 "Bombay House")
Tata Sons responded to Cyrus Mistry's statement announcing his resignation from all listed companies in the group, claiming the allegations made by the ousted chairman were "baseless, unsubstantiated and malicious". It also said that it will do whatever it takes to protect the interests of all stakeholders of the Tata Group.
Here is the full text of Tata Son's statement:
Tata Sons Ltd has taken note of the public announcement of the resignation by Mr. Cyrus Mistry from the Boards of Tata Companies. Mr. Mistry's resignation is a deliberate strategy on his part, knowing fully well that the overwhelming majority of the shareholders were not in support of his actions.
Here is the full text of Tata Son's statement:
Tata Sons Ltd has taken note of the public announcement of the resignation by Mr. Cyrus Mistry from the Boards of Tata Companies. Mr. Mistry's resignation is a deliberate strategy on his part, knowing fully well that the overwhelming majority of the shareholders were not in support of his actions.
Unfortunately, Mr. 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.
Tata Sons has responded to his charges on multiple occasions and will respond adequately to any allegations made by Mr. Mistry. Tata Sons strongly resents the claims by Mr Mistry to align with the values and ethics of Jamsetji Tata and the Tata Group. On the contrary, Mr. Mistry and his family companies have not upheld the high standards and values set by Jamsetji Tata and his successors. Mr. Mistry has done precious little to build the goodwill of the Tata Group, built through the hard work and dedication of its employees.
Tata Sons has responded to his charges on multiple occasions and will respond adequately to any allegations made by Mr. Mistry. Tata Sons strongly resents the claims by Mr Mistry to align with the values and ethics of Jamsetji Tata and the Tata Group. On the contrary, Mr. Mistry and his family companies have not upheld the high standards and values set by Jamsetji Tata and his successors. Mr. Mistry has done precious little to build the goodwill of the Tata Group, built through the hard work and dedication of its employees.
Mr. 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.
As Tata Group, we are 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.
