chairman, Tata Trusts amended the articles of association which constrained his ability to engineer a turnaround. The text of the letter follows:
According to the letter Mistry has not only described the board proceedings as invalid and illegal but also alleged that he had not been given any free hand despite being assured of the same by Ratan Tata before he accepted the top job. Mistry alleged that after he was appointed as chairman, Tata Trusts amended the articles of association which constrained his ability to engineer a turnaround. The text of the letter follows:
From Cyrus P. Mistry
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