Cyrus Mistry betrayed trust, sought control of group: Tata Sons’ letter bomb
Mumbai, November 10: Hours after Tata Sons replaced Cyrus Mistry as chairman of Tata Consultancy Services on Thursday, the group accused him of betraying their trust and allegedly desired to to seek control of main operating firms of Tata Group.
Tata Sons released a statement blaming Mistry for systematically excluding other representatives from the board. In the last four years, it said, Mistry planned and executed his strategy to become the sole representative of the group.
“Under Mistry, Group’s over 100-yr-old structure consciously dismantled, firms drifting away from promoters, shareholders,” Tata Sons said.
Earlier today, Tata Sons appointed Ishaat Hussain as chairman of TCS till a new replacement was found. The group convened an exraordinary general meeting to remove Mistry as chairman. TCS informed the stock exchange and its shareholders about the development.