October 26, 2016 8:40 PM

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Mistry says was pushed to a position of lame duck chairman

Sacked unceremoniously, a "shocked" Cyrus Mistry has levelled a series of allegations against Ratan Tata and contended that he was pushed in to a position of "lame duck" chairman. He added that the changes in decision making process created alternate power centres in Tata Group.<br/><br/>According to PTI, Mistry in a confidential email to Tata Sons board members, accused them of replacing him as Chairman of India's largest conglomerate of without so much as a word of explanation and an opportunity of defending himself.<br/><br/> He said that must be unique in the annals of corporate history. The email was circulated widely to the media today. PTI reports that attempts to get a response from Tata Sons on Mistry's charges failed.<br/><br/>Mistry said, he was promised a free hand when he was appointed Chairman in December 2012 but Articles of Association were modified, changing the rules of engagement between the Tata family Trusts and the Board of Tata Sons. <br/><br/>Stating that he inherited problems, he went on to raise corporate governance issues alleging representatives of family trusts, which hold two-thirds of Tata Sons shares, were reduced to "mere postmen" as they left board meetings midway to "obtain instructions from Mr. Tata."<br/><br/> He said the suddenness of the action, and the lack of explanation has led to all manner of speculation and has done immeasurable harm to his reputation as well as that of Tata Group.

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