Cyrus Mistry was “fully empowered” to run the show, India’s largest conglomerate Tata Sons said in a statement today amid international focus on the abrupt removal of its 48-year-old chairman.
Refuting Mistry’s remarks that his authority was undermined by the constant interference of Ratan Tata, the group’s patriarch, Tata Sons says that Mistry “was party to for over a decade in different capacities” to the decisions that he has flagged as problematic in a lengthy e-mail to the board of the group.
Mistry was sacked on Monday. His family owns The Shapoorji Pallonji Group, which is among the largest stake-holders of the $103b Tata Group.
On Tuesday, he wrote a five-page note to board members, which was leaked to the press yesterday. Mr Mistry says he “is shocked beyond words” at the manner in which he was removed, a process that he described as illegal. He has been replaced by Mr Tata, whom he took over from as Chairman in late 2012.