Tata Sons responds to Cyrus Mistry's public resignation, says it is a deliberate strategy

MUMBAI: Tata Sons, the holding company of the diversified conglomerate, blasted the resignation of former chairman Cyrus Mistry from boards of six group companies as a deliberate strategy and added that it will respond adequately to Mistry’s charges against the group. In a late evening statement after Mistry’s surprise resignation, Tata Sons said that he knew very well that the overwhelming majority of shareholders were not in support of his actions.

“Unfortunately Mistry continues to make baseless, unsubstantiated and malicious allegations using selective disclosures of information against the very institution he claims to have the highest regard for.” It said the group has responded to his charges on multiple occasions and will respond adequately to any allegations made by him.

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The statement said that Tata Sons strongly resents the claims by Mistry to align with the values and ethics of Jamsetji Tata and the Tata Group. “On the contrary, Mistry and his family companies have not upheld the high standards and values set by Jamsetji Tata and his successors.” The ousted chairman has done precious little to build the goodwill of the Tata Group, built through the hard work and dedication of its employees, the statement added.

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It said Mistry has been a director of Tata Sons since 2006 and as such was fully involved in all the key decisions that the Tata Group had taken over the years. “It is unfortunate that it is only on his removal as chairman that he began making allegations and misrepresentations about business decisions he was party to for over a decade.”

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The statement said the group is committed to upholding the highest standards of ethics and value systems put in place by the founders. “It is these that have made the group what it is today. We will do whatever it takes to protect the interests of all stakeholders of the Tata Group.”