Tata Sons on Monday responded to the announcement of the resignation by Cyrus Mistry from the Boards of Tata Companies.
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," Tata Sons said in a statement.
"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," it added.
Tata Sons blamed Mistry and his family companies for not upholding the high standards and values set by Jamsetji 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," it 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 business decisions he was party to for over a decade," Tata Sons said in a press release.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today