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Ratan Tata accuses Mistry of creating 'smokescreen' of oppression
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SME Times News Bureau | 04 Aug, 2020
Hitting back on Cyrus Mistry's
allegations, Ratan Tata, Chairman Emeritus of Tata Sons, has said that
Mistry has created a smokescreen of oppression and mismanagement.
In
his rejoinder affidavit filed in the Supreme Court countering the
affidavit filed by former Tata Sons Chairman Mistry, Ratan Tata said
that the issues raised by Mistry were about the personal grievance of
the loss of office and as the grievance has its legal limitations, he
has created this smokescreen to gain legal mileage.
"Knowing well
the limitation of such a grievance -- which at the highest could be a
directorial dispute or an employment dispute -- Cyrus Mistry has created
a smokescreen of 'oppression and mismanagement' around it," Ratan Tata
said.
He said that Mistry was appointed by the Board of Chairmen
in 2012 following an assessment by the Selection Committee and the same
board four years later decided, in near unanimity, to replace him from
the position.
He noted that Mistry was initially requested to step down from the position.
"This
was a dignified way in which responsible Boards handle such decisions
and how mature business leaders, despite personal disagreement with such
decisions one might have, accept such decisions with grace," Tata's
rejoinder said.
However, Mistry declined the request and a
resolution then had to be brought before the Board to remove him which
was passed with near unanimity.
Ratan Tata said that Mistry's
grievance that no reason was recorded in the minutes of the board
meeting in support of the resolution passed by the Tata Sons board
October 24, 2016 was not true.
He said that Mistry had become a
'Trojan Horse' in the way he showed deep hostility and personal
animosity towards the majority shareholders and against some of the past
and serving directors.
Mistry is fighting a legal battle against
Tata Sons over his ouster from the group. He is also seeking
proportional board representation as the largest shareholder in Tata
Sons.
Last December, the NCLAT had ordered the reinstatement of
Mistry as Tata Sons Chairman. However, Mistry later said that he was not
pursuing Tata Sons' top position, but would fight for the rights of
minority shareholders of Tata Sons.
In February, Mistry, however,
moved the Supreme Court saying his family -- the Shapoorji Pallonji
Group, which holds 18.33 per cent stake in Tata Sons -- deserved more
relief from the National Company Law Appellate Tribunal (NCLAT).
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