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Mistry didn't uphold high standards, values set by Jamsetji, allege Tata Sons

ANI  |  Mumbai [India] 

Hours after Cyrus P. Mistry publicly announced his resignation from the Boards of Tata Companies, the Tata Sons Ltd on Sunday said it is a deliberate strategy and that majority of the shareholders 'were not in support of Misty's 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," said the official release.

Taking strong objection to Mistry's claims that he was ousted for preserving the ethical legacy of Jamsetji Tata, the Tata Sons said, "It 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 Tata and his successors. Mistry has done precious little to build the goodwill of the Tata Group, built through the hard work and dedication of its employees.

Responding to Mistry's claims about the company's involvement in 2G scam and findings of fraud and wrong-doing at Air Asia India, the Tata Sons 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 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," it added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 19 2016. 23:02 IST
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