In a letter to the Tata Sons board written on October 25, one day after he was replaced as chairman, Cyrus Mistry has expressed his surprise at the allegations levelled by the board.
I cannot believe that I was removed on grounds of non-performance. As you are aware, the nomination and remuneration committee comprising Vijay Singh, Farida Khambata and Ronen Sen, independent directors (two of whom have voted for my removal now), had only recently lauded and commended my performance.Cyrus Mistry's Letter To Tata Sons Board Members
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In the letter, Mistry expresses his shock at all that transpired at the October 24 board meeting. He also calls them, ‘invalid' and ‘illegal'. He goes on to say that the board of directors “has not covered itself with glory”.
To replace your chairman without so much as a word of explanation and without affording him an opportunity of defending himself, in a summary manner must be unique in the annals of corporate history.Cyrus Mistry's Letter To Tata Sons Board Members
Mistry also says the events have done him and the reputation of the Tata Group immeasurable harm. BloombergQuint has seen the letter and has sought comment from the Tata Group. The spokesperson for the group declined to comment on the letter or its contents.
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