Mistry terms his removal unparalleled, is 'shocked beyond words'

Moneycontrol Bureau The removal from Tata Sons chairmanship has left Cyrus Mistry ‘shocked beyond words’. Mistry, who was replaced by his predecessor Ratan Tata as the chairman on Monday, in a letter to the board members and trusts said that the proceedings were invalid and illegal. A report in The Economic Times said that Mistry in the letter criticised the decision and termed it as ‘unparalleled in the annals of corporate history.’ Mistry further alleged that he was not given the freedom of action to manage workings of the group. He blamed this on the reduced powers of the chairman as per the company’s Articles of Association. The trust-nominated directors, he said, have been reduced to post of ‘postmen’.He further went on to say that removing the chairman without any explanation or giving him a chance to defend himself is in itself a unique event in the corporate history. “The sudden action and lack of explanation has led to all manner of speculation and has done my and the group’s reputation immeasurable harm,” Mistry said. The former chairman also explained reasoning and results of events that took place under his leadership in the letter.